FAC Explorer

Audit 174176

FY End
2022-06-30
Total Expended
$22.91M
Findings
4
Programs
11
Organization: Buena Vista University (IA)
Year: 2022 Accepted: 2023-01-04
Auditor: Forvis LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
204843 2022-001 - - N
204844 2022-001 - - N
781285 2022-001 - - N
781286 2022-001 - - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $14.01M Yes 1
84.063 Federal Pell Grant Program $3.67M Yes 1
84.425 Covid-19 Higher Education Emergency Relief Fund - Student Portion $2.21M Yes 0
84.038 Federal Perkins Loan Program $1.15M Yes 0
84.425 Covid-19 Higher Education Emergency Relief Fund - Institutional Portion $1.07M Yes 0
84.425 Covid-19 Higher Education Emergency Relief Fund - Strengthening Institutions $170,075 Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $161,025 Yes 0
84.033 Federal Work-Study Program $140,216 Yes 0
47.076 Education and Human Resources $139,912 - 0
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $117,402 Yes 0
93.865 Child Health and Human Development Extramural Research $60,461 - 0

Contacts

Name Title Type
FJHKC4XNMED8 Courtney Berg Auditee
7127492057 Kieth McGovern Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: Expenditures reported on 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, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The federal loan program listed subsequently is administered directly by the University, and balances and transactions relating to this program is included in the Universitys basic consolidated financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2022, consists of: Federal Perkins Loan Program (84.038) $828,987
Title: Note 1 Basis of Presentation Accounting Policies: Expenditures reported on 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, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the University under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.

Finding Details

Finding 2022-001
2022-001 Student Financial Assistance Cluster U.S. Department of Education Federal Student Direct Loans CFDA 84.268 Federal Pell Grant Program 84.063 Award Year 2022 Criteria or Specific Requirement ? Special Tests and Provisions: Return of Title IV Funds - Returns of Title IV funds are required to be deposited or transferred into the SFA account or electronic fund transfers initiated to ED as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew (34 CFR 668.173(b)). Condition ? The University did not remit a refund within the required 45 day period. Questioned Costs ? None. Context ? Out of a population of 90 students who ceased attendance during a payment period or a period of enrollment, dropped, on a leave of absence, never began attendance, or terminated during the audit period, we selected a sample of nine students to ascertain if returns of Title IV funds were properly calculated and remitted. We noted one instance in which the University remitted the properly calculated refund after the required 45 day period. The sampling methodology was not intended to be a statistically valid sample. Effect ? The student?s refund was submitted late for one student out of the nine tested. Cause ? Management oversight during a software transition period. Identification as a Repeat Finding ? N/A Recommendation ? The University should implement additional review procedures to ensure that all calculated refunds are made within the 45 day period. Views of Responsible Officials and Planned Corrective Actions ? The error occurred during a software transition and data freeze period. This was a unique occurrence and has been remedied through an updated system report running on an automated schedule.
Finding 2022-001
2022-001 Student Financial Assistance Cluster U.S. Department of Education Federal Student Direct Loans CFDA 84.268 Federal Pell Grant Program 84.063 Award Year 2022 Criteria or Specific Requirement ? Special Tests and Provisions: Return of Title IV Funds - Returns of Title IV funds are required to be deposited or transferred into the SFA account or electronic fund transfers initiated to ED as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew (34 CFR 668.173(b)). Condition ? The University did not remit a refund within the required 45 day period. Questioned Costs ? None. Context ? Out of a population of 90 students who ceased attendance during a payment period or a period of enrollment, dropped, on a leave of absence, never began attendance, or terminated during the audit period, we selected a sample of nine students to ascertain if returns of Title IV funds were properly calculated and remitted. We noted one instance in which the University remitted the properly calculated refund after the required 45 day period. The sampling methodology was not intended to be a statistically valid sample. Effect ? The student?s refund was submitted late for one student out of the nine tested. Cause ? Management oversight during a software transition period. Identification as a Repeat Finding ? N/A Recommendation ? The University should implement additional review procedures to ensure that all calculated refunds are made within the 45 day period. Views of Responsible Officials and Planned Corrective Actions ? The error occurred during a software transition and data freeze period. This was a unique occurrence and has been remedied through an updated system report running on an automated schedule.
Finding 2022-001
2022-001 Student Financial Assistance Cluster U.S. Department of Education Federal Student Direct Loans CFDA 84.268 Federal Pell Grant Program 84.063 Award Year 2022 Criteria or Specific Requirement ? Special Tests and Provisions: Return of Title IV Funds - Returns of Title IV funds are required to be deposited or transferred into the SFA account or electronic fund transfers initiated to ED as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew (34 CFR 668.173(b)). Condition ? The University did not remit a refund within the required 45 day period. Questioned Costs ? None. Context ? Out of a population of 90 students who ceased attendance during a payment period or a period of enrollment, dropped, on a leave of absence, never began attendance, or terminated during the audit period, we selected a sample of nine students to ascertain if returns of Title IV funds were properly calculated and remitted. We noted one instance in which the University remitted the properly calculated refund after the required 45 day period. The sampling methodology was not intended to be a statistically valid sample. Effect ? The student?s refund was submitted late for one student out of the nine tested. Cause ? Management oversight during a software transition period. Identification as a Repeat Finding ? N/A Recommendation ? The University should implement additional review procedures to ensure that all calculated refunds are made within the 45 day period. Views of Responsible Officials and Planned Corrective Actions ? The error occurred during a software transition and data freeze period. This was a unique occurrence and has been remedied through an updated system report running on an automated schedule.
Finding 2022-001
2022-001 Student Financial Assistance Cluster U.S. Department of Education Federal Student Direct Loans CFDA 84.268 Federal Pell Grant Program 84.063 Award Year 2022 Criteria or Specific Requirement ? Special Tests and Provisions: Return of Title IV Funds - Returns of Title IV funds are required to be deposited or transferred into the SFA account or electronic fund transfers initiated to ED as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew (34 CFR 668.173(b)). Condition ? The University did not remit a refund within the required 45 day period. Questioned Costs ? None. Context ? Out of a population of 90 students who ceased attendance during a payment period or a period of enrollment, dropped, on a leave of absence, never began attendance, or terminated during the audit period, we selected a sample of nine students to ascertain if returns of Title IV funds were properly calculated and remitted. We noted one instance in which the University remitted the properly calculated refund after the required 45 day period. The sampling methodology was not intended to be a statistically valid sample. Effect ? The student?s refund was submitted late for one student out of the nine tested. Cause ? Management oversight during a software transition period. Identification as a Repeat Finding ? N/A Recommendation ? The University should implement additional review procedures to ensure that all calculated refunds are made within the 45 day period. Views of Responsible Officials and Planned Corrective Actions ? The error occurred during a software transition and data freeze period. This was a unique occurrence and has been remedied through an updated system report running on an automated schedule.