FAC Explorer

Audit 317977

FY End
2024-04-30
Total Expended
$54.75M
Findings
4
Programs
12
Organization: Regis University (CO)
Year: 2024 Accepted: 2024-08-27
Auditor: Rubinbrown

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
485172 2024-002 Significant Deficiency - N
485173 2024-002 Significant Deficiency - N
1061614 2024-002 Significant Deficiency - N
1061615 2024-002 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $46.38M Yes 1
84.063 Federal Pell Grant Program $4.61M Yes 1
93.364 Nursing Student Loans $1.09M Yes 0
93.264 Nurse Faculty Loan Program (nflp) $665,727 Yes 0
84.033 Federal Work-Study Program $584,372 Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $485,913 Yes 0
93.359 Nurse Education, Practice Quality and Retention Grants $367,977 - 0
84.038 Federal Perkins Loan Program $206,792 Yes 0
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $128,719 Yes 0
47.049 Mathematical and Physical Sciences $63,822 - 0
93.865 Child Health and Human Development Extramural Research $15,580 - 0
12.903 Gencyber Grants Program $12,134 - 0

Contacts

Name Title Type
HTREMNKMB9E7 Brook Thompson Auditee
3039645442 Brent Stevens, CPA Auditor
No contacts on file

Notes to SEFA

Title: Basis Of Accounting And Relationship To The Consolidated Financial Statements Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal awards programs of Regis University (the University) for the year ended April 30, 2024. The information in this 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. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. For the purpose of the Schedule, federal awards include grants, contracts, loans and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government or passed through other government agencies or other organizations. De Minimis Rate Used: N Rate Explanation: The University did not use the de minimis cost rate. The Department of Education has approved a maximum provisional indirect cost rate of 40.0%. The University recovers indirect costs at the maximum rate of 40.0% under federal programs that allow full indirect cost reimbursement and recovers indirect costs at varying rates below 40.0% on other federal programs that do not allow full indirect cost recovery Federal financial assistance revenues from the Federal Work Study, the Federal Pell Grant Program and the Federal Supplemental Educational Opportunity Grant programs are reported in the University’s consolidated financial statements as revenues. The activity of the Federal Direct Loan Program is not included in the University’s consolidated financial statements, as the benefits of this program are awarded directly to students and not to the University. Amounts reported in the accompanying Schedule are presented using the accrual basis of accounting, which is described in Note 2 to the University’s consolidated financial statements. Related federal financial reports are prepared on the cash basis of accounting.
Title: Loan Programs Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal awards programs of Regis University (the University) for the year ended April 30, 2024. The information in this 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. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. For the purpose of the Schedule, federal awards include grants, contracts, loans and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government or passed through other government agencies or other organizations. De Minimis Rate Used: N Rate Explanation: The University did not use the de minimis cost rate. The Department of Education has approved a maximum provisional indirect cost rate of 40.0%. The University recovers indirect costs at the maximum rate of 40.0% under federal programs that allow full indirect cost reimbursement and recovers indirect costs at varying rates below 40.0% on other federal programs that do not allow full indirect cost recovery The University is responsible for the performance of certain administrative duties with respect to the Federal Direct Loan Program, and accordingly, it is not practical to determine the amount of loans outstanding to current and former students under these programs at April 30, 2024. The following schedule represents loans advanced by the University for the year ended April 30, 2024: “See the Notes to the SEFA for chart/table” Total Perkins, Nursing Student and Nursing Faculty loans outstanding at April 30, 2024 amount to $1,869,052.

