FAC Explorer

Audit 2202

FY End
2023-06-30
Total Expended
$18.26M
Findings
2
Programs
13
Organization: Albany College of Pharmacy and Health Sciences (NY)
Year: 2023 Accepted: 2023-11-03
Auditor: Uhy LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1149 2023-001 - - N
577591 2023-001 - - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $14.24M Yes 0
93.342 Health Professions Student Loans, Including Primary Care Loans/loans for Disadvantaged Students $1.38M Yes 0
84.063 Federal Pell Grant Program $949,237 Yes 0
84.038 Federal Perkins Loan Program $500,638 Yes 1
84.033 Federal Work-Study Program $179,714 Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $171,979 Yes 0
93.839 Blood Diseases and Resources Research $156,130 - 0
93.435 Innovative State and Local Public Health Strategies to Prevent and Manage Diabetes and Heart Disease and Stroke- $66,206 - 0
11.619 Arrangements for Interdisciplinary Research Infrastructure $54,816 - 0
93.853 Extramural Research Programs in the Neurosciences and Neurological Disorders $38,480 - 0
93.396 Cancer Biology Research $31,229 - 0
93.859 Biomedical Research and Research Training $19,572 - 0
93.855 Allergy, Immunology and Transplantation Research $6,469 - 0

Contacts

Name Title Type
LCFLMPUNNGJ3 Michele Vien Auditee
5186947216 Alex Zhang Auditor
No contacts on file

Notes to SEFA

Title: Note 2 - Non-Cash Assistance Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (Schedule) has been prepared 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). The purpose of the Schedule is to present a summary of the activities of Albany College of Pharmacy and Health Sciences (College) funded by the federal government or pass-through entities for the year ended June 30, 2023, using the accrual basis of accounting. The College is described in Note 1 to the financial statements. For purposes of the Schedule, federal awards could include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans and local governments, and other noncash assistance. Negative amounts on the Schedule, if any, represent adjustments made to prior year expenditures in the normal course of business. Relationship to Financial Statements Federal award revenues are reported in the College’s financial statements as grants. The College’s financial statements are presented using the accrual basis. The Schedule presents only a selected portion of activities of the College. It is not intended to, and does not present either the financial position, statement of activities, or changes in net assets of the College. Direct and Indirect Costs Expenditures for direct and indirect costs are recognized as incurred using the accrual method of accounting and in accordance with the cost principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: For the year ended June 30, 2023, the College did not elect to use the 10% de minimis indirect cost rate. The College administers the Federal Perkins Loan Program, Health Professions Student Loan Program, and the Direct Loan Program (which includes Stafford loans, Unsubsidized Stafford loans, and Parent Plus loans for undergraduate students). The College does not have any continuing administrative or compliance responsibilities for the Direct Loan Program once the student completes the associated semester. The College administers the following federal loan programs: See the Notes to the SEFA for chart/table The Federal Expenditures figure on the Schedule of Expenditures of Federal Awards for each federal loan program is made up of the following: See the Notes to the SEFA for chart/table

Finding Details

Finding 2023-001
Federal Assistance Listing Number: 84.038 Federal Perkins Loan Program Criteria: Per 34 CFR 674.19(e)(4)(iii), after the loan obligation is satisfied, the institution shall return the original or a true and exact copy of the note marked “paid in full” to the borrower, or otherwise notify the borrower in writing that the loan is paid in full, and retain a copy for the prescribed period. Condition: For students whose Perkins loans were paid off, the College did not return the original or a true and exact copy of the note to the borrower, or otherwise notify the borrower in writing that the loan was paid in full. Cause: The College has undergone transitions in personnel in several departments, impacting the transfer of knowledge for Perkins program requirements since its termination in 2017. Effect: The College is not in compliance with the federal regulations regarding the notification as well as retention of Perkins loan records. Prevalence: The College has not made the required communication to student borrowers whose Perkins loans were paid in full. Recommendation: The College should add the procedure to, as each loan obligation is satisfied, return the original or a true and exact copy of the note marked “paid in full” to the student borrower, or otherwise notify the student in writing that the loan is paid in full, and retain a copy for the prescribed period. Management’s Response and Planned Corrective Action: The College will take corrective action with their third party service provider, University Accounting Services (UAS) to send the required communications to students with loans that have been paid in full. The College also plans to contract with UAS to send these communications to borrowers as the loans are paid off going forward.
Finding 2023-001
Federal Assistance Listing Number: 84.038 Federal Perkins Loan Program Criteria: Per 34 CFR 674.19(e)(4)(iii), after the loan obligation is satisfied, the institution shall return the original or a true and exact copy of the note marked “paid in full” to the borrower, or otherwise notify the borrower in writing that the loan is paid in full, and retain a copy for the prescribed period. Condition: For students whose Perkins loans were paid off, the College did not return the original or a true and exact copy of the note to the borrower, or otherwise notify the borrower in writing that the loan was paid in full. Cause: The College has undergone transitions in personnel in several departments, impacting the transfer of knowledge for Perkins program requirements since its termination in 2017. Effect: The College is not in compliance with the federal regulations regarding the notification as well as retention of Perkins loan records. Prevalence: The College has not made the required communication to student borrowers whose Perkins loans were paid in full. Recommendation: The College should add the procedure to, as each loan obligation is satisfied, return the original or a true and exact copy of the note marked “paid in full” to the student borrower, or otherwise notify the student in writing that the loan is paid in full, and retain a copy for the prescribed period. Management’s Response and Planned Corrective Action: The College will take corrective action with their third party service provider, University Accounting Services (UAS) to send the required communications to students with loans that have been paid in full. The College also plans to contract with UAS to send these communications to borrowers as the loans are paid off going forward.