Audit 297272

FY End
2023-06-30
Total Expended
$7.89M
Findings
30
Programs
10
Organization: Capitol Technology University (MD)
Year: 2023 Accepted: 2024-03-25
Auditor: Sb & Company LLC

Organization Exclusion Status:

Checking exclusion status...

Findings

ID Ref Severity Repeat Requirement
384162 2023-001 Significant Deficiency - P
384163 2023-001 Significant Deficiency - P
384164 2023-001 Significant Deficiency - P
384165 2023-001 Significant Deficiency - P
384166 2023-001 Significant Deficiency - P
384167 2023-001 Significant Deficiency - P
384168 2023-001 Significant Deficiency - P
384169 2023-001 Significant Deficiency - P
384170 2023-001 Significant Deficiency - P
384171 2023-001 Significant Deficiency - P
384172 2023-002 Significant Deficiency Yes N
384173 2023-002 Significant Deficiency Yes N
384174 2023-002 Significant Deficiency Yes N
384175 2023-002 Significant Deficiency Yes N
384176 2023-002 Significant Deficiency Yes N
960604 2023-001 Significant Deficiency - P
960605 2023-001 Significant Deficiency - P
960606 2023-001 Significant Deficiency - P
960607 2023-001 Significant Deficiency - P
960608 2023-001 Significant Deficiency - P
960609 2023-001 Significant Deficiency - P
960610 2023-001 Significant Deficiency - P
960611 2023-001 Significant Deficiency - P
960612 2023-001 Significant Deficiency - P
960613 2023-001 Significant Deficiency - P
960614 2023-002 Significant Deficiency Yes N
960615 2023-002 Significant Deficiency Yes N
960616 2023-002 Significant Deficiency Yes N
960617 2023-002 Significant Deficiency Yes N
960618 2023-002 Significant Deficiency Yes N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans (fdsl) $5.98M Yes 2
84.038 Federal Perkins Loans (fpl) $757,340 Yes 2
84.063 Federal Pell Grant Program (pell) $524,052 Yes 2
12.902 Cysp $240,101 - 1
12.902 Ncaec $89,650 - 1
84.007 Federal Supplemental Educational Opportunity Grants (seog) $77,274 Yes 2
84.033 Federal Work-Study Program (fws) $66,105 Yes 2
84.425 Heerf - Institutional - Covid-19 $55,716 - 1
12.902 Cae Regional Hub (subaward Dod) $49,905 - 1
12.902 National Security Agency $43,770 - 1

Contacts

Name Title Type
YPJCAUX4L6X1 Kathleen Werner Auditee
3013692322 Monique Booker Auditor
No contacts on file

Notes to SEFA

Title: BASIS OF PRESENTATION Accounting Policies: All Federal grant operations of Capitol Technology University (the University) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements subject to audit, as described in the Compliance Supplement, was performed for the grant program noted below. This program represents Federal award programs for fiscal year 2023 with cash and non-cash expenditures to ensure coverage of at least 20% of Federally granted funds. Actual coverage was 94% of total cash and non-cash Federal award program expenditures. Expenditures reported on the Schedule of Expenditures of Federal Awards (the Schedule) are recognized following Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying Schedule includes the Federal award activity of the University under programs of the Federal government 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 Uniform Guidance.
Title: LOANS PROGRAMS Accounting Policies: All Federal grant operations of Capitol Technology University (the University) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements subject to audit, as described in the Compliance Supplement, was performed for the grant program noted below. This program represents Federal award programs for fiscal year 2023 with cash and non-cash expenditures to ensure coverage of at least 20% of Federally granted funds. Actual coverage was 94% of total cash and non-cash Federal award program expenditures. Expenditures reported on the Schedule of Expenditures of Federal Awards (the Schedule) are recognized following Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Federal Perkins Loans (Assistance Listing 84.038) are administered directly by the University, and balances and transactions relating to these programs are included in the University’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. There were no new loans expended under this program during the year ended June 30, 2023. The balance of loans outstanding as of June 30, 2023, was as follows: During the year ended June 30, 2023, the University processed the following amount of new loans under the Federal Family Education Loan Programs, which includes the Stafford, PLUS Loans, and Direct Loans (Assistance Listing 84.268). 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. Because these programs are administered by outside financial institutions, the outstanding balance as of June 30, 2023 is not included on the Schedule. The loan expenditures for the year ended June 30, 2023, was as follows:
Title: RECONCILIATION OF AUDITED FINANCIAL STATEMENTS Accounting Policies: All Federal grant operations of Capitol Technology University (the University) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements subject to audit, as described in the Compliance Supplement, was performed for the grant program noted below. This program represents Federal award programs for fiscal year 2023 with cash and non-cash expenditures to ensure coverage of at least 20% of Federally granted funds. Actual coverage was 94% of total cash and non-cash Federal award program expenditures. Expenditures reported on the Schedule of Expenditures of Federal Awards (the Schedule) are recognized following Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. N/A