Finding Details

Finding 2024-002
Finding 2024-002 - Significant Deficiency: Special Tests and Provisions - Compliance and Control Finding ALN 84.063 - Federal Pell Grant Program and 84.268 - Federal Direct Student Loan Program - Student Financial Aid Cluster Federal Agency: Department of Education Pass-Through Entity: None Criteria Or Specific Requirement: Per 34 CFR 682.610 (and further clarified in the November 2022 National Student Loan Data System (NSLDS) Enrollment Reporting Guide), a University is required to certify changes in enrollment data for students within 60 days of the change. Universities are responsible for accurately reporting certain key information, such as the OPEID number, enrollment effective date, enrollment status, graduation status and certification date. Condition: The University has established several processes and procedures to ensure that enrollment reporting occurs on a timely basis. These processes and procedures rely on an internal reporting mechanism that assesses a multitude of factors, including the end date on programs with a future term. The end date on programs is a key data point to ensure that enrollment reporting is occurring in a timely manner. Cause: The University utilizes several pseudo courses to ensure that students who are graduating from a 5-week, 3 term program are properly assessed certain published fees. These pseudo courses are structured as a future registration in the system, and resulted in inaccurate data on the reporting mechanism that the University relies on for timely and accurate enrollment reporting. Effect: The University’s controls may not prevent potential errors related to timely certification of enrollment reporting. Questioned Costs: Not applicable. Context: Our audit sample of 40 students, we noted 1 student that was updated in NSLDS outside of the 60-day requirement period. Identification As A Repeat Finding: This is not a repeat finding. Recommendation: The University should revise the process and internal controls surrounding enrollment reporting to ensure that all enrollment reporting status changes are certified to NSC and thereby NSLDS within the 60-day requirement period. Views Of Responsible Officials: The University acknowledges that the enrollment reporting controls need to be enhanced to ensure timely submission to NSLDS.
Finding 2024-002
Finding 2024-002 - Significant Deficiency: Special Tests and Provisions - Compliance and Control Finding ALN 84.063 - Federal Pell Grant Program and 84.268 - Federal Direct Student Loan Program - Student Financial Aid Cluster Federal Agency: Department of Education Pass-Through Entity: None Criteria Or Specific Requirement: Per 34 CFR 682.610 (and further clarified in the November 2022 National Student Loan Data System (NSLDS) Enrollment Reporting Guide), a University is required to certify changes in enrollment data for students within 60 days of the change. Universities are responsible for accurately reporting certain key information, such as the OPEID number, enrollment effective date, enrollment status, graduation status and certification date. Condition: The University has established several processes and procedures to ensure that enrollment reporting occurs on a timely basis. These processes and procedures rely on an internal reporting mechanism that assesses a multitude of factors, including the end date on programs with a future term. The end date on programs is a key data point to ensure that enrollment reporting is occurring in a timely manner. Cause: The University utilizes several pseudo courses to ensure that students who are graduating from a 5-week, 3 term program are properly assessed certain published fees. These pseudo courses are structured as a future registration in the system, and resulted in inaccurate data on the reporting mechanism that the University relies on for timely and accurate enrollment reporting. Effect: The University’s controls may not prevent potential errors related to timely certification of enrollment reporting. Questioned Costs: Not applicable. Context: Our audit sample of 40 students, we noted 1 student that was updated in NSLDS outside of the 60-day requirement period. Identification As A Repeat Finding: This is not a repeat finding. Recommendation: The University should revise the process and internal controls surrounding enrollment reporting to ensure that all enrollment reporting status changes are certified to NSC and thereby NSLDS within the 60-day requirement period. Views Of Responsible Officials: The University acknowledges that the enrollment reporting controls need to be enhanced to ensure timely submission to NSLDS.
Finding 2024-002
Finding 2024-002 - Significant Deficiency: Special Tests and Provisions - Compliance and Control Finding ALN 84.063 - Federal Pell Grant Program and 84.268 - Federal Direct Student Loan Program - Student Financial Aid Cluster Federal Agency: Department of Education Pass-Through Entity: None Criteria Or Specific Requirement: Per 34 CFR 682.610 (and further clarified in the November 2022 National Student Loan Data System (NSLDS) Enrollment Reporting Guide), a University is required to certify changes in enrollment data for students within 60 days of the change. Universities are responsible for accurately reporting certain key information, such as the OPEID number, enrollment effective date, enrollment status, graduation status and certification date. Condition: The University has established several processes and procedures to ensure that enrollment reporting occurs on a timely basis. These processes and procedures rely on an internal reporting mechanism that assesses a multitude of factors, including the end date on programs with a future term. The end date on programs is a key data point to ensure that enrollment reporting is occurring in a timely manner. Cause: The University utilizes several pseudo courses to ensure that students who are graduating from a 5-week, 3 term program are properly assessed certain published fees. These pseudo courses are structured as a future registration in the system, and resulted in inaccurate data on the reporting mechanism that the University relies on for timely and accurate enrollment reporting. Effect: The University’s controls may not prevent potential errors related to timely certification of enrollment reporting. Questioned Costs: Not applicable. Context: Our audit sample of 40 students, we noted 1 student that was updated in NSLDS outside of the 60-day requirement period. Identification As A Repeat Finding: This is not a repeat finding. Recommendation: The University should revise the process and internal controls surrounding enrollment reporting to ensure that all enrollment reporting status changes are certified to NSC and thereby NSLDS within the 60-day requirement period. Views Of Responsible Officials: The University acknowledges that the enrollment reporting controls need to be enhanced to ensure timely submission to NSLDS.
Finding 2024-002
Finding 2024-002 - Significant Deficiency: Special Tests and Provisions - Compliance and Control Finding ALN 84.063 - Federal Pell Grant Program and 84.268 - Federal Direct Student Loan Program - Student Financial Aid Cluster Federal Agency: Department of Education Pass-Through Entity: None Criteria Or Specific Requirement: Per 34 CFR 682.610 (and further clarified in the November 2022 National Student Loan Data System (NSLDS) Enrollment Reporting Guide), a University is required to certify changes in enrollment data for students within 60 days of the change. Universities are responsible for accurately reporting certain key information, such as the OPEID number, enrollment effective date, enrollment status, graduation status and certification date. Condition: The University has established several processes and procedures to ensure that enrollment reporting occurs on a timely basis. These processes and procedures rely on an internal reporting mechanism that assesses a multitude of factors, including the end date on programs with a future term. The end date on programs is a key data point to ensure that enrollment reporting is occurring in a timely manner. Cause: The University utilizes several pseudo courses to ensure that students who are graduating from a 5-week, 3 term program are properly assessed certain published fees. These pseudo courses are structured as a future registration in the system, and resulted in inaccurate data on the reporting mechanism that the University relies on for timely and accurate enrollment reporting. Effect: The University’s controls may not prevent potential errors related to timely certification of enrollment reporting. Questioned Costs: Not applicable. Context: Our audit sample of 40 students, we noted 1 student that was updated in NSLDS outside of the 60-day requirement period. Identification As A Repeat Finding: This is not a repeat finding. Recommendation: The University should revise the process and internal controls surrounding enrollment reporting to ensure that all enrollment reporting status changes are certified to NSC and thereby NSLDS within the 60-day requirement period. Views Of Responsible Officials: The University acknowledges that the enrollment reporting controls need to be enhanced to ensure timely submission to NSLDS.