FAC Explorer

Audit 1702

FY End
2023-06-30
Total Expended
$9.64M
Findings
8
Programs
4
Organization: The Master's University & Seminary and Subsidiary (CA)
Year: 2023 Accepted: 2023-10-30
Auditor: Capincrouse LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
917 2023-001 - - N
918 2023-001 - - N
919 2023-001 - - N
920 2023-001 - - N
577359 2023-001 - - N
577360 2023-001 - - N
577361 2023-001 - - N
577362 2023-001 - - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $7.64M Yes 1
84.063 Federal Pell Grant Program $1.85M Yes 1
84.007 Federal Supplemental Educational Opportunity Grants $89,430 Yes 1
84.033 Federal Work-Study Program $61,909 Yes 1

Contacts

Name Title Type
WTM6XM98JDA9 Kenneth Piester Auditee
6613622293 Robert J. Faulk, CPA Auditor
No contacts on file

Notes to SEFA

Title: RELATIONSHIP TO CONSOLIDATED FINANCIAL STATEMENTS Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of The Master’s University & Seminary and Subsidiary under programs of the federal government for the year ending June 30, 2023. The information in the schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures in the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. If The Master's University & Seminary and Subsidiary is required to match certain federal assistance, as defined by the grant agreements, no such matching has been included as expenditures in the schedule. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate See the Notes to the SEFA for chart/table
Title: SUBRECIPIENTS, NON-CASH ASSISTANCE, FEDERAL INSURANCE, LOANS, AND LOAN GUARANTEES Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of The Master’s University & Seminary and Subsidiary under programs of the federal government for the year ending June 30, 2023. The information in the schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures in the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. If The Master's University & Seminary and Subsidiary is required to match certain federal assistance, as defined by the grant agreements, no such matching has been included as expenditures in the schedule. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate The Master’s University & Seminary and Subsidiary did not provide any federal funds to subrecipients nor did they receive any federal non-cash assistance, insurance, loans, or loan guarantees.