Finding Details

Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: During our testing of enrollment reporting, we reviewed the enrollment changes for students during fiscal year 2023. We noted that for 1 out of the 14 students selected, the University reported the change in enrollment status 64 days after the date of determination. Criteria: Uniform Guidance requires that the institution report enrollment information under the Pell grant and the Direct and FFEL loan programs via the NSLDS. Institutions must review, update, and verify student enrollment statuses, program information, and effective dates that appear on the Enrollment Reporting Roster file or on the Enrollment Maintenance page of the NSLDS Professional Access. Institutions are responsible for timely reporting, whether they report directly or via a third-party servicer. Institutions must complete and return within 15 days the Enrollment Reporting roster file placed in their Student Aid Internet Gateway (SAIG) (OMB No. 1845-0002) mailboxes sent by ED via NSLDS. An institution determines how often it receives the Enrollment Reporting roster file with the default set at a minimum of every 60 days. Once received, the institution must update for changes in the data elements for the Campus Record and the Program Record identified above, and submit the changes electronically through the batch method, spreadsheet submittal, or the NSLDS website. Cause: The University did not report the enrollment change in NSLDS timely. Effect: The University did not report the enrollment change timely. Questioned Costs: Unknown. Recommendation: We recommend that the University establish procedures to ensure that enrollment changes are reported timely to NSLDS. Views of Responsible Officials: Management agrees with the finding. Refer to the Corrective Action Plan for management’s approach to correct the finding. Auditor’s Conclusion: Finding remains as stated.
Condition: During our testing of enrollment reporting, we reviewed the enrollment changes for students during fiscal year 2023. We noted that for 1 out of the 14 students selected, the University reported the change in enrollment status 64 days after the date of determination. Criteria: Uniform Guidance requires that the institution report enrollment information under the Pell grant and the Direct and FFEL loan programs via the NSLDS. Institutions must review, update, and verify student enrollment statuses, program information, and effective dates that appear on the Enrollment Reporting Roster file or on the Enrollment Maintenance page of the NSLDS Professional Access. Institutions are responsible for timely reporting, whether they report directly or via a third-party servicer. Institutions must complete and return within 15 days the Enrollment Reporting roster file placed in their Student Aid Internet Gateway (SAIG) (OMB No. 1845-0002) mailboxes sent by ED via NSLDS. An institution determines how often it receives the Enrollment Reporting roster file with the default set at a minimum of every 60 days. Once received, the institution must update for changes in the data elements for the Campus Record and the Program Record identified above, and submit the changes electronically through the batch method, spreadsheet submittal, or the NSLDS website. Cause: The University did not report the enrollment change in NSLDS timely. Effect: The University did not report the enrollment change timely. Questioned Costs: Unknown. Recommendation: We recommend that the University establish procedures to ensure that enrollment changes are reported timely to NSLDS. Views of Responsible Officials: Management agrees with the finding. Refer to the Corrective Action Plan for management’s approach to correct the finding. Auditor’s Conclusion: Finding remains as stated.
Condition: During our testing of enrollment reporting, we reviewed the enrollment changes for students during fiscal year 2023. We noted that for 1 out of the 14 students selected, the University reported the change in enrollment status 64 days after the date of determination. Criteria: Uniform Guidance requires that the institution report enrollment information under the Pell grant and the Direct and FFEL loan programs via the NSLDS. Institutions must review, update, and verify student enrollment statuses, program information, and effective dates that appear on the Enrollment Reporting Roster file or on the Enrollment Maintenance page of the NSLDS Professional Access. Institutions are responsible for timely reporting, whether they report directly or via a third-party servicer. Institutions must complete and return within 15 days the Enrollment Reporting roster file placed in their Student Aid Internet Gateway (SAIG) (OMB No. 1845-0002) mailboxes sent by ED via NSLDS. An institution determines how often it receives the Enrollment Reporting roster file with the default set at a minimum of every 60 days. Once received, the institution must update for changes in the data elements for the Campus Record and the Program Record identified above, and submit the changes electronically through the batch method, spreadsheet submittal, or the NSLDS website. Cause: The University did not report the enrollment change in NSLDS timely. Effect: The University did not report the enrollment change timely. Questioned Costs: Unknown. Recommendation: We recommend that the University establish procedures to ensure that enrollment changes are reported timely to NSLDS. Views of Responsible Officials: Management agrees with the finding. Refer to the Corrective Action Plan for management’s approach to correct the finding. Auditor’s Conclusion: Finding remains as stated.
