FAC Explorer

Audit 291155

FY End
2023-06-30
Total Expended
$9.29M
Findings
4
Programs
5
Organization: Thaddeus Stevens College of Technology (PA)
Year: 2023 Accepted: 2024-02-20
Auditor: Maher Duessel CPAS

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
369694 2023-001 Material Weakness - L
369695 2023-001 Material Weakness - L
946136 2023-001 Material Weakness - L
946137 2023-001 Material Weakness - L

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $4.47M Yes 0
84.063 Federal Pell Grant Program $2.78M Yes 0
84.425 Covid-19, Education Stabilization Fund $1.72M Yes 1
84.048 Career and Technical Education -- Basic Grants to States $245,106 - 0
84.007 Federal Supplemental Educational Opportunity Grants $50,302 Yes 0

Contacts

Name Title Type
KF8YVJPX1HF8 George Longridge Auditee
7173916947 Lisa Ritter Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: Expenditures 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of the College under programs of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Since 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 position, or cash flows of the College. For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the College and agencies or departments of the federal government, and all subawards to the College by nonfederal organizations pursuant to federal grants, contracts, and similar agreements.
Title: Student Financial Assistance Loan Program Accounting Policies: Expenditures 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. During the year ended June 30, 2023, the College processed $4,469,106 of new loans under the federal Direct Student Loans Program. Since these programs are administered by outside financial institutions, new loans made during the fiscal year relating to these programs are considered current year expenditures in the schedule.

Finding Details

Finding 2023-001
U.S. Department of Education - COVID-19 Education Stabilization Fund (ALN 84.425) Statement of Condition: The College reported 1,083 students who received student aid in the amount of $2,670,299 in the current year, however those students were reported correctly in the previous year. In the current year student aid was not disbursed. Also, the College reported calendar year 2021 lost revenue in the amount of $1,421,437 on the calendar year 2022 annual report, the lost revenue should have been reported on the Calendar year 2021 report. Criteria: The Federal Department of Education utilizing 34 CFR 75.720(b) requires an annual report for all institutional and student expenditures that were made in the preceding calendar year. Cause: There was not a review of the completed form before the College submitted the form to the federal reporting portal. Effect of the Condition: The annual report did not reflect the actual amount of student and institutional expenditures of the College. Recommendation: We recommend that the College review reporting that is submitted to the federal agency for accuracy before submission. Questioned Costs: There are no questioned costs associated with this finding. Repeat Finding: This is not considered a repeat finding. Views of Responsible Officials: See separate Corrective Action Plan.
Finding 2023-001
U.S. Department of Education - COVID-19 Education Stabilization Fund (ALN 84.425) Statement of Condition: The College reported 1,083 students who received student aid in the amount of $2,670,299 in the current year, however those students were reported correctly in the previous year. In the current year student aid was not disbursed. Also, the College reported calendar year 2021 lost revenue in the amount of $1,421,437 on the calendar year 2022 annual report, the lost revenue should have been reported on the Calendar year 2021 report. Criteria: The Federal Department of Education utilizing 34 CFR 75.720(b) requires an annual report for all institutional and student expenditures that were made in the preceding calendar year. Cause: There was not a review of the completed form before the College submitted the form to the federal reporting portal. Effect of the Condition: The annual report did not reflect the actual amount of student and institutional expenditures of the College. Recommendation: We recommend that the College review reporting that is submitted to the federal agency for accuracy before submission. Questioned Costs: There are no questioned costs associated with this finding. Repeat Finding: This is not considered a repeat finding. Views of Responsible Officials: See separate Corrective Action Plan.
Finding 2023-001
U.S. Department of Education - COVID-19 Education Stabilization Fund (ALN 84.425) Statement of Condition: The College reported 1,083 students who received student aid in the amount of $2,670,299 in the current year, however those students were reported correctly in the previous year. In the current year student aid was not disbursed. Also, the College reported calendar year 2021 lost revenue in the amount of $1,421,437 on the calendar year 2022 annual report, the lost revenue should have been reported on the Calendar year 2021 report. Criteria: The Federal Department of Education utilizing 34 CFR 75.720(b) requires an annual report for all institutional and student expenditures that were made in the preceding calendar year. Cause: There was not a review of the completed form before the College submitted the form to the federal reporting portal. Effect of the Condition: The annual report did not reflect the actual amount of student and institutional expenditures of the College. Recommendation: We recommend that the College review reporting that is submitted to the federal agency for accuracy before submission. Questioned Costs: There are no questioned costs associated with this finding. Repeat Finding: This is not considered a repeat finding. Views of Responsible Officials: See separate Corrective Action Plan.
Finding 2023-001
U.S. Department of Education - COVID-19 Education Stabilization Fund (ALN 84.425) Statement of Condition: The College reported 1,083 students who received student aid in the amount of $2,670,299 in the current year, however those students were reported correctly in the previous year. In the current year student aid was not disbursed. Also, the College reported calendar year 2021 lost revenue in the amount of $1,421,437 on the calendar year 2022 annual report, the lost revenue should have been reported on the Calendar year 2021 report. Criteria: The Federal Department of Education utilizing 34 CFR 75.720(b) requires an annual report for all institutional and student expenditures that were made in the preceding calendar year. Cause: There was not a review of the completed form before the College submitted the form to the federal reporting portal. Effect of the Condition: The annual report did not reflect the actual amount of student and institutional expenditures of the College. Recommendation: We recommend that the College review reporting that is submitted to the federal agency for accuracy before submission. Questioned Costs: There are no questioned costs associated with this finding. Repeat Finding: This is not considered a repeat finding. Views of Responsible Officials: See separate Corrective Action Plan.