FAC Explorer

Audit 32261

FY End
2022-06-30
Total Expended
$21.15M
Findings
4
Programs
18
Organization: Fisk University (TN)
Year: 2022 Accepted: 2023-01-03
Auditor: Crosslin PLLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
29836 2022-001 Significant Deficiency - C
29837 2022-002 - Yes L
606278 2022-001 Significant Deficiency - C
606279 2022-002 - Yes L

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $6.25M - 0
84.031 Higher Education_institutional Aid $2.56M - 0
84.063 Federal Pell Grant Program $2.52M - 0
84.038 Federal Perkins Loans $1.40M - 0
84.425 Education Stabilization Fund $686,915 Yes 0
84.382 Strengthening Minority-Serving Institutions $425,994 - 0
84.042 Trio_student Support Services $403,257 - 0
84.007 Federal Supplemental Educational Opportunity Grants $337,476 - 0
93.859 Biomedical Research and Research Training $294,458 Yes 0
84.033 Federal Work-Study Program $163,951 - 0
12.300 Basic and Applied Scientific Research $72,406 Yes 0
43.008 Education $50,000 Yes 0
81.117 Energy Efficiency and Renewable Energy Information Dissemination, Outreach, Training and Technical Analysis/assistance $39,293 Yes 0
12.630 Basic, Applied, and Advanced Research in Science and Engineering $19,453 Yes 0
93.310 Trans-Nih Research Support $15,742 Yes 0
43.001 Science $7,107 Yes 0
47.076 Education and Human Resources $2,000 Yes 0
93.142 Niehs Hazardous Waste Worker Health and Safety Training $1,526 Yes 0

Contacts

Name Title Type
DRC6S9KLNLH1 Reginald Amerson Auditee
6153298836 David Hunt Auditor
No contacts on file

Notes to SEFA

Title: ADMINISTRATIVE COSTS AND MATCHING Accounting Policies: The accompanying schedule of expenditures of federal awards is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principals, and Audit Requirements for federal awards (Uniform Guidance), on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The University has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance. The University has received a waiver from the U.S. Department of Education and is notrequired to provide an institutional matching for certain Title IV programs. The University is allowed to take up to 5% of campus-based programs as an administrative allowance. Administrative costs charged to Title IV programs by the University for the year ended June 30, 2022 totaled $22,028.
Title: PERKINS LOANS (CFDA NO. 84.038) Accounting Policies: The accompanying schedule of expenditures of federal awards is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principals, and Audit Requirements for federal awards (Uniform Guidance), on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The University has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance. The University administers the Perkins loan program. This loan program is part of thestudent financial aid program cluster for reporting purposes and related loan balances are reported in notes receivable, net, in the financial statements. The outstanding balance of Perkins loans at June 30, 2022, was $1,402,971
Title: FEDERAL DIRECT LOANS (CFDA NO. 84.268) Accounting Policies: The accompanying schedule of expenditures of federal awards is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principals, and Audit Requirements for federal awards (Uniform Guidance), on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The University has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance. During the fiscal year ending June 30, 2022, the University processed the followingamount of new loans under the Federal Direct Loans program (which includessubsidized and unsubsidized Stafford Loans, and Parents Loans for Undergraduate andGraduate Students): $6,254,447
Title: SUBRECIPIENTS Accounting Policies: The accompanying schedule of expenditures of federal awards is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principals, and Audit Requirements for federal awards (Uniform Guidance), on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The University has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance. The University passed through $-0- to sub recipients in 2022.

