FAC Explorer

Audit 302674

FY End
2023-06-30
Total Expended
$14.87M
Findings
2
Programs
4
Organization: Averett University (VA)
Year: 2023 Accepted: 2024-04-04
Auditor: Brown Edwards

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
392335 2023-001 - - N
968777 2023-001 - - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $12.26M Yes 1
84.063 Federal Pell Grant Program $2.36M Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $137,635 Yes 0
84.033 Federal Work-Study Program $103,457 Yes 0

Contacts

Name Title Type
LB6FC2MPNBV7 Sandy Isom Auditee
4347917101 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 Averett University (the University) 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, certain other federal financial aid for students and administrative cost allowances, where applicable. Federal Pell Grant awards are recognized as agency transactions and are not recorded as expenditures in the basic 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 Lack of timely filing of Data Collection Form to the Federal Audit Clearinghouse Criteria: A Single Audit requires the submission of the Date Collection Form (DCF) to the Federal Audit Clearinghouse (FAC) within the earlier of 30 calendar days after receipt of an auditor’s report, or nine months after the end of the audit period, unless a different period is specified in a program-specific audit guide. Condition: The DCF for fiscal year 2022-2023 not submitted to the FAC within the required timeline. Cause: Staff turnover and illness contributed to the late filing. Effect: The College did not complete their required submission to FAC by the deadline of March 31, 2024. Recommendation: We recommend the College have a procedure in place to ensure timely filing of the DCF. Management Response: Current staffing has been increased to improve the timely preparation and submission of the audit data. The late submission for Fiscal Year 22-23 was an anomaly, the result of what could be called the perfect storm. The Controller resigned on Jun e30, 2023, following within days, by the departure of a Senior Accountant. Adding to the problem, the institution is in the throes of implementing a new ERM. Operations are stabilizing now, even though the CFO/COO resigned April 1, 2024. Filling the vacant CFO/COO position and other vacancies within the Business Office are being given top priority. Again, the untimely filing of FY23 was an anomaly that will not be repeated in further fiscal years.
Finding 2023-001
2023-001 Lack of timely filing of Data Collection Form to the Federal Audit Clearinghouse Criteria: A Single Audit requires the submission of the Date Collection Form (DCF) to the Federal Audit Clearinghouse (FAC) within the earlier of 30 calendar days after receipt of an auditor’s report, or nine months after the end of the audit period, unless a different period is specified in a program-specific audit guide. Condition: The DCF for fiscal year 2022-2023 not submitted to the FAC within the required timeline. Cause: Staff turnover and illness contributed to the late filing. Effect: The College did not complete their required submission to FAC by the deadline of March 31, 2024. Recommendation: We recommend the College have a procedure in place to ensure timely filing of the DCF. Management Response: Current staffing has been increased to improve the timely preparation and submission of the audit data. The late submission for Fiscal Year 22-23 was an anomaly, the result of what could be called the perfect storm. The Controller resigned on Jun e30, 2023, following within days, by the departure of a Senior Accountant. Adding to the problem, the institution is in the throes of implementing a new ERM. Operations are stabilizing now, even though the CFO/COO resigned April 1, 2024. Filling the vacant CFO/COO position and other vacancies within the Business Office are being given top priority. Again, the untimely filing of FY23 was an anomaly that will not be repeated in further fiscal years.