FAC Explorer

Audit 18477

FY End
2022-12-31
Total Expended
$4.06M
Findings
2
Programs
6
Organization: Business Education in Science and Technology for New Americans, Inc. (NY)
Year: 2022 Accepted: 2023-09-28
Auditor: Andrew Pieri CPA PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
22630 2022-001 - - N
599072 2022-001 - - N

Programs

ALN Program Spent Major Findings
84.063 Federal Pell Grant Program $1.87M Yes 1
84.425 Education Stabilization Fund - Heerf Student Aid Portion $1.07M Yes 0
84.425 Education Stabilization Fund - Heerf Institutional Portion $1.05M Yes 0
84.033 Federal Work-Study Program $41,053 Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $26,499 Yes 0
84.268 Federal Direct Student Loans $6,188 Yes 0

Contacts

Name Title Type
D7KGYP3G1WT8 Galina Shumskaya Auditee
2123499768 Andrew Pieri Auditor
No contacts on file

Notes to SEFA

Title: REMAINING NOTES Accounting Policies: Note 1 - Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Business Education in Science and Technology for New Americans, Inc. ("the School") under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with 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 portion of the operations of the School, it is not intended to and does not present the financial position, changes in net assets or cash flows of the School.Note 2 - Summary of Significant Accounting PoliciesExpenditures 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. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Note 4 - Non-Cash AwardsThe School did not have any non-cash awards for the year ended December 31, 2022.Note 5 - SubrecipientsThere were no payments made to subrecipients for federal awards during the year ended December 31, 2022. Note 6 - Federal Direct Student Loan Program The School is responsible to originate and process but not to provide funding for the Federal Direct Student Loan Program. The amount presented above represents the value of the Federal Direct Student Loans awarded by the USDOE during the year.Note 7 - Major Program and ClusterAs defined in the Uniform Guidance, the Student Financial Assistance Programs are considered to be a cluster and accordingly, have been classified as one program for testing purposes. The Student Financial Assistance Cluster and the Education Stabilization Fund have been defined as major programs.

Finding Details

Finding 2022-001
FINDING: 2022-001 Return of Title IV Funds Federal Agency / Federal Program: U.S. Department of Education / Student Financial Assistance Cluster Subject: Special Tests and Provisions (N) CFDA Number: Federal Pell Program ? 84.063 Questioned Costs: $3,218 Type of Finding: Other matters Perspective Information: Repeat finding: No Summary of Universe and Sample of attribute tested See Schedule of Findings and Questioned Costs for chart/table Criteria The School must determine for dropped students the amount of Title IV assistance the student has earned as of the withdrawal date. If the amount of title IV assistance earned is less than the amount disbursed, the University must return the difference to the Title IV program. 34 C.F.R. Sec. 6682.(a). Condition The School returned Pell funds late for two students. See Schedule of Findings and Questioned Costs for chart/table Cause The cause was due to an error by the School?s third party servicer. The School relied on it servicer to refund the appropriate amount in a timely manner and they failed to do so. Effect The School returned $3,218 in Pell funds late to DOE Recommendation The School should update it policies and procedures to ensure that R2T4?s are returned timely. Views of Responsible Officials The School performed the RT24?s in a timely manner and then requested from its third party servicer to return the necessary funds. The third party servicer failed to return them. Upon discovery, the School terminated its relationship with the servicer. The School will update its policies and procedures to ensure timely returns.
Finding 2022-001
FINDING: 2022-001 Return of Title IV Funds Federal Agency / Federal Program: U.S. Department of Education / Student Financial Assistance Cluster Subject: Special Tests and Provisions (N) CFDA Number: Federal Pell Program ? 84.063 Questioned Costs: $3,218 Type of Finding: Other matters Perspective Information: Repeat finding: No Summary of Universe and Sample of attribute tested See Schedule of Findings and Questioned Costs for chart/table Criteria The School must determine for dropped students the amount of Title IV assistance the student has earned as of the withdrawal date. If the amount of title IV assistance earned is less than the amount disbursed, the University must return the difference to the Title IV program. 34 C.F.R. Sec. 6682.(a). Condition The School returned Pell funds late for two students. See Schedule of Findings and Questioned Costs for chart/table Cause The cause was due to an error by the School?s third party servicer. The School relied on it servicer to refund the appropriate amount in a timely manner and they failed to do so. Effect The School returned $3,218 in Pell funds late to DOE Recommendation The School should update it policies and procedures to ensure that R2T4?s are returned timely. Views of Responsible Officials The School performed the RT24?s in a timely manner and then requested from its third party servicer to return the necessary funds. The third party servicer failed to return them. Upon discovery, the School terminated its relationship with the servicer. The School will update its policies and procedures to ensure timely returns.