Finding Details

Finding 2022-001
# 2022-001 CASH MANAGEMENT Higher Education Emergency Relief Funding Assistance Listing No. 84.425E and 84.425F U.S. Department of Education Criteria For CRRSAA HEERF II and ARP HEERF III, the Certification and Agreements and/or Supplemental Agreements requires that Student Aid Portion (ALN 84.425E) should be disbursed within 15 calendar days of the drawdown from ED?s G5 grants system and Institutional Aid Portion, (a)(2), and (a)(3) funds (all other ALNs) should be disbursed within 3 calendar days of the drawdown from G5. For lost revenue, the ?obligation? occurs on the date the institution completes its estimate of its amount of lost revenue after the estimation period. Condition and Context The University did not disbursement certain Student Aid Portion within the 15-calendar day threshold and (a)(2) drawdown funding within the 3-calendar day threshold. Questioned Cost None Cause The University made drawdowns of funding without having allowable expenditures designated to match the drawdown within the required timeframe. Effect The University was not in compliance with the cash management requirement of the HEERF agreements.Recommendation We recommend the University to consistently adhere to the disbursement timing requirements of the grant. We recommend the University to drawdown HEERF funding when the University has allowable expenditures that have occurred or are going to occur within the 3 or 15-day calendar threshold. Views of Responsible Officials and Planned Corrective Action The University concurs with the finding and will adhere to the disbursement timing requirements of the HEERF II and HEERF III awards in accordance with the Certification and Agreements and/or Supplemental Agreements. To ensure compliance with the 3-day or 15-day calendar threshold, funds will be drawn down at the time of, or after the occurrence of the allowable expenditures
Finding 2022-002
ITEM # 2022-002 REPORTING Higher Education Emergency Relief Funding Assistance Listing No. 84.425F and 84.425J U.S. Department of Education Criteria For the Quarterly Public Reporting for (a)(1) Institutional Portion, (a)(2), and (a)(3) funds (Assistance Listings 84.425F, 84.425J, 84.425K, 84.425L, 84.425M, 84.425N, 84.425S, 84.425T as applicable), an institution must be both timely and accurate in publicly posting its Quarterly Reporting Form from October 30, 2020, onward. Condition and Context The University had inaccurate reporting in the Quarterly Reporting Form posted in each quarter of the fiscal year. The reports did not match the program expenditures details provided by management. Questioned Cost NoneCause The University did not reconcile the Quarterly Reporting Forms to the program expenditure details. Effect The University was not in compliance with the quarterly reporting requirement of the HEERF agreements. Recommendation We recommend that the University reconcile all reporting forms to the internal expenditure records, to ensure reporting is timely and accurate for each HEERF program. Views of Responsible Officials and Planned Corrective Action The University concurs with the finding. To ensure reporting forms are reconciled to internal expenditure records to ensure timely and accurate reporting for each HEERF program, a second level review by conducted by the Associate VP of Finance prior to the report being submitted.
Finding 2022-001
# 2022-001 CASH MANAGEMENT Higher Education Emergency Relief Funding Assistance Listing No. 84.425E and 84.425F U.S. Department of Education Criteria For CRRSAA HEERF II and ARP HEERF III, the Certification and Agreements and/or Supplemental Agreements requires that Student Aid Portion (ALN 84.425E) should be disbursed within 15 calendar days of the drawdown from ED?s G5 grants system and Institutional Aid Portion, (a)(2), and (a)(3) funds (all other ALNs) should be disbursed within 3 calendar days of the drawdown from G5. For lost revenue, the ?obligation? occurs on the date the institution completes its estimate of its amount of lost revenue after the estimation period. Condition and Context The University did not disbursement certain Student Aid Portion within the 15-calendar day threshold and (a)(2) drawdown funding within the 3-calendar day threshold. Questioned Cost None Cause The University made drawdowns of funding without having allowable expenditures designated to match the drawdown within the required timeframe. Effect The University was not in compliance with the cash management requirement of the HEERF agreements.Recommendation We recommend the University to consistently adhere to the disbursement timing requirements of the grant. We recommend the University to drawdown HEERF funding when the University has allowable expenditures that have occurred or are going to occur within the 3 or 15-day calendar threshold. Views of Responsible Officials and Planned Corrective Action The University concurs with the finding and will adhere to the disbursement timing requirements of the HEERF II and HEERF III awards in accordance with the Certification and Agreements and/or Supplemental Agreements. To ensure compliance with the 3-day or 15-day calendar threshold, funds will be drawn down at the time of, or after the occurrence of the allowable expenditures
Finding 2022-002
ITEM # 2022-002 REPORTING Higher Education Emergency Relief Funding Assistance Listing No. 84.425F and 84.425J U.S. Department of Education Criteria For the Quarterly Public Reporting for (a)(1) Institutional Portion, (a)(2), and (a)(3) funds (Assistance Listings 84.425F, 84.425J, 84.425K, 84.425L, 84.425M, 84.425N, 84.425S, 84.425T as applicable), an institution must be both timely and accurate in publicly posting its Quarterly Reporting Form from October 30, 2020, onward. Condition and Context The University had inaccurate reporting in the Quarterly Reporting Form posted in each quarter of the fiscal year. The reports did not match the program expenditures details provided by management. Questioned Cost NoneCause The University did not reconcile the Quarterly Reporting Forms to the program expenditure details. Effect The University was not in compliance with the quarterly reporting requirement of the HEERF agreements. Recommendation We recommend that the University reconcile all reporting forms to the internal expenditure records, to ensure reporting is timely and accurate for each HEERF program. Views of Responsible Officials and Planned Corrective Action The University concurs with the finding. To ensure reporting forms are reconciled to internal expenditure records to ensure timely and accurate reporting for each HEERF program, a second level review by conducted by the Associate VP of Finance prior to the report being submitted.