FAC Explorer

Audit 298575

FY End
2023-06-30
Total Expended
$18.06M
Findings
2
Programs
12
Organization: Saint Vincent College Corporation (PA)
Year: 2023 Accepted: 2024-03-27
Auditor: Baker Tilly

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
386155 2023-001 - - N
962597 2023-001 - - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $13.23M Yes 1
84.063 Federal Pell Grant Program $1.90M Yes 0
84.031 Higher Education_institutional Aid $706,067 - 0
84.038 Federal Perkins Program $488,926 Yes 0
93.959 Block Grants for Prevention and Treatment of Substance Abuse $457,712 - 0
84.425 Education Stabilization Fund $268,408 - 0
84.007 Federal Supplemental Educational Opportunity Grants $221,296 Yes 0
84.042 Trio_student Support Services $217,949 - 0
93.600 Head Start $201,599 - 0
84.033 Federal Work-Study Program $193,027 Yes 0
93.788 Opioid Str $85,992 - 0
59.037 Small Business Development Centers $84,788 - 0

Contacts

Name Title Type
JTQRBGTSWUM7 Joshua Guiser Auditee
7248052243 Thomas Walenchok Auditor
No contacts on file

Notes to SEFA

Title: 2. Relationship to Basic Financial Statements Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) presents the expenditures of all federal awards programs of Bethany College and Affiliate (collectively, the College) using the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The information in the 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.
Title: 3. Student Financial Assistance and Loan Programs Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) presents the expenditures of all federal awards programs of Bethany College and Affiliate (collectively, the College) using the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The total loans granted under the Federal Direct Student Loan Program, which were not made by the Corporation but were received by its students, were approximately $13,231,000 for the year ended June 30, 2023. The total loans outstanding under the Federal Perkins Loan Program at June 30, 2023 were approximately $2,000. Federal awards expenditures include loans administered under the Federal Direct Student Loan Program during the year ended June 30, 2023 and Federal Perkins Loans outstanding as of the beginning of the year and loans awarded during the year ended June 30, 2023.

Finding Details

Finding 2023-001
Criteria: Title IV regulations (34 CFR Section 685.309(b)) require that upon receipt of an enrollment report from the Secretary, institutions must update all information included in the report and return the report to the Secretary: (i) in the manner and format prescribed by the Secretary; and (ii) within the timeframe prescribed by the Secretary. Unless it expects to submit its next updated enrollment report to the Secretary within the next 60 days, an institution must notify the Secretary within 30 days after the date the institution discovers that: (i) a loan under Title IV of the Act was made to or on behalf of a student who was enrolled or accepted for enrollment at the institution, and the student has ceased to be enrolled on at least a half-time basis or failed to enroll on at least a half-time basis for the period for which the loan was intended; or (ii) a student who is enrolled at the institution and who received a loan under Title IV of the Act has changed his or her permanent address. Condition: The Corporation did not notify the National Student Loan Data System (NSLDS) in a timely manner for 4 students with status changes in our sample of 25 students. The sample was not a statistically valid sample. Questioned Costs: There are no questioned costs associated with this finding. Cause: The Corporation's procedures for reporting all students were not designed appropriately in order to allow for timely reporting to the NSLDS. Effect or Potential Effect: The accuracy of Title IV student loan records depends heavily on the accuracy of the enrollment information reported by schools. If an institution does not review, update and verify student enrollment statuses, effective dates of the enrollment status and the anticipated completion dates, then the Title IV student loan records will be inaccurate. Recommendations: We recommend that the Corporation review its procedures for student status changes and NSLDS notifications to ensure there are follow-up and review procedures being performed for all students with status changes at the Corporation. Management Response: Management concurs with the finding and the Corporation will periodically perform independent reviews of the information provided to the NSLDS to ensure the status change information has been updated in the NSLDS during the required time period.
Finding 2023-001
Criteria: Title IV regulations (34 CFR Section 685.309(b)) require that upon receipt of an enrollment report from the Secretary, institutions must update all information included in the report and return the report to the Secretary: (i) in the manner and format prescribed by the Secretary; and (ii) within the timeframe prescribed by the Secretary. Unless it expects to submit its next updated enrollment report to the Secretary within the next 60 days, an institution must notify the Secretary within 30 days after the date the institution discovers that: (i) a loan under Title IV of the Act was made to or on behalf of a student who was enrolled or accepted for enrollment at the institution, and the student has ceased to be enrolled on at least a half-time basis or failed to enroll on at least a half-time basis for the period for which the loan was intended; or (ii) a student who is enrolled at the institution and who received a loan under Title IV of the Act has changed his or her permanent address. Condition: The Corporation did not notify the National Student Loan Data System (NSLDS) in a timely manner for 4 students with status changes in our sample of 25 students. The sample was not a statistically valid sample. Questioned Costs: There are no questioned costs associated with this finding. Cause: The Corporation's procedures for reporting all students were not designed appropriately in order to allow for timely reporting to the NSLDS. Effect or Potential Effect: The accuracy of Title IV student loan records depends heavily on the accuracy of the enrollment information reported by schools. If an institution does not review, update and verify student enrollment statuses, effective dates of the enrollment status and the anticipated completion dates, then the Title IV student loan records will be inaccurate. Recommendations: We recommend that the Corporation review its procedures for student status changes and NSLDS notifications to ensure there are follow-up and review procedures being performed for all students with status changes at the Corporation. Management Response: Management concurs with the finding and the Corporation will periodically perform independent reviews of the information provided to the NSLDS to ensure the status change information has been updated in the NSLDS during the required time period.