FAC Explorer

Audit 310874

FY End
2023-06-30
Total Expended
$5.18M
Findings
4
Programs
3
Organization: Appalachian School of Law (VA)
Year: 2023 Accepted: 2024-06-28
Auditor: Brown Edwards & CO

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
404098 2023-001 - - L
404099 2023-001 - - L
980540 2023-001 - - L
980541 2023-001 - - L

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $5.12M Yes 1
84.425 Education Stabilization Fund $49,294 - 0
84.033 Federal Work-Study Program $11,005 Yes 1

Contacts

Name Title Type
JNJAMCDSJRY5 Karen Jackson Auditee
2766281123 John Hash Auditor
No contacts on file

Notes to SEFA

Title: BASIS OF PRESENTATION Accounting Policies: EXPENDITURES FOR FEDERAL STUDENT FINANCIAL AID PROGRAMS ARE RECOGNIZED AS INCURRED AND INCLUDE THE FEDERAL SHARE OF STUDENTS'FWS PROGRAM EARNINGS. De Minimis Rate Used: N Rate Explanation: Not Required THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS IS PRESENTED USING THE CASH BASIS OF ACCOUNTING. THE INFORMATION IS PRESENTED IN ACCORDANCE WITH TITLE 2 U.S. CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: EXPENDITURES FOR FEDERAL STUDENT FINANCIAL AID PROGRAMS ARE RECOGNIZED AS INCURRED AND INCLUDE THE FEDERAL SHARE OF STUDENTS'FWS PROGRAM EARNINGS. De Minimis Rate Used: N Rate Explanation: Not Required EXPENDITURES FOR FEDERAL STUDENT FINANCIAL AID PROGRAMS ARE RECOGNIZED AS INCURRED AND INCLUDE THE FEDERAL SHARE OF STUDENTS'FWS PROGRAM EARNINGS.
Title: FEDERAL DIRECT LOAN PROGRAM Accounting Policies: EXPENDITURES FOR FEDERAL STUDENT FINANCIAL AID PROGRAMS ARE RECOGNIZED AS INCURRED AND INCLUDE THE FEDERAL SHARE OF STUDENTS'FWS PROGRAM EARNINGS. De Minimis Rate Used: N Rate Explanation: Not Required THE SCHOOL IS RESPONSIBLE ONLY FOR THE PERFORMANCE OF CERTAIN ADMINISTRATIVE DUTIES WITH RESPECT TO ITS FEDERAL DIRECT LOAN PROGRAM, AND ACCORDINGLY, THESE LOANS ARE NOT INCLUDED IN ITS FINANCIAL STATEMENTS. IT IS NOT PRACTICABLE TO DETERMINE THE BALANCE OF LOANS OUTSTANDING TO STUDENTS AND FORMER STUDENTS OF THE SCHOOL UNDER THESE PROGRAMS AS OF JUNE 30, 2023