Condition: During our testing of enrollment reporting, we reviewed the enrollment changes for students during fiscal year 2023. We noted that for 1 out of the 14 students selected, the University reported the change in enrollment status 64 days after the date of determination. Criteria: Uniform Guidance requires that the institution report enrollment information under the Pell grant and the Direct and FFEL loan programs via the NSLDS. Institutions must review, update, and verify student enrollment statuses, program information, and effective dates that appear on the Enrollment Reporting Roster file or on the Enrollment Maintenance page of the NSLDS Professional Access. Institutions are responsible for timely reporting, whether they report directly or via a third-party servicer. Institutions must complete and return within 15 days the Enrollment Reporting roster file placed in their Student Aid Internet Gateway (SAIG) (OMB No. 1845-0002) mailboxes sent by ED via NSLDS. An institution determines how often it receives the Enrollment Reporting roster file with the default set at a minimum of every 60 days. Once received, the institution must update for changes in the data elements for the Campus Record and the Program Record identified above, and submit the changes electronically through the batch method, spreadsheet submittal, or the NSLDS website. Cause: The University did not report the enrollment change in NSLDS timely. Effect: The University did not report the enrollment change timely. Questioned Costs: Unknown. Recommendation: We recommend that the University establish procedures to ensure that enrollment changes are reported timely to NSLDS. Views of Responsible Officials: Management agrees with the finding. Refer to the Corrective Action Plan for management’s approach to correct the finding. Auditor’s Conclusion: Finding remains as stated.
Condition: During our testing of enrollment reporting, we reviewed the enrollment changes for students during fiscal year 2023. We noted that for 1 out of the 14 students selected, the University reported the change in enrollment status 64 days after the date of determination. Criteria: Uniform Guidance requires that the institution report enrollment information under the Pell grant and the Direct and FFEL loan programs via the NSLDS. Institutions must review, update, and verify student enrollment statuses, program information, and effective dates that appear on the Enrollment Reporting Roster file or on the Enrollment Maintenance page of the NSLDS Professional Access. Institutions are responsible for timely reporting, whether they report directly or via a third-party servicer. Institutions must complete and return within 15 days the Enrollment Reporting roster file placed in their Student Aid Internet Gateway (SAIG) (OMB No. 1845-0002) mailboxes sent by ED via NSLDS. An institution determines how often it receives the Enrollment Reporting roster file with the default set at a minimum of every 60 days. Once received, the institution must update for changes in the data elements for the Campus Record and the Program Record identified above, and submit the changes electronically through the batch method, spreadsheet submittal, or the NSLDS website. Cause: The University did not report the enrollment change in NSLDS timely. Effect: The University did not report the enrollment change timely. Questioned Costs: Unknown. Recommendation: We recommend that the University establish procedures to ensure that enrollment changes are reported timely to NSLDS. Views of Responsible Officials: Management agrees with the finding. Refer to the Corrective Action Plan for management’s approach to correct the finding. Auditor’s Conclusion: Finding remains as stated.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: For the year ended June 30, 2023, the University did not complete a full close and review of the trial balance accounts by the start of the audit and multiple trial balances were generated. Net assets were not properly rolled at year end and the balance did not reconcile to the trial balance. Trial balance adjustments were booked after the close process was completed. Criteria: The University is responsible for maintaining an adequate system of internal controls over financial reporting in order to initiate, authorize, record and process and report financial data reliably in accordance with generally accepted accounting principles in the United States of America. Cause: The University did not have the June 30, 2023 financial records closed timely. Effect: The University’s 2023 audit was delayed, and journal entries were required. Questioned Costs: None Recommendation: We recommend management of the University implement close procedures at year end to complete a timely close with review prior to the start of the audit. Auditee’s Response and Corrective Action Plan: Management agrees with the finding. See the corrective action plan.