Finding Details

Finding 2023-001
Gramm-Leach-Bliley Act (GLBA) Compliance DEPARTMENT OF EDUCATION ALN #: 84.268, 84.063, 84.007 and 84.033 - Student Financial Assistance Cluster Federal Award Identification #: 2022-2023 Financial Aid Year Condition: The Master’s University & Seminary and Subsidiary did not sufficiently comply with the updated requirements of GLBA. Criteria: 16 CFR 314.3, 16 CFR 314.4 Questioned Costs: $0 Context: The Master’s University & Seminary and Subsidiary developed a risk assessment matrix and evaluation process. The written information security program has not been fully updated to comply with the recent changes in GLBA. The two largest areas are implementing multi-factor authentication on all systems that contain personally identifiable information (PII) and providing a written report to the board covering all the required areas. Cause: The Master’s University & Seminary and Subsidiary has experienced turnover in the information technology department that has hindered the ability to document and implement all the updated changes. Effect: The Master’s University & Seminary and Subsidiary has not adequately addressed the updated requirements of GLBA, which may lead to unintended exposure of student information to security risks. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend The Master’s University & Seminary and Subsidiary update the information security program in light of the revised regulations, including the implementation of multi-factor authentication on all systems containing PII and the written, annual report to the the board. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.
Finding 2023-001
Gramm-Leach-Bliley Act (GLBA) Compliance DEPARTMENT OF EDUCATION ALN #: 84.268, 84.063, 84.007 and 84.033 - Student Financial Assistance Cluster Federal Award Identification #: 2022-2023 Financial Aid Year Condition: The Master’s University & Seminary and Subsidiary did not sufficiently comply with the updated requirements of GLBA. Criteria: 16 CFR 314.3, 16 CFR 314.4 Questioned Costs: $0 Context: The Master’s University & Seminary and Subsidiary developed a risk assessment matrix and evaluation process. The written information security program has not been fully updated to comply with the recent changes in GLBA. The two largest areas are implementing multi-factor authentication on all systems that contain personally identifiable information (PII) and providing a written report to the board covering all the required areas. Cause: The Master’s University & Seminary and Subsidiary has experienced turnover in the information technology department that has hindered the ability to document and implement all the updated changes. Effect: The Master’s University & Seminary and Subsidiary has not adequately addressed the updated requirements of GLBA, which may lead to unintended exposure of student information to security risks. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend The Master’s University & Seminary and Subsidiary update the information security program in light of the revised regulations, including the implementation of multi-factor authentication on all systems containing PII and the written, annual report to the the board. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.
Finding 2023-001
Gramm-Leach-Bliley Act (GLBA) Compliance DEPARTMENT OF EDUCATION ALN #: 84.268, 84.063, 84.007 and 84.033 - Student Financial Assistance Cluster Federal Award Identification #: 2022-2023 Financial Aid Year Condition: The Master’s University & Seminary and Subsidiary did not sufficiently comply with the updated requirements of GLBA. Criteria: 16 CFR 314.3, 16 CFR 314.4 Questioned Costs: $0 Context: The Master’s University & Seminary and Subsidiary developed a risk assessment matrix and evaluation process. The written information security program has not been fully updated to comply with the recent changes in GLBA. The two largest areas are implementing multi-factor authentication on all systems that contain personally identifiable information (PII) and providing a written report to the board covering all the required areas. Cause: The Master’s University & Seminary and Subsidiary has experienced turnover in the information technology department that has hindered the ability to document and implement all the updated changes. Effect: The Master’s University & Seminary and Subsidiary has not adequately addressed the updated requirements of GLBA, which may lead to unintended exposure of student information to security risks. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend The Master’s University & Seminary and Subsidiary update the information security program in light of the revised regulations, including the implementation of multi-factor authentication on all systems containing PII and the written, annual report to the the board. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.
Finding 2023-001
Gramm-Leach-Bliley Act (GLBA) Compliance DEPARTMENT OF EDUCATION ALN #: 84.268, 84.063, 84.007 and 84.033 - Student Financial Assistance Cluster Federal Award Identification #: 2022-2023 Financial Aid Year Condition: The Master’s University & Seminary and Subsidiary did not sufficiently comply with the updated requirements of GLBA. Criteria: 16 CFR 314.3, 16 CFR 314.4 Questioned Costs: $0 Context: The Master’s University & Seminary and Subsidiary developed a risk assessment matrix and evaluation process. The written information security program has not been fully updated to comply with the recent changes in GLBA. The two largest areas are implementing multi-factor authentication on all systems that contain personally identifiable information (PII) and providing a written report to the board covering all the required areas. Cause: The Master’s University & Seminary and Subsidiary has experienced turnover in the information technology department that has hindered the ability to document and implement all the updated changes. Effect: The Master’s University & Seminary and Subsidiary has not adequately addressed the updated requirements of GLBA, which may lead to unintended exposure of student information to security risks. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend The Master’s University & Seminary and Subsidiary update the information security program in light of the revised regulations, including the implementation of multi-factor authentication on all systems containing PII and the written, annual report to the the board. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.
