FAC Explorer

Audit 316046

FY End
2023-06-30
Total Expended
$4.46M
Findings
8
Programs
4
Organization: Carolina University (NC)
Year: 2023 Accepted: 2024-07-26
Auditor: Haynes Downard LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
479516 2023-001 - Yes A
479517 2023-001 - Yes A
479518 2023-001 - Yes A
479519 2023-001 - Yes A
1055958 2023-001 - Yes A
1055959 2023-001 - Yes A
1055960 2023-001 - Yes A
1055961 2023-001 - Yes A

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $3.38M Yes 1
84.063 Federal Pell Grant Program $962,815 Yes 1
84.033 Federal Work-Study Program $66,702 Yes 1
84.007 Federal Supplemental Educational Opportunity Grants $49,740 Yes 1

Contacts

Name Title Type
SCKVEQAYFW57 Christopher Ronk Auditee
3367147987 Max Campbell Auditor
No contacts on file

Notes to SEFA

Title: BASIS OF PRESENTATION Accounting Policies: The Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Carolina University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes all federal grant activity for Carolina University, and is presented on the accrual basis of accounting. The information in the 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 . Because the Schedule presents only a selected portion of the operations of Carolina University, it is not intended to be and does not present the financial position, change in net assets, or cash flows of Carolina University.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: The Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Carolina University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: FEDERAL STUDENT LOAN PROGRAM Accounting Policies: The Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Carolina University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. As an institution that is qualified to originate Federal Direct Student Loans, the University is responsible for handling the complete loan process, including fund management as well as promissory note functions. The University is not responsible for collection of these loans. Students of the University received $3,379,397 in Federal Direct Student Loans (Assistance Listing #: 84.268) during the year ended June 30, 2023.
Title: INDIRECT COST RATE Accounting Policies: The Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Carolina University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Carolina University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.

Finding Details

Finding 2023-001
Criteria: The Uniform Guidance Part 200.512(a)(1) states: “The audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section shall be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period.” Condition: The Organization did not submit its 2023 single audit reporting package and data collection form in a timely manner. Cause: Information needed to support the audit of financial statements, including certain significant estimates required to be reported, was not readily available. Effect: The Organization is late with required filings. Repeat Finding: This is a repeat finding (Finding 2022-001). Questioned Costs: None. Recommendation: The Organization should re-evaluate the financial closing process. View of Responsible Officials: See Management's Corrective Action Plan.
Finding 2023-001
Criteria: The Uniform Guidance Part 200.512(a)(1) states: “The audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section shall be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period.” Condition: The Organization did not submit its 2023 single audit reporting package and data collection form in a timely manner. Cause: Information needed to support the audit of financial statements, including certain significant estimates required to be reported, was not readily available. Effect: The Organization is late with required filings. Repeat Finding: This is a repeat finding (Finding 2022-001). Questioned Costs: None. Recommendation: The Organization should re-evaluate the financial closing process. View of Responsible Officials: See Management's Corrective Action Plan.
Finding 2023-001
Criteria: The Uniform Guidance Part 200.512(a)(1) states: “The audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section shall be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period.” Condition: The Organization did not submit its 2023 single audit reporting package and data collection form in a timely manner. Cause: Information needed to support the audit of financial statements, including certain significant estimates required to be reported, was not readily available. Effect: The Organization is late with required filings. Repeat Finding: This is a repeat finding (Finding 2022-001). Questioned Costs: None. Recommendation: The Organization should re-evaluate the financial closing process. View of Responsible Officials: See Management's Corrective Action Plan.
Finding 2023-001
Criteria: The Uniform Guidance Part 200.512(a)(1) states: “The audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section shall be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period.” Condition: The Organization did not submit its 2023 single audit reporting package and data collection form in a timely manner. Cause: Information needed to support the audit of financial statements, including certain significant estimates required to be reported, was not readily available. Effect: The Organization is late with required filings. Repeat Finding: This is a repeat finding (Finding 2022-001). Questioned Costs: None. Recommendation: The Organization should re-evaluate the financial closing process. View of Responsible Officials: See Management's Corrective Action Plan.
Finding 2023-001
Criteria: The Uniform Guidance Part 200.512(a)(1) states: “The audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section shall be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period.” Condition: The Organization did not submit its 2023 single audit reporting package and data collection form in a timely manner. Cause: Information needed to support the audit of financial statements, including certain significant estimates required to be reported, was not readily available. Effect: The Organization is late with required filings. Repeat Finding: This is a repeat finding (Finding 2022-001). Questioned Costs: None. Recommendation: The Organization should re-evaluate the financial closing process. View of Responsible Officials: See Management's Corrective Action Plan.
Finding 2023-001
Criteria: The Uniform Guidance Part 200.512(a)(1) states: “The audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section shall be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period.” Condition: The Organization did not submit its 2023 single audit reporting package and data collection form in a timely manner. Cause: Information needed to support the audit of financial statements, including certain significant estimates required to be reported, was not readily available. Effect: The Organization is late with required filings. Repeat Finding: This is a repeat finding (Finding 2022-001). Questioned Costs: None. Recommendation: The Organization should re-evaluate the financial closing process. View of Responsible Officials: See Management's Corrective Action Plan.
Finding 2023-001
Criteria: The Uniform Guidance Part 200.512(a)(1) states: “The audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section shall be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period.” Condition: The Organization did not submit its 2023 single audit reporting package and data collection form in a timely manner. Cause: Information needed to support the audit of financial statements, including certain significant estimates required to be reported, was not readily available. Effect: The Organization is late with required filings. Repeat Finding: This is a repeat finding (Finding 2022-001). Questioned Costs: None. Recommendation: The Organization should re-evaluate the financial closing process. View of Responsible Officials: See Management's Corrective Action Plan.
Finding 2023-001
Criteria: The Uniform Guidance Part 200.512(a)(1) states: “The audit must be completed and the data collection form described in paragraph (b) of this section and reporting package described in paragraph (c) of this section shall be submitted within the earlier of 30 calendar days after receipt of the auditor’s report, or nine months after the end of the audit period.” Condition: The Organization did not submit its 2023 single audit reporting package and data collection form in a timely manner. Cause: Information needed to support the audit of financial statements, including certain significant estimates required to be reported, was not readily available. Effect: The Organization is late with required filings. Repeat Finding: This is a repeat finding (Finding 2022-001). Questioned Costs: None. Recommendation: The Organization should re-evaluate the financial closing process. View of Responsible Officials: See Management's Corrective Action Plan.