Finding Details

Finding 2023-001
CRITERIA:A SINGLE AUDIT REQUIRES THE SUBMISSION OF THE DATA COLLECTION FORM TO THE FEDERAL AUDIT CLEARINGHOUSE WITHIN THE EARLIER OF 30 CALENDAR DAYS AFTER RECEIPT OF AN AUDITOR'S REPORT, OR NIN MONTHS AFTER THE END OF THE AUDIT PERIOD, UNLESS A DIFFERENT PERIOD IS SPECIFIED IN THE PROGRAM. CONDITION: THE DCF FOR FISCAL YEAR 2023 WAS NOT SUBMITTED TO THE FAC WITHIN THE REQUIRED TIMELINE. CAUSE: THE SCHOOL WAS ENGAGED IN DISCUSSIONS WITH ANOTHER HIGHER EDUCATION ENTITY THAT HAD POTENTIAL TO RESULT IN A MATERIAL SUBSEQUENT EVENT DISCLOSURE. THE SCHOOL DETERMINED THE MAGNITUDE OF THE POTENTIAL SUBSEQUENT EVENT DISCLOSURE OUTWEIGHED THE IMPACT OF A LATE FILING WITH THE FAC AND DOE. EFFECT: THE SCHOOL DID NOT COMPLETE THE SUBMISSION BY MARCH 31, 2024. RECOMMENDATION; WE RECOMMEND THE SCHOOL HAVE A PROCEDURE IN PLACE TO ENSURE TIMELY FILING OF THE DCF. MANAGEMENT RESPONSE: THE SCHOOL AGREES WITH THE FINDING. MANAGEMENT IS COMMITTED TO ISSUING COMPLETE AND ACCURATE FINANCIAL REPORTS AND DETERMINE THAT WAS NOT POSSIBLE BY THE DEADLINES TO REPORT TO FAC AND DOE. THE PENDING TRANSACTION THAT HAD THE POTENITAL TO RESULT IN A MATERIAL SUBSEQUENT EVENT WAS AN ANOMALY AND NOT INDICATIVE OF OUR HISTORY OF TIMELY REPORTING. MANAGEMENT WAS IN CONTACT WITH THE DEPARTMENT OF EDUCATION FREQUENTLY BEGINNING BEFORE THE DUE DATE OF THE FILING REGARDING THE IMPACT THE PENDING TRANSACTION WOULD HAVE ON THE COMPLETENESS AND ACCURACY OF THE REPORT.
Finding 2023-001
CRITERIA:A SINGLE AUDIT REQUIRES THE SUBMISSION OF THE DATA COLLECTION FORM TO THE FEDERAL AUDIT CLEARINGHOUSE WITHIN THE EARLIER OF 30 CALENDAR DAYS AFTER RECEIPT OF AN AUDITOR'S REPORT, OR NIN MONTHS AFTER THE END OF THE AUDIT PERIOD, UNLESS A DIFFERENT PERIOD IS SPECIFIED IN THE PROGRAM. CONDITION: THE DCF FOR FISCAL YEAR 2023 WAS NOT SUBMITTED TO THE FAC WITHIN THE REQUIRED TIMELINE. CAUSE: THE SCHOOL WAS ENGAGED IN DISCUSSIONS WITH ANOTHER HIGHER EDUCATION ENTITY THAT HAD POTENTIAL TO RESULT IN A MATERIAL SUBSEQUENT EVENT DISCLOSURE. THE SCHOOL DETERMINED THE MAGNITUDE OF THE POTENTIAL SUBSEQUENT EVENT DISCLOSURE OUTWEIGHED THE IMPACT OF A LATE FILING WITH THE FAC AND DOE. EFFECT: THE SCHOOL DID NOT COMPLETE THE SUBMISSION BY MARCH 31, 2024. RECOMMENDATION; WE RECOMMEND THE SCHOOL HAVE A PROCEDURE IN PLACE TO ENSURE TIMELY FILING OF THE DCF. MANAGEMENT RESPONSE: THE SCHOOL AGREES WITH THE FINDING. MANAGEMENT IS COMMITTED TO ISSUING COMPLETE AND ACCURATE FINANCIAL REPORTS AND DETERMINE THAT WAS NOT POSSIBLE BY THE DEADLINES TO REPORT TO FAC AND DOE. THE PENDING TRANSACTION THAT HAD THE POTENITAL TO RESULT IN A MATERIAL SUBSEQUENT EVENT WAS AN ANOMALY AND NOT INDICATIVE OF OUR HISTORY OF TIMELY REPORTING. MANAGEMENT WAS IN CONTACT WITH THE DEPARTMENT OF EDUCATION FREQUENTLY BEGINNING BEFORE THE DUE DATE OF THE FILING REGARDING THE IMPACT THE PENDING TRANSACTION WOULD HAVE ON THE COMPLETENESS AND ACCURACY OF THE REPORT.