Condition: During our testing of enrollment reporting, we reviewed the enrollment changes for students during fiscal year 2023. We noted that for 1 out of the 14 students selected, the University reported the change in enrollment status 64 days after the date of determination. Criteria: Uniform Guidance requires that the institution report enrollment information under the Pell grant and the Direct and FFEL loan programs via the NSLDS. Institutions must review, update, and verify student enrollment statuses, program information, and effective dates that appear on the Enrollment Reporting Roster file or on the Enrollment Maintenance page of the NSLDS Professional Access. Institutions are responsible for timely reporting, whether they report directly or via a third-party servicer. Institutions must complete and return within 15 days the Enrollment Reporting roster file placed in their Student Aid Internet Gateway (SAIG) (OMB No. 1845-0002) mailboxes sent by ED via NSLDS. An institution determines how often it receives the Enrollment Reporting roster file with the default set at a minimum of every 60 days. Once received, the institution must update for changes in the data elements for the Campus Record and the Program Record identified above, and submit the changes electronically through the batch method, spreadsheet submittal, or the NSLDS website. Cause: The University did not report the enrollment change in NSLDS timely. Effect: The University did not report the enrollment change timely. Questioned Costs: Unknown. Recommendation: We recommend that the University establish procedures to ensure that enrollment changes are reported timely to NSLDS. Views of Responsible Officials: Management agrees with the finding. Refer to the Corrective Action Plan for management’s approach to correct the finding. Auditor’s Conclusion: Finding remains as stated.
Condition: During our testing of enrollment reporting, we reviewed the enrollment changes for students during fiscal year 2023. We noted that for 1 out of the 14 students selected, the University reported the change in enrollment status 64 days after the date of determination. Criteria: Uniform Guidance requires that the institution report enrollment information under the Pell grant and the Direct and FFEL loan programs via the NSLDS. Institutions must review, update, and verify student enrollment statuses, program information, and effective dates that appear on the Enrollment Reporting Roster file or on the Enrollment Maintenance page of the NSLDS Professional Access. Institutions are responsible for timely reporting, whether they report directly or via a third-party servicer. Institutions must complete and return within 15 days the Enrollment Reporting roster file placed in their Student Aid Internet Gateway (SAIG) (OMB No. 1845-0002) mailboxes sent by ED via NSLDS. An institution determines how often it receives the Enrollment Reporting roster file with the default set at a minimum of every 60 days. Once received, the institution must update for changes in the data elements for the Campus Record and the Program Record identified above, and submit the changes electronically through the batch method, spreadsheet submittal, or the NSLDS website. Cause: The University did not report the enrollment change in NSLDS timely. Effect: The University did not report the enrollment change timely. Questioned Costs: Unknown. Recommendation: We recommend that the University establish procedures to ensure that enrollment changes are reported timely to NSLDS. Views of Responsible Officials: Management agrees with the finding. Refer to the Corrective Action Plan for management’s approach to correct the finding. Auditor’s Conclusion: Finding remains as stated.
