FAC Explorer

Audit 294475

FY End
2023-06-30
Total Expended
$16.91M
Findings
14
Programs
7
Organization: Mount Saint Mary College (NY)
Year: 2023 Accepted: 2024-03-11
Auditor: Crowe LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
375409 2023-001 Significant Deficiency - L
375410 2023-002 Material Weakness - N
375411 2023-001 Significant Deficiency - L
375412 2023-003 Significant Deficiency - N
375413 2023-001 Significant Deficiency - L
375414 2023-003 Significant Deficiency - N
375415 2023-003 Significant Deficiency - N
951851 2023-001 Significant Deficiency - L
951852 2023-002 Material Weakness - N
951853 2023-001 Significant Deficiency - L
951854 2023-003 Significant Deficiency - N
951855 2023-001 Significant Deficiency - L
951856 2023-003 Significant Deficiency - N
951857 2023-003 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $13.87M Yes 1
84.063 Federal Pell Grant Program $2.37M Yes 1
84.038 Federal Perkins Loan Program $318,225 Yes 1
93.364 Nursing Student Loans $138,061 Yes 1
84.007 Federal Supplemental Educational Opportunity Grants $124,751 Yes 1
84.033 Federal Work-Study Program $56,627 Yes 1
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $34,891 Yes 1

Contacts

Name Title Type
JACLBNXLSF44 Arthur Glass III Auditee
8455693211 Kelly Frank Auditor
No contacts on file

Notes to SEFA

Title: NOTE 1 – BASIS OF PRESENTATION Accounting Policies: NOTE 1 – BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (Schedule) includes the activity of Mount Saint Mary College (the "College") for the year ended June 30, 2023 and is presented on the accrual basis of accounting. 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The College has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Not applicable The accompanying schedule of expenditures of federal awards (Schedule) includes the activity of Mount Saint Mary College (the "College") for the year ended June 30, 2023 and is presented on the accrual basis of accounting. 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The College has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE 2 – LOANS OUTSTANDING Accounting Policies: NOTE 1 – BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (Schedule) includes the activity of Mount Saint Mary College (the "College") for the year ended June 30, 2023 and is presented on the accrual basis of accounting. 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The College has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Not applicable As of June 30, 2023, the College had $262,254 in loans receivable from participating students related to the Federal Perkins Loan Program. There were no disbursements for the year ended June 30, 2023. The College also participates in the Federal Direct Student Loans Program, including Federal PLUS Loans (PLUS). The dollar amounts are listed in the Schedule although the College is not the recipient of the funds. Such programs are considered a component of the student financial assistance cluster. New loans processed during the year ended June 30, were as follows: 2023 Federal Direct Student Loan Program Subsidized $ 3 ,393,736 Unsubsidized 5,550,360 PLUS 4,925,739 Total Expenditures of Federal Awards $ 13,869,835
Title: NOTE 3 – NURSING STUDENT LOAN PROGRAM (NSLP) Accounting Policies: NOTE 1 – BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (Schedule) includes the activity of Mount Saint Mary College (the "College") for the year ended June 30, 2023 and is presented on the accrual basis of accounting. 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The College has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Not applicable In 2022, the College did not award any new loans under the Nursing Student Loan Program. The outstanding balance of loans under the Nursing Student Loan Program was $124,511 at June 30, 2023.
Title: NOTE 4 – RELATED PARTY TRANSACTIONS Accounting Policies: NOTE 1 – BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (Schedule) includes the activity of Mount Saint Mary College (the "College") for the year ended June 30, 2023 and is presented on the accrual basis of accounting. 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The College has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Not applicable The College periodically engages in transactions with related parties which are not considered material to the financial statements.

