FAC Explorer

Audit 296036

FY End
2023-06-30
Total Expended
$13.78M
Findings
2
Programs
6
Organization: Trinity College Dba Trinity University (washington, Dc) (DC)
Year: 2023 Accepted: 2024-03-20
Auditor: Brown Edwards

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
382359 2023-001 Significant Deficiency - N
958801 2023-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $8.45M Yes 0
84.063 Federal Pell Grant Program $4.17M Yes 1
84.425 Education Stabilization Fund $495,836 - 0
84.031 Higher Education_institutional Aid $325,801 - 0
84.007 Federal Supplemental Educational Opportunity Grants $270,302 Yes 0
84.033 Federal Work-Study Program $66,915 Yes 0

Contacts

Name Title Type
MNJ9JLGM5EP5 Grant Gonzalez Auditee
2028849504 John Hash Auditor
No contacts on file

Notes to SEFA

Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Trinity College and is presented using 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures for federal student financial aid programs are recognized as incurred and include the federal share of students FSEOG program grants and FWS program earnings. Federal Pell Grant awards, as well as Direct Loans, are recognized as agency transactions and are not recorded as expenditures in the financial statements. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.

Finding Details

Finding 2023-001
2023-001 Treatment of Title IV Funds when a Student Withdraws (Significant Deficiency) Department of Education, SFA Cluster Criteria: Returns of Title IV funds are required to be deposited or transferred into the SFA account or electronic fund transfers initiated to the Department of Education as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew in accordance with 34 CFR Section 668.173(b). Condition: Nine of seventeen students selected for withdrawal testing for the 2022-2023 academic year required a return of funds to the Department of Education. Calculation of R2T4 forms for two students were not completed when they were in fact due a refund. Cause: The University does not have adequate procedures in place to ensure students’ R2T4 are calculated properly. Effect: The University failed to return Title IV funds to two students when they were due a refund. Recommendation: We recommend the University put procedures in place to ensure R2T4 forms are filed correctly, and refunded aid due is credited to the student’s account. Management Response: The University is modifying the withdrawal procedure to provide more specific rules and instructions related to R2T4 requirements and timeliness. A shared document has been created in order to identify and monitor students who have withdrawn and are due a refund to ensure that refunds are made in a timely manner.
Finding 2023-001
2023-001 Treatment of Title IV Funds when a Student Withdraws (Significant Deficiency) Department of Education, SFA Cluster Criteria: Returns of Title IV funds are required to be deposited or transferred into the SFA account or electronic fund transfers initiated to the Department of Education as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew in accordance with 34 CFR Section 668.173(b). Condition: Nine of seventeen students selected for withdrawal testing for the 2022-2023 academic year required a return of funds to the Department of Education. Calculation of R2T4 forms for two students were not completed when they were in fact due a refund. Cause: The University does not have adequate procedures in place to ensure students’ R2T4 are calculated properly. Effect: The University failed to return Title IV funds to two students when they were due a refund. Recommendation: We recommend the University put procedures in place to ensure R2T4 forms are filed correctly, and refunded aid due is credited to the student’s account. Management Response: The University is modifying the withdrawal procedure to provide more specific rules and instructions related to R2T4 requirements and timeliness. A shared document has been created in order to identify and monitor students who have withdrawn and are due a refund to ensure that refunds are made in a timely manner.