Condition: During our testing of enrollment reporting, we reviewed the enrollment changes for students during fiscal year 2023. We noted that for 1 out of the 14 students selected, the University reported the change in enrollment status 64 days after the date of determination. Criteria: Uniform Guidance requires that the institution report enrollment information under the Pell grant and the Direct and FFEL loan programs via the NSLDS. Institutions must review, update, and verify student enrollment statuses, program information, and effective dates that appear on the Enrollment Reporting Roster file or on the Enrollment Maintenance page of the NSLDS Professional Access. Institutions are responsible for timely reporting, whether they report directly or via a third-party servicer. Institutions must complete and return within 15 days the Enrollment Reporting roster file placed in their Student Aid Internet Gateway (SAIG) (OMB No. 1845-0002) mailboxes sent by ED via NSLDS. An institution determines how often it receives the Enrollment Reporting roster file with the default set at a minimum of every 60 days. Once received, the institution must update for changes in the data elements for the Campus Record and the Program Record identified above, and submit the changes electronically through the batch method, spreadsheet submittal, or the NSLDS website. Cause: The University did not report the enrollment change in NSLDS timely. Effect: The University did not report the enrollment change timely. Questioned Costs: Unknown. Recommendation: We recommend that the University establish procedures to ensure that enrollment changes are reported timely to NSLDS. Views of Responsible Officials: Management agrees with the finding. Refer to the Corrective Action Plan for management’s approach to correct the finding. Auditor’s Conclusion: Finding remains as stated.
Condition: During our testing of enrollment reporting, we reviewed the enrollment changes for students during fiscal year 2023. We noted that for 1 out of the 14 students selected, the University reported the change in enrollment status 64 days after the date of determination. Criteria: Uniform Guidance requires that the institution report enrollment information under the Pell grant and the Direct and FFEL loan programs via the NSLDS. Institutions must review, update, and verify student enrollment statuses, program information, and effective dates that appear on the Enrollment Reporting Roster file or on the Enrollment Maintenance page of the NSLDS Professional Access. Institutions are responsible for timely reporting, whether they report directly or via a third-party servicer. Institutions must complete and return within 15 days the Enrollment Reporting roster file placed in their Student Aid Internet Gateway (SAIG) (OMB No. 1845-0002) mailboxes sent by ED via NSLDS. An institution determines how often it receives the Enrollment Reporting roster file with the default set at a minimum of every 60 days. Once received, the institution must update for changes in the data elements for the Campus Record and the Program Record identified above, and submit the changes electronically through the batch method, spreadsheet submittal, or the NSLDS website. Cause: The University did not report the enrollment change in NSLDS timely. Effect: The University did not report the enrollment change timely. Questioned Costs: Unknown. Recommendation: We recommend that the University establish procedures to ensure that enrollment changes are reported timely to NSLDS. Views of Responsible Officials: Management agrees with the finding. Refer to the Corrective Action Plan for management’s approach to correct the finding. Auditor’s Conclusion: Finding remains as stated.
Condition: During our testing of enrollment reporting, we reviewed the enrollment changes for students during fiscal year 2023. We noted that for 1 out of the 14 students selected, the University reported the change in enrollment status 64 days after the date of determination. Criteria: Uniform Guidance requires that the institution report enrollment information under the Pell grant and the Direct and FFEL loan programs via the NSLDS. Institutions must review, update, and verify student enrollment statuses, program information, and effective dates that appear on the Enrollment Reporting Roster file or on the Enrollment Maintenance page of the NSLDS Professional Access. Institutions are responsible for timely reporting, whether they report directly or via a third-party servicer. Institutions must complete and return within 15 days the Enrollment Reporting roster file placed in their Student Aid Internet Gateway (SAIG) (OMB No. 1845-0002) mailboxes sent by ED via NSLDS. An institution determines how often it receives the Enrollment Reporting roster file with the default set at a minimum of every 60 days. Once received, the institution must update for changes in the data elements for the Campus Record and the Program Record identified above, and submit the changes electronically through the batch method, spreadsheet submittal, or the NSLDS website. Cause: The University did not report the enrollment change in NSLDS timely. Effect: The University did not report the enrollment change timely. Questioned Costs: Unknown. Recommendation: We recommend that the University establish procedures to ensure that enrollment changes are reported timely to NSLDS. Views of Responsible Officials: Management agrees with the finding. Refer to the Corrective Action Plan for management’s approach to correct the finding. Auditor’s Conclusion: Finding remains as stated.