FAC Explorer

Audit 295568

FY End
2023-06-30
Total Expended
$9.19M
Findings
2
Programs
10
Organization: William Jewell College (MO)
Year: 2023 Accepted: 2024-03-18
Auditor: Forvis LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
380901 2023-002 Significant Deficiency - F
957343 2023-002 Significant Deficiency - F

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $4.11M Yes 0
84.116 Fund for the Improvement of Postsecondary Education $2.08M Yes 1
84.063 Federal Pell Grant Program $1.18M Yes 0
84.038 Federal Perkins Loan Program $976,873 Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $420,199 Yes 0
84.033 Federal Work-Study Program $152,599 Yes 0
47.074 Biological Sciences $143,415 - 0
93.364 Nursing Student Loans $86,607 Yes 0
93.865 Child Health and Human Development Extramural Research $29,933 - 0
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $13,202 Yes 0

Contacts

Name Title Type
LNKFR5REK2D5 Jon Nixon Auditee
8164157802 Allison Swaters Auditor
No contacts on file

Notes to SEFA

Title: Note 1: 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. 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. 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 (the “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 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.
Title: Note 2: Summary of Signficant Accounting Policies 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. 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. 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 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.
Title: Note 3: Indirect Cost Rate 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. 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. 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 College has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
Title: Note 4: Federal 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. 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. 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 federal loan programs listed subsequently are administered directly by the College, and balances and transactions relating to these programs are included in the College’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2023, consists of: 93.364 Nursing Student Loans $70,340 84.038 Federal Perkins Loan Program $8,828

Finding Details

Finding 2023-002
U.S. Department of Education Fund for the Improvement of Postsecondary Education - 84.116Z Award Number - P116Z220080 Criteria or Specific Requirement - Equipment and Real Property Management Non-federal entities other than states must follow 2 CFR sections 200.313 which require that property records must be maintained that include a description of the property, a serial number or other identification number, the source of funding for the property (including the federal award identification number), who holds title, the acquisition date, cost of the property, percentage of federal participation in the project costs for the federal award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the date of disposal and sales price of the property (2 CFR section 200.313(d)(1)). Condition - The College property records do not contain all of the information required under 2 CFR section 200.313. Questioned Costs - None noted. Context - Approximately $1,950,000 of the $2,081,000 of Federal expenditures in fiscal year 2023 were for equipment and real property. When performing testing, we noted that the College did not have proper tracking procedures in place for property records as the records did not contain a serial number or other identification number, there was no indication in the property records that the equipment and real property was purchased with Federal funds and the location, use and condition of the property was not identified. Cause - The College has not historically received federal awards that would allow for purchase of equipment and real property and therefore was not aware of the specific requirements. Effect - Failure to properly track and maintain equipment purchased with Federal funding could ultimately lead to loss of equipment procured with Federal funds or noncompliance with Uniform Guidance requirements. Identification as a repeat finding, if applicable - Not applicable. Recommendation - We recommend that management take necessary steps to ensure compliance with equipment and real property maintenance requirements to comply with 2 CFR section 200.313. View of Responsible Official and Planned Corrective Actions – Management agrees with the stated finding and has implemented a corrective action plan.
Finding 2023-002
U.S. Department of Education Fund for the Improvement of Postsecondary Education - 84.116Z Award Number - P116Z220080 Criteria or Specific Requirement - Equipment and Real Property Management Non-federal entities other than states must follow 2 CFR sections 200.313 which require that property records must be maintained that include a description of the property, a serial number or other identification number, the source of funding for the property (including the federal award identification number), who holds title, the acquisition date, cost of the property, percentage of federal participation in the project costs for the federal award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the date of disposal and sales price of the property (2 CFR section 200.313(d)(1)). Condition - The College property records do not contain all of the information required under 2 CFR section 200.313. Questioned Costs - None noted. Context - Approximately $1,950,000 of the $2,081,000 of Federal expenditures in fiscal year 2023 were for equipment and real property. When performing testing, we noted that the College did not have proper tracking procedures in place for property records as the records did not contain a serial number or other identification number, there was no indication in the property records that the equipment and real property was purchased with Federal funds and the location, use and condition of the property was not identified. Cause - The College has not historically received federal awards that would allow for purchase of equipment and real property and therefore was not aware of the specific requirements. Effect - Failure to properly track and maintain equipment purchased with Federal funding could ultimately lead to loss of equipment procured with Federal funds or noncompliance with Uniform Guidance requirements. Identification as a repeat finding, if applicable - Not applicable. Recommendation - We recommend that management take necessary steps to ensure compliance with equipment and real property maintenance requirements to comply with 2 CFR section 200.313. View of Responsible Official and Planned Corrective Actions – Management agrees with the stated finding and has implemented a corrective action plan.