Finding 2023-001
CRITERIA:A SINGLE AUDIT REQUIRES THE SUBMISSION OF THE DATA COLLECTION FORM TO THE FEDERAL AUDIT CLEARINGHOUSE WITHIN THE EARLIER OF 30 CALENDAR DAYS AFTER RECEIPT OF AN AUDITOR'S REPORT, OR NIN MONTHS AFTER THE END OF THE AUDIT PERIOD, UNLESS A DIFFERENT PERIOD IS SPECIFIED IN THE PROGRAM. CONDITION: THE DCF FOR FISCAL YEAR 2023 WAS NOT SUBMITTED TO THE FAC WITHIN THE REQUIRED TIMELINE. CAUSE: THE SCHOOL WAS ENGAGED IN DISCUSSIONS WITH ANOTHER HIGHER EDUCATION ENTITY THAT HAD POTENTIAL TO RESULT IN A MATERIAL SUBSEQUENT EVENT DISCLOSURE. THE SCHOOL DETERMINED THE MAGNITUDE OF THE POTENTIAL SUBSEQUENT EVENT DISCLOSURE OUTWEIGHED THE IMPACT OF A LATE FILING WITH THE FAC AND DOE. EFFECT: THE SCHOOL DID NOT COMPLETE THE SUBMISSION BY MARCH 31, 2024. RECOMMENDATION; WE RECOMMEND THE SCHOOL HAVE A PROCEDURE IN PLACE TO ENSURE TIMELY FILING OF THE DCF. MANAGEMENT RESPONSE: THE SCHOOL AGREES WITH THE FINDING. MANAGEMENT IS COMMITTED TO ISSUING COMPLETE AND ACCURATE FINANCIAL REPORTS AND DETERMINE THAT WAS NOT POSSIBLE BY THE DEADLINES TO REPORT TO FAC AND DOE. THE PENDING TRANSACTION THAT HAD THE POTENITAL TO RESULT IN A MATERIAL SUBSEQUENT EVENT WAS AN ANOMALY AND NOT INDICATIVE OF OUR HISTORY OF TIMELY REPORTING. MANAGEMENT WAS IN CONTACT WITH THE DEPARTMENT OF EDUCATION FREQUENTLY BEGINNING BEFORE THE DUE DATE OF THE FILING REGARDING THE IMPACT THE PENDING TRANSACTION WOULD HAVE ON THE COMPLETENESS AND ACCURACY OF THE REPORT.
Finding 2023-001
CRITERIA:A SINGLE AUDIT REQUIRES THE SUBMISSION OF THE DATA COLLECTION FORM TO THE FEDERAL AUDIT CLEARINGHOUSE WITHIN THE EARLIER OF 30 CALENDAR DAYS AFTER RECEIPT OF AN AUDITOR'S REPORT, OR NIN MONTHS AFTER THE END OF THE AUDIT PERIOD, UNLESS A DIFFERENT PERIOD IS SPECIFIED IN THE PROGRAM. CONDITION: THE DCF FOR FISCAL YEAR 2023 WAS NOT SUBMITTED TO THE FAC WITHIN THE REQUIRED TIMELINE. CAUSE: THE SCHOOL WAS ENGAGED IN DISCUSSIONS WITH ANOTHER HIGHER EDUCATION ENTITY THAT HAD POTENTIAL TO RESULT IN A MATERIAL SUBSEQUENT EVENT DISCLOSURE. THE SCHOOL DETERMINED THE MAGNITUDE OF THE POTENTIAL SUBSEQUENT EVENT DISCLOSURE OUTWEIGHED THE IMPACT OF A LATE FILING WITH THE FAC AND DOE. EFFECT: THE SCHOOL DID NOT COMPLETE THE SUBMISSION BY MARCH 31, 2024. RECOMMENDATION; WE RECOMMEND THE SCHOOL HAVE A PROCEDURE IN PLACE TO ENSURE TIMELY FILING OF THE DCF. MANAGEMENT RESPONSE: THE SCHOOL AGREES WITH THE FINDING. MANAGEMENT IS COMMITTED TO ISSUING COMPLETE AND ACCURATE FINANCIAL REPORTS AND DETERMINE THAT WAS NOT POSSIBLE BY THE DEADLINES TO REPORT TO FAC AND DOE. THE PENDING TRANSACTION THAT HAD THE POTENITAL TO RESULT IN A MATERIAL SUBSEQUENT EVENT WAS AN ANOMALY AND NOT INDICATIVE OF OUR HISTORY OF TIMELY REPORTING. MANAGEMENT WAS IN CONTACT WITH THE DEPARTMENT OF EDUCATION FREQUENTLY BEGINNING BEFORE THE DUE DATE OF THE FILING REGARDING THE IMPACT THE PENDING TRANSACTION WOULD HAVE ON THE COMPLETENESS AND ACCURACY OF THE REPORT.