FAC Explorer

Audit 291945

FY End
2022-06-30
Total Expended
$6.26M
Findings
8
Programs
5
Organization: Carolina University (NC)
Year: 2022 Accepted: 2024-02-23
Auditor: Haynes Downard LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
370315 2022-001 - - A
370316 2022-001 - - A
370317 2022-001 - - A
370318 2022-001 - - A
946757 2022-001 - - A
946758 2022-001 - - A
946759 2022-001 - - A
946760 2022-001 - - A

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $4.22M Yes 1
84.063 Federal Pell Grant Program $1.34M Yes 1
84.425 Education Stabilization Fund $56,434 Yes 0
84.033 Federal Work-Study Program $55,227 Yes 1
84.007 Federal Supplemental Educational Opportunity Grants $49,740 Yes 1

Contacts

Name Title Type
SCKVEQAYFW57 Christopher Ronk Auditee
3367147987 Max Campbell Auditor
No contacts on file

Notes to SEFA

Title: BASIS OF PRESENTATION Accounting Policies: The Schedule of Expenditures of Federal Awards 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: Carolina University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes all federal grant activity for Carolina University, and is presented on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards . Because the Schedule presents only a selected portion of the operations of Carolina University, it is not intended to be and does not present the financial position, change in net assets, or cash flows of Carolina University.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: The Schedule of Expenditures of Federal Awards 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: Carolina University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Schedule of Expenditures of Federal Awards 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.
Title: FEDERAL STUDENT LOAN PROGRAM Accounting Policies: The Schedule of Expenditures of Federal Awards 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: Carolina University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. As an institution that is qualified to originate Federal Direct Student Loans, the University is responsible for handling the complete loan process, including fund management as well as promissory note functions. The University is not responsible for collection of these loans. Students of the University received $4,219,681 in Federal Direct Student Loans (Assistance Listing #: 84.268) during the year ended June 30, 2022.
Title: INDIRECT COST RATE Accounting Policies: The Schedule of Expenditures of Federal Awards 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: Carolina University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Carolina University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.

Finding Details

Finding 2022-001
Criteria: The Uniform Guidance Part 200.512(a)(1) states: “The audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section shall be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period.” Condition: The Organization did not submit its 2022 single audit reporting package and data collection form in a timely manner. Cause: Information needed to support the audit of financial statements, including certain significant estimates required to be reported, was not readily available. Effect: The Organization is late with required filings. Questioned Costs: None. Recommendation: The Organization should re-evaluate the financial closing process.
Finding 2022-001
Criteria: The Uniform Guidance Part 200.512(a)(1) states: “The audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section shall be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period.” Condition: The Organization did not submit its 2022 single audit reporting package and data collection form in a timely manner. Cause: Information needed to support the audit of financial statements, including certain significant estimates required to be reported, was not readily available. Effect: The Organization is late with required filings. Questioned Costs: None. Recommendation: The Organization should re-evaluate the financial closing process.
Finding 2022-001
Criteria: The Uniform Guidance Part 200.512(a)(1) states: “The audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section shall be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period.” Condition: The Organization did not submit its 2022 single audit reporting package and data collection form in a timely manner. Cause: Information needed to support the audit of financial statements, including certain significant estimates required to be reported, was not readily available. Effect: The Organization is late with required filings. Questioned Costs: None. Recommendation: The Organization should re-evaluate the financial closing process.
Finding 2022-001
Criteria: The Uniform Guidance Part 200.512(a)(1) states: “The audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section shall be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period.” Condition: The Organization did not submit its 2022 single audit reporting package and data collection form in a timely manner. Cause: Information needed to support the audit of financial statements, including certain significant estimates required to be reported, was not readily available. Effect: The Organization is late with required filings. Questioned Costs: None. Recommendation: The Organization should re-evaluate the financial closing process.
Finding 2022-001
Criteria: The Uniform Guidance Part 200.512(a)(1) states: “The audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section shall be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period.” Condition: The Organization did not submit its 2022 single audit reporting package and data collection form in a timely manner. Cause: Information needed to support the audit of financial statements, including certain significant estimates required to be reported, was not readily available. Effect: The Organization is late with required filings. Questioned Costs: None. Recommendation: The Organization should re-evaluate the financial closing process.
Finding 2022-001
Criteria: The Uniform Guidance Part 200.512(a)(1) states: “The audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section shall be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period.” Condition: The Organization did not submit its 2022 single audit reporting package and data collection form in a timely manner. Cause: Information needed to support the audit of financial statements, including certain significant estimates required to be reported, was not readily available. Effect: The Organization is late with required filings. Questioned Costs: None. Recommendation: The Organization should re-evaluate the financial closing process.
Finding 2022-001
Criteria: The Uniform Guidance Part 200.512(a)(1) states: “The audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section shall be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period.” Condition: The Organization did not submit its 2022 single audit reporting package and data collection form in a timely manner. Cause: Information needed to support the audit of financial statements, including certain significant estimates required to be reported, was not readily available. Effect: The Organization is late with required filings. Questioned Costs: None. Recommendation: The Organization should re-evaluate the financial closing process.
Finding 2022-001
Criteria: The Uniform Guidance Part 200.512(a)(1) states: “The audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section shall be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period.” Condition: The Organization did not submit its 2022 single audit reporting package and data collection form in a timely manner. Cause: Information needed to support the audit of financial statements, including certain significant estimates required to be reported, was not readily available. Effect: The Organization is late with required filings. Questioned Costs: None. Recommendation: The Organization should re-evaluate the financial closing process.