During fiscal year ended June 30, 2023, reconciliations of the direct loans were done on an annual basis instead of monthly as prescribed.
The information included in FISAP should agree with the School’s records. However, several variances were noted in comparison to School's records, as follows:
1) For fiscal year ending June 30, 2022, the most recent FISAP submitted during fiscal year ending June 30, 2023, Federal Work Study’s (FWS) institutional and federal share did not agree to the general ledger. FISAP disclosed $47,927 and $86,616 of Institutional and Federal Share, respectively, while the School's general ledger included a total of $35,366 and $97,909 of Institutional and Federal Share, respectively. This resulted in a variance of $12,561 and $(11,293) of Institutional and Federal Share, respectively;
2) Part II, Section A, line 22 included total tuition and fees of $48,931,400 as compared to the School's trial balance of $49,648,675. This resulted in a variance of $717,275;
3) Part III, Sections A and B included various differences in comparison to the ECSI report and trial balance, as illustrated below:
For one out of fifteen samples tested, the students’ status was not reported to NSLDS. Additionally, the submission was not made in a timely manner. The student’s status change was reported to NSLDS more than a year after the change and after the student was selected for testing.
Condition:
During the audit of several key transaction cycles, it was noted that management did not have adequate
controls in place over financial reporting, specifically the journal entry process, to allow for timely and
accurate financial reporting, resulting in an audit adjustment being posted by management.
Context:
As a result of audit procedures performed, several accounts had to be adjusted to recognize the appropriate
balances at year-end. These accounts included cash with negative balances, accounts receivable with
negative balances, accounts payable with positive balances. Also, the accounts receivable allowance for
doubtful accounts balance was greater than the gross accounts receivable and the unearned revenue
account had a positive balance. Total adjustment aggregated to $2,491,439.
Condition:
During the audit of net assets, several adjustments were made to the endowment portfolio to reflect the
appropriate net assets with donor restrictions balance at year-end.
Context:
As a result of audit procedures performed, several corrections related to the endowment portfolio were
made which is attributable to inadequate review process and monitoring over endowment. The review
oversight stemmed from high turnover within the Finance Department.
During fiscal year ended June 30, 2023, reconciliations of the direct loans were done on an annual basis instead of monthly as prescribed.
The information included in FISAP should agree with the School’s records. However, several variances were noted in comparison to School's records, as follows:
1) For fiscal year ending June 30, 2022, the most recent FISAP submitted during fiscal year ending June 30, 2023, Federal Work Study’s (FWS) institutional and federal share did not agree to the general ledger. FISAP disclosed $47,927 and $86,616 of Institutional and Federal Share, respectively, while the School's general ledger included a total of $35,366 and $97,909 of Institutional and Federal Share, respectively. This resulted in a variance of $12,561 and $(11,293) of Institutional and Federal Share, respectively;
2) Part II, Section A, line 22 included total tuition and fees of $48,931,400 as compared to the School's trial balance of $49,648,675. This resulted in a variance of $717,275;
3) Part III, Sections A and B included various differences in comparison to the ECSI report and trial balance, as illustrated below:
For one out of fifteen samples tested, the students’ status was not reported to NSLDS. Additionally, the submission was not made in a timely manner. The student’s status change was reported to NSLDS more than a year after the change and after the student was selected for testing.
Condition:
During the audit of several key transaction cycles, it was noted that management did not have adequate
controls in place over financial reporting, specifically the journal entry process, to allow for timely and
accurate financial reporting, resulting in an audit adjustment being posted by management.
Context:
As a result of audit procedures performed, several accounts had to be adjusted to recognize the appropriate
balances at year-end. These accounts included cash with negative balances, accounts receivable with
negative balances, accounts payable with positive balances. Also, the accounts receivable allowance for
doubtful accounts balance was greater than the gross accounts receivable and the unearned revenue
account had a positive balance. Total adjustment aggregated to $2,491,439.
Condition:
During the audit of net assets, several adjustments were made to the endowment portfolio to reflect the
appropriate net assets with donor restrictions balance at year-end.
Context:
As a result of audit procedures performed, several corrections related to the endowment portfolio were
made which is attributable to inadequate review process and monitoring over endowment. The review
oversight stemmed from high turnover within the Finance Department.