FAC Explorer

Audit 24914

FY End
2022-06-30
Total Expended
$56.53M
Findings
2
Programs
15
Organization: Marist College and Affiliates (NY)
Year: 2022 Accepted: 2023-03-12
Auditor: Grant Thornton LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
22029 2022-001 Significant Deficiency - L
598471 2022-001 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $40.66M Yes 0
84.063 Federal Pell Grant Program $4.17M Yes 1
84.038 Federal Perkins Loan Program $4.00M Yes 0
84.047 Trio_upward Bound $729,458 - 0
84.033 Federal Work-Study Program $500,000 Yes 0
12.U01 U.s. Army Reserve Officers' Training Corps $430,662 - 0
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $273,929 - 0
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $250,838 Yes 0
84.042 Trio_student Support Services $248,014 - 0
84.007 Federal Supplemental Educational Opportunity Grants $238,975 Yes 0
84.425 Education Stabilization Fund $107,279 Yes 0
93.859 Biomedical Research and Research Training $82,820 - 0
93.865 Child Health and Human Development Extramural Research $71,893 - 0
47.076 Education and Human Resources $58,654 - 0
89.003 National Historical Publications and Records Grants $49,914 - 0

Contacts

Name Title Type
YM8NW6G8N9Y3 Christina Kearney Auditee
8455753077 Edward Miller Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activities of Marist College and Affiliates (the College) for the year ended June 30, 2022. The information presented on this schedule has been prepared on the accrual basis of accounting and is 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance. FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 3185748 [SEE NOTES TO THE SEFA FOR CHART/TABLE].
Title: Federal Direct Loans Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activities of Marist College and Affiliates (the College) for the year ended June 30, 2022. The information presented on this schedule has been prepared on the accrual basis of accounting and is 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance. Federally guaranteed loans distributed to students of the College through the Federal Direct Loan Program (ALN 84.268) during the year ended June 30, 2022 totaled $40,656,441. These distributions and related funding sources are not included in the Colleges consolidated financial statements.

Finding Details

Finding 2022-001
Criteria: Pursuant to Federal Register Volume 82, Number 122, an institution must submit Pell Grant disbursement records to the Common Origination and Disbursement (?COD?) system no later than 15 days after making the disbursement or becoming aware of the need to adjust a previously reported disbursement. As defined in 34 CFR 668.164(a), the disbursement date is the date that a school credits a student?s account at the school or pays a student or parent borrower directly with Title IV funds received from the U.S. Department of Education or with institutional funds in advance of receiving Title IV program funds. Condition: From a selection of 65 Pell Grant disbursements tested, we identified two disbursements that were reported to the COD system more than 15 days after the respective disbursement dates. Context: Each of the two disbursements were reported to the COD system 16 days after the respective disbursement dates. Cause: Origination records for the 2 students were initially sent on August 31, 2021 and rejected based on pending ISIR transactions not yet processed by CPS. Pell was paid for both students on September 8, 2021. The origination records were resolved and sent to COD on September 24, 2021, 16 days after the Pell paid to the student account. It should be noted that both instances involved a professional judgement review allowing the college to award additional Pell to families. This process can create delays in the process. Effect: Two Pell Grant disbursement were not reported to the COD system within the 15-day timeframe stipulated in Federal Register Volume 82, Number 122. Questioned Costs: None noted. Identified as a Repeat Finding: There was no similar finding in 2021. Recommendation: The College should review the effectiveness of its procedures governing the timely submission of Pell Grant disbursements to the COD system to ensure such records are submitted within the appropriate timeframe. Views of Responsible Officials: We concur. 2021-22 audit indicated that two Pell Grant disbursements were not reported within the 15-day timeframe stipulated in Federal Register Volume 82, Number 122. The origination records were resolved and sent to COD (processing platform) 16 days after Pell paid to the account. Both instances involved a professional judgment review allowing the College to award additional Pell to families. This process can create delays.
Finding 2022-001
Criteria: Pursuant to Federal Register Volume 82, Number 122, an institution must submit Pell Grant disbursement records to the Common Origination and Disbursement (?COD?) system no later than 15 days after making the disbursement or becoming aware of the need to adjust a previously reported disbursement. As defined in 34 CFR 668.164(a), the disbursement date is the date that a school credits a student?s account at the school or pays a student or parent borrower directly with Title IV funds received from the U.S. Department of Education or with institutional funds in advance of receiving Title IV program funds. Condition: From a selection of 65 Pell Grant disbursements tested, we identified two disbursements that were reported to the COD system more than 15 days after the respective disbursement dates. Context: Each of the two disbursements were reported to the COD system 16 days after the respective disbursement dates. Cause: Origination records for the 2 students were initially sent on August 31, 2021 and rejected based on pending ISIR transactions not yet processed by CPS. Pell was paid for both students on September 8, 2021. The origination records were resolved and sent to COD on September 24, 2021, 16 days after the Pell paid to the student account. It should be noted that both instances involved a professional judgement review allowing the college to award additional Pell to families. This process can create delays in the process. Effect: Two Pell Grant disbursement were not reported to the COD system within the 15-day timeframe stipulated in Federal Register Volume 82, Number 122. Questioned Costs: None noted. Identified as a Repeat Finding: There was no similar finding in 2021. Recommendation: The College should review the effectiveness of its procedures governing the timely submission of Pell Grant disbursements to the COD system to ensure such records are submitted within the appropriate timeframe. Views of Responsible Officials: We concur. 2021-22 audit indicated that two Pell Grant disbursements were not reported within the 15-day timeframe stipulated in Federal Register Volume 82, Number 122. The origination records were resolved and sent to COD (processing platform) 16 days after Pell paid to the account. Both instances involved a professional judgment review allowing the College to award additional Pell to families. This process can create delays.