Finding Details

Finding 2023-001
The information included in FISAP should agree with the College’s records. For Section 24 of Part II, a variance of $1,462,109 was noted related to state grant and scholarship made. FISAP reported $0 for the state grant and scholarship made
Finding 2023-002
For thirty-seven out of forty samples tested, the College was unable to provide support that the notifications were sent to students/parents indicating (1) the date and amount of the disbursement; (2) the student/parent’s right to cancel; and (3) the procedure and time by which the student or parent must notify the institution that he or she wishes to cancel. These was due to the documents lost during the cyber breach. For four out of forty samples tested, the student’s status was either, not accurately reflected in NSLDS or not reported to NSLDS in a timely manner. This was due to losing the script detail which produced the NSC transmittal file from the student information system during the cyber breach.
Finding 2023-001
The information included in FISAP should agree with the College’s records. For Section 24 of Part II, a variance of $1,462,109 was noted related to state grant and scholarship made. FISAP reported $0 for the state grant and scholarship made
Finding 2023-003
The following items are noted related to disbursements to and behalf of certain students: (1) For one out of forty samples tested, the student did not receive the maximum subsidized loan amount prior to disbursing unsubsidized loans; (2) For one out of forty samples tested, the student had more than $200 from current year's Title IV funds applied to pay off a prior year balance; (3) For the forty samples selected, three students were first time borrowers. For two out of six first time borrowers, the direct loans were disbursed less than 30 days from when the classes started; and (4) For one of the forty samples tested, the student had a credit balance of more than $200 at the end of the academic year that was refunded more than 14 days of when the Title IV funds were posted on student's account statement.
Finding 2023-001
The information included in FISAP should agree with the College’s records. For Section 24 of Part II, a variance of $1,462,109 was noted related to state grant and scholarship made. FISAP reported $0 for the state grant and scholarship made
Finding 2023-003
The following items are noted related to disbursements to and behalf of certain students: (1) For one out of forty samples tested, the student did not receive the maximum subsidized loan amount prior to disbursing unsubsidized loans; (2) For one out of forty samples tested, the student had more than $200 from current year's Title IV funds applied to pay off a prior year balance; (3) For the forty samples selected, three students were first time borrowers. For two out of six first time borrowers, the direct loans were disbursed less than 30 days from when the classes started; and (4) For one of the forty samples tested, the student had a credit balance of more than $200 at the end of the academic year that was refunded more than 14 days of when the Title IV funds were posted on student's account statement.
Finding 2023-003
The following items are noted related to disbursements to and behalf of certain students: (1) For one out of forty samples tested, the student did not receive the maximum subsidized loan amount prior to disbursing unsubsidized loans; (2) For one out of forty samples tested, the student had more than $200 from current year's Title IV funds applied to pay off a prior year balance; (3) For the forty samples selected, three students were first time borrowers. For two out of six first time borrowers, the direct loans were disbursed less than 30 days from when the classes started; and (4) For one of the forty samples tested, the student had a credit balance of more than $200 at the end of the academic year that was refunded more than 14 days of when the Title IV funds were posted on student's account statement.
Finding 2023-001
The information included in FISAP should agree with the College’s records. For Section 24 of Part II, a variance of $1,462,109 was noted related to state grant and scholarship made. FISAP reported $0 for the state grant and scholarship made
Finding 2023-002
For thirty-seven out of forty samples tested, the College was unable to provide support that the notifications were sent to students/parents indicating (1) the date and amount of the disbursement; (2) the student/parent’s right to cancel; and (3) the procedure and time by which the student or parent must notify the institution that he or she wishes to cancel. These was due to the documents lost during the cyber breach. For four out of forty samples tested, the student’s status was either, not accurately reflected in NSLDS or not reported to NSLDS in a timely manner. This was due to losing the script detail which produced the NSC transmittal file from the student information system during the cyber breach.
Finding 2023-001
The information included in FISAP should agree with the College’s records. For Section 24 of Part II, a variance of $1,462,109 was noted related to state grant and scholarship made. FISAP reported $0 for the state grant and scholarship made
Finding 2023-003
The following items are noted related to disbursements to and behalf of certain students: (1) For one out of forty samples tested, the student did not receive the maximum subsidized loan amount prior to disbursing unsubsidized loans; (2) For one out of forty samples tested, the student had more than $200 from current year's Title IV funds applied to pay off a prior year balance; (3) For the forty samples selected, three students were first time borrowers. For two out of six first time borrowers, the direct loans were disbursed less than 30 days from when the classes started; and (4) For one of the forty samples tested, the student had a credit balance of more than $200 at the end of the academic year that was refunded more than 14 days of when the Title IV funds were posted on student's account statement.
Finding 2023-001
The information included in FISAP should agree with the College’s records. For Section 24 of Part II, a variance of $1,462,109 was noted related to state grant and scholarship made. FISAP reported $0 for the state grant and scholarship made
Finding 2023-003
The following items are noted related to disbursements to and behalf of certain students: (1) For one out of forty samples tested, the student did not receive the maximum subsidized loan amount prior to disbursing unsubsidized loans; (2) For one out of forty samples tested, the student had more than $200 from current year's Title IV funds applied to pay off a prior year balance; (3) For the forty samples selected, three students were first time borrowers. For two out of six first time borrowers, the direct loans were disbursed less than 30 days from when the classes started; and (4) For one of the forty samples tested, the student had a credit balance of more than $200 at the end of the academic year that was refunded more than 14 days of when the Title IV funds were posted on student's account statement.
Finding 2023-003
The following items are noted related to disbursements to and behalf of certain students: (1) For one out of forty samples tested, the student did not receive the maximum subsidized loan amount prior to disbursing unsubsidized loans; (2) For one out of forty samples tested, the student had more than $200 from current year's Title IV funds applied to pay off a prior year balance; (3) For the forty samples selected, three students were first time borrowers. For two out of six first time borrowers, the direct loans were disbursed less than 30 days from when the classes started; and (4) For one of the forty samples tested, the student had a credit balance of more than $200 at the end of the academic year that was refunded more than 14 days of when the Title IV funds were posted on student's account statement.