FAC Explorer

Audit 30757

FY End
2022-06-30
Total Expended
$6.01M
Findings
2
Programs
3
Organization: Imdt Acquisition, LLC Dba Ross Medical Ed Ctr (MI)
Year: 2022 Accepted: 2022-12-18
Auditor: Sikich LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
33332 2022-002 - - L
609774 2022-002 - - L

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $2.95M Yes 0
84.063 Federal Pell Grant Program $2.06M Yes 0
84.425 Education Stabilization Fund $1.01M Yes 1

Contacts

Name Title Type
D4Z5F5NVQJL7 Anthony Iaquinto Auditee
8107401007 Raymond Krouse Auditor
No contacts on file

Notes to SEFA

Title: Federal Loan Program Accounting Policies: Note A - Significant Accounting PoliciesThe accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Note B - Federal Loan ProgramThe auditee acted as a pass-through agency for Direct Federal Stafford Loans (subsidized, unsubsidized and PLUS) to students and parents in the amount of $2,949,269.
Title: Other Information Accounting Policies: Note A - Significant Accounting PoliciesThe accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Note C - Other InformationThe auditee did not receive any federal insurance orfederal noncash assistance and did not provide any amounts to sub-recipients.The auditee has elected not to use the 10% de minimisindirect cost rate allowed under the Uniform Guidance.

Finding Details

Finding 2022-002
FINDING 2022-002: Inaccurate Reporting FEDERAL AGENCY: U.S. DEPARTMENT OF EDUCATION PROGRAM NAME: HIGHER EDUCATION EMERGENCY RELIEF FUND GRANT PROGRAM ALN#: 84.425Q FEDERAL AWARD YEAR: 2021-2022 Compliance Requirement: Reporting (L.) Criteria: As required under the Coronavirus Aid, Relief, and Economic Security (CARES) ACT Section 18004(e) and the CRRSAA Section 314(e), an Institution must public post the total amount of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) as of the date of submission of its Student Aid Quarterly Public Reporting. Condition: The Institution incorrectly reported the total number of students who received an Emergency Financial Aid Grant in its December 31, 2021 Student Aid Quarterly Public Reporting. We consider this finding to be an instance of non-compliance. Cause: The condition was caused by administrative oversight. Effect: The result is that the Institution misstated the number of students receiving grants in its Student Aid Quarterly Public Reporting, December 31, 2021: Total number of students who received Emergency Financial Aid Grants: 345. Total number of students who received Emergency Financial Aid Grants per report: 329 Recommendation: We recommend the Institution prepare corrected reports and publicly post Views of Responsible Officials: The Institution agrees with the Single Audit Finding and a response is included in the Corrective Action Plan.
Finding 2022-002
FINDING 2022-002: Inaccurate Reporting FEDERAL AGENCY: U.S. DEPARTMENT OF EDUCATION PROGRAM NAME: HIGHER EDUCATION EMERGENCY RELIEF FUND GRANT PROGRAM ALN#: 84.425Q FEDERAL AWARD YEAR: 2021-2022 Compliance Requirement: Reporting (L.) Criteria: As required under the Coronavirus Aid, Relief, and Economic Security (CARES) ACT Section 18004(e) and the CRRSAA Section 314(e), an Institution must public post the total amount of Emergency Financial Aid Grants distributed to students under Section 18004(a)(1) as of the date of submission of its Student Aid Quarterly Public Reporting. Condition: The Institution incorrectly reported the total number of students who received an Emergency Financial Aid Grant in its December 31, 2021 Student Aid Quarterly Public Reporting. We consider this finding to be an instance of non-compliance. Cause: The condition was caused by administrative oversight. Effect: The result is that the Institution misstated the number of students receiving grants in its Student Aid Quarterly Public Reporting, December 31, 2021: Total number of students who received Emergency Financial Aid Grants: 345. Total number of students who received Emergency Financial Aid Grants per report: 329 Recommendation: We recommend the Institution prepare corrected reports and publicly post Views of Responsible Officials: The Institution agrees with the Single Audit Finding and a response is included in the Corrective Action Plan.