FAC Explorer

Audit 2275

FY End
2023-06-30
Total Expended
$14.78M
Findings
2
Programs
11
Organization: Rose-Hulman Institute of Technology (IN)
Year: 2023 Accepted: 2023-11-03
Auditor: Forvis LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1204 2023-001 - Yes N
577646 2023-001 - Yes N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $10.38M Yes 0
84.038 Federal Perkins Loan Program $2.14M Yes 1
84.063 Federal Pell Grant Program $1.23M Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $415,419 Yes 0
84.033 Federal Work-Study Program $298,112 Yes 0
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $136,142 - 0
47.041 Engineering $113,330 - 0
47.049 Mathematical and Physical Sciences $56,107 - 0
47.076 Education and Human Resources $13,835 - 0
45.129 Promotion of the Humanities_federal/state Partnership $1,000 - 0
19.415 Professional and Cultural Exchange Programs - Citizen Exchanges $99 - 0

Contacts

Name Title Type
VH9FNJX3Y7C7 Matt Davis Auditee
8128778421 Daniel Waninger Auditor
No contacts on file

Notes to SEFA

Title: FEDERAL LOAN PROGRAM Accounting Policies: The accompanying Supplementary Schedule of Expenditures of Federal Awards includes the federal grant transactions of Rose-Hulman Institute of Technology, Inc. (the “Institute”). The accompanying notes are an integral part of this Schedule. 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 Institute, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Institute. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB A-21 or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Institute has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. During the fiscal year ended June 30, 2023, the Institute did not process any loans under the Perkins Loan Program (CFDA Number 84.038) due to the discontinuation of the program. At June 30, 2023, loans outstanding under the Perkins Loan Program were $1,544,105. Perkins loans outstanding at June 30, 2023, reflect both the federal government contribution and the Institute’s matching portion.
Title: SUBRECIPIENTS Accounting Policies: The accompanying Supplementary Schedule of Expenditures of Federal Awards includes the federal grant transactions of Rose-Hulman Institute of Technology, Inc. (the “Institute”). The accompanying notes are an integral part of this Schedule. 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 Institute, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Institute. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB A-21 or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Institute has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Institute provided no federal awards to subrecipients for the fiscal year ended June 30, 2023.

Finding Details

Finding 2023-001
Information on the federal program: U.S. Department of Education Student Financial Assistance Cluster for the award year June 30, 2023 (Assistance Listing Number 84.038) Criteria or specific requirement: Special Tests and Provisions – Perkins Loan Record Keeping and Records Retention – Institutions are required to properly maintain its Perkins loan records in the manner set forth in 34 CFR 674.19.(e). Condition: The Institute did not maintain Perkins loan records in the manner set forth in 34 CFR 674.19.(e). (Other Instance of Noncompliance) Questioned costs: none Context: During testing of Perkins loan record keeping and record retention, 8 out of 25 selections did not have records of the related master promissory note (MPN). From a population of 366 students, 25 were selected for testing. Errors consisted of 8 students for which the Institute did not have records of their MPN. Our sample selection was not, and was not intended to be, statistically valid. Effect: The Institute does not have documentation of MPNs for the errors identified. Cause: The MPNs for these eight students had been destroyed due to a labeling error of the document destruction date on these boxes. Identification as a repeat finding, if applicable: repeat of finding 2022-001 Recommendation: The Institute should revisit the record retention for student related files, particularly those that relate to federal compliance requirements. Views of responsible officials and planned corrective actions: The Institute agrees with the comment and has developed a plan to correct the finding. The Institute has examined the documented destruction date on the other student related files related to federal compliance requirements to ensure accuracy of the document destruction date.
Finding 2023-001
Information on the federal program: U.S. Department of Education Student Financial Assistance Cluster for the award year June 30, 2023 (Assistance Listing Number 84.038) Criteria or specific requirement: Special Tests and Provisions – Perkins Loan Record Keeping and Records Retention – Institutions are required to properly maintain its Perkins loan records in the manner set forth in 34 CFR 674.19.(e). Condition: The Institute did not maintain Perkins loan records in the manner set forth in 34 CFR 674.19.(e). (Other Instance of Noncompliance) Questioned costs: none Context: During testing of Perkins loan record keeping and record retention, 8 out of 25 selections did not have records of the related master promissory note (MPN). From a population of 366 students, 25 were selected for testing. Errors consisted of 8 students for which the Institute did not have records of their MPN. Our sample selection was not, and was not intended to be, statistically valid. Effect: The Institute does not have documentation of MPNs for the errors identified. Cause: The MPNs for these eight students had been destroyed due to a labeling error of the document destruction date on these boxes. Identification as a repeat finding, if applicable: repeat of finding 2022-001 Recommendation: The Institute should revisit the record retention for student related files, particularly those that relate to federal compliance requirements. Views of responsible officials and planned corrective actions: The Institute agrees with the comment and has developed a plan to correct the finding. The Institute has examined the documented destruction date on the other student related files related to federal compliance requirements to ensure accuracy of the document destruction date.