Finding 2023-001
Gramm-Leach-Bliley Act (GLBA) Compliance DEPARTMENT OF EDUCATION ALN #: 84.268, 84.063, 84.007 and 84.033 - Student Financial Assistance Cluster Federal Award Identification #: 2022-2023 Financial Aid Year Condition: The Master’s University & Seminary and Subsidiary did not sufficiently comply with the updated requirements of GLBA. Criteria: 16 CFR 314.3, 16 CFR 314.4 Questioned Costs: $0 Context: The Master’s University & Seminary and Subsidiary developed a risk assessment matrix and evaluation process. The written information security program has not been fully updated to comply with the recent changes in GLBA. The two largest areas are implementing multi-factor authentication on all systems that contain personally identifiable information (PII) and providing a written report to the board covering all the required areas. Cause: The Master’s University & Seminary and Subsidiary has experienced turnover in the information technology department that has hindered the ability to document and implement all the updated changes. Effect: The Master’s University & Seminary and Subsidiary has not adequately addressed the updated requirements of GLBA, which may lead to unintended exposure of student information to security risks. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend The Master’s University & Seminary and Subsidiary update the information security program in light of the revised regulations, including the implementation of multi-factor authentication on all systems containing PII and the written, annual report to the the board. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.
Finding 2023-001
Gramm-Leach-Bliley Act (GLBA) Compliance DEPARTMENT OF EDUCATION ALN #: 84.268, 84.063, 84.007 and 84.033 - Student Financial Assistance Cluster Federal Award Identification #: 2022-2023 Financial Aid Year Condition: The Master’s University & Seminary and Subsidiary did not sufficiently comply with the updated requirements of GLBA. Criteria: 16 CFR 314.3, 16 CFR 314.4 Questioned Costs: $0 Context: The Master’s University & Seminary and Subsidiary developed a risk assessment matrix and evaluation process. The written information security program has not been fully updated to comply with the recent changes in GLBA. The two largest areas are implementing multi-factor authentication on all systems that contain personally identifiable information (PII) and providing a written report to the board covering all the required areas. Cause: The Master’s University & Seminary and Subsidiary has experienced turnover in the information technology department that has hindered the ability to document and implement all the updated changes. Effect: The Master’s University & Seminary and Subsidiary has not adequately addressed the updated requirements of GLBA, which may lead to unintended exposure of student information to security risks. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend The Master’s University & Seminary and Subsidiary update the information security program in light of the revised regulations, including the implementation of multi-factor authentication on all systems containing PII and the written, annual report to the the board. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.
Finding 2023-001
Gramm-Leach-Bliley Act (GLBA) Compliance DEPARTMENT OF EDUCATION ALN #: 84.268, 84.063, 84.007 and 84.033 - Student Financial Assistance Cluster Federal Award Identification #: 2022-2023 Financial Aid Year Condition: The Master’s University & Seminary and Subsidiary did not sufficiently comply with the updated requirements of GLBA. Criteria: 16 CFR 314.3, 16 CFR 314.4 Questioned Costs: $0 Context: The Master’s University & Seminary and Subsidiary developed a risk assessment matrix and evaluation process. The written information security program has not been fully updated to comply with the recent changes in GLBA. The two largest areas are implementing multi-factor authentication on all systems that contain personally identifiable information (PII) and providing a written report to the board covering all the required areas. Cause: The Master’s University & Seminary and Subsidiary has experienced turnover in the information technology department that has hindered the ability to document and implement all the updated changes. Effect: The Master’s University & Seminary and Subsidiary has not adequately addressed the updated requirements of GLBA, which may lead to unintended exposure of student information to security risks. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend The Master’s University & Seminary and Subsidiary update the information security program in light of the revised regulations, including the implementation of multi-factor authentication on all systems containing PII and the written, annual report to the the board. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.
Finding 2023-001
Gramm-Leach-Bliley Act (GLBA) Compliance DEPARTMENT OF EDUCATION ALN #: 84.268, 84.063, 84.007 and 84.033 - Student Financial Assistance Cluster Federal Award Identification #: 2022-2023 Financial Aid Year Condition: The Master’s University & Seminary and Subsidiary did not sufficiently comply with the updated requirements of GLBA. Criteria: 16 CFR 314.3, 16 CFR 314.4 Questioned Costs: $0 Context: The Master’s University & Seminary and Subsidiary developed a risk assessment matrix and evaluation process. The written information security program has not been fully updated to comply with the recent changes in GLBA. The two largest areas are implementing multi-factor authentication on all systems that contain personally identifiable information (PII) and providing a written report to the board covering all the required areas. Cause: The Master’s University & Seminary and Subsidiary has experienced turnover in the information technology department that has hindered the ability to document and implement all the updated changes. Effect: The Master’s University & Seminary and Subsidiary has not adequately addressed the updated requirements of GLBA, which may lead to unintended exposure of student information to security risks. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend The Master’s University & Seminary and Subsidiary update the information security program in light of the revised regulations, including the implementation of multi-factor authentication on all systems containing PII and the written, annual report to the the board. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.