FAC Explorer

Audit 19450

FY End
2022-06-30
Total Expended
$15.75M
Findings
2
Programs
18
Organization: Saint Michael's College (VT)
Year: 2022 Accepted: 2023-03-27
Auditor: Kpmg LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
20752 2022-001 Significant Deficiency - AB
597194 2022-001 Significant Deficiency - AB

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $7.70M Yes 0
84.038 Federal Perkins Loan Program $2.54M Yes 0
84.425 Covid-19 - Higher Education Emergency Relief Fund - Student $1.47M Yes 0
84.425 Covid-19 - Higher Education Emergency Relief Fund - Institutional $1.47M Yes 1
84.063 Federal Pell Grant Program $1.31M Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $303,448 Yes 0
84.033 Federal Work-Study Program $227,471 Yes 0
47.076 National Science Foundation 1742241 $215,998 - 0
47.083 Office of Integrative Activities $176,176 - 0
93.859 Biomedical Research and Research Training $175,034 - 0
93.243 Substance Abuse and Mental Health Services_projects of Regional and National Significance $53,078 - 0
47.049 National Science Foundation 1805164 $26,049 - 0
43.008 College and Fellowship Program $23,150 - 0
15.805 Assistance to State Water Resources Research Institutes $12,219 - 0
93.279 Drug Abuse and Addiction Research Programs $10,827 - 0
43.008 Research $10,626 - 0
45.160 Promotion of the Humanities_fellowships and Stipends $6,429 - 0
15.631 Partners for Fish and Wildlife $6,045 - 0

Contacts

Name Title Type
UX4CNQ22L1A4 Susan Gokey Auditee
8026542585 Renee Bourget-Place Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying supplementary schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Saint Michaels College (the College) and is presented on the accrual basis of accounting. 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, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the College, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. De Minimis Rate Used: N Rate Explanation: The College did not elect to use the 10% deminimus indirect cost rate in Part 200.514 of the Uniform Guidance. Loans advanced during the year to students under the Federal Direct Loan (FDL) Programs are as follows for the year ended June 30, 2022: Federal Direct Loan Program subsidized $ 2,504,020; Federal Direct Loan Program unsubsidized 2,780,857; Federal Parent Loan for Undergraduate Student (PLUS) Program 2,415,686; Total loans advanced $ 7,700,563. With respect to the FDL Programs, the College is responsible only for the performance of certain administrative duties and, accordingly, these loan balances are not included in the Colleges financial statements. It is not practical to determine the balances of loans outstanding from students of the Collegeunder these programs at June 30, 2022.Congress did not renew the Federal Perkins Loan Program after September 2017 and the transition period permitting disbursements ended June 30, 2018. Therefore, no new loans have been awarded after September 2017 and the College continues to service outstanding loans throughout the repayment period. For the year ended June 30, 2022, the College did not recover an administrative allowance under the Federal Perkins Loan Program. The loan receivable balance from students under the Federal Perkins LoanProgram was $1,870,613 and $2,543,294 at June 30, 2022 and 2021.

Finding Details

Finding 2022-001
Of the total HEERF III Institutional expenditures of $1,467,000, the College claimed $1,061,426 as lost room and board revenue for the year ended June 30, 2022. In connection with our audit, the College provided us with a listing of lost room and board revenue totaling $1,392,505 that was claimed for both HEERF III institutional funds as well as a COVID-19 relief grant provided by the State of Vermont. Since the population was not segregated between HEERF funds and the State grant, we subjected the total lost room and board revenue detail to our allowability procedures. During our testwork, we identified 3 students in our sample of 25, that attended and paid room & board for a portion of the semester; however, the College included the full semester amount of room and board in their lost room and board revenue detail. We also noted 1 student in our sample of 25 where the incorrect room & board rate was used to calculate the lost revenue.
Finding 2022-001
Of the total HEERF III Institutional expenditures of $1,467,000, the College claimed $1,061,426 as lost room and board revenue for the year ended June 30, 2022. In connection with our audit, the College provided us with a listing of lost room and board revenue totaling $1,392,505 that was claimed for both HEERF III institutional funds as well as a COVID-19 relief grant provided by the State of Vermont. Since the population was not segregated between HEERF funds and the State grant, we subjected the total lost room and board revenue detail to our allowability procedures. During our testwork, we identified 3 students in our sample of 25, that attended and paid room & board for a portion of the semester; however, the College included the full semester amount of room and board in their lost room and board revenue detail. We also noted 1 student in our sample of 25 where the incorrect room & board rate was used to calculate the lost revenue.