FAC Explorer

Audit 324573

FY End
2023-12-31
Total Expended
$1.07M
Findings
2
Programs
1
Organization: New York College of Traditional Chinese Medicine (NY)
Year: 2023 Accepted: 2024-10-11
Auditor: Sikich USA LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
502566 2023-001 Material Weakness - L
1079008 2023-001 Material Weakness - L

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $1.07M Yes 1

Contacts

Name Title Type
L7PBHLJTHKZ3 Dr Yemeng Chen Auditee
5167391545 Ray Krouse Auditor
No contacts on file

Notes to SEFA

Title: FEDERAL LOAN PROGRAM Accounting Policies: The 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: New York College of Traditional Chinese Medicine has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. For the year ended December 31, 2023, New York College of Traditional Chinese Medicine acted as a pass-through agency for Direct Federal Stafford Loans (subsidized, unsubsidized and PLUS) to students and parents in the amount of $1,065,307.
Title: OTHER INFORMATION Accounting Policies: The 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: New York College of Traditional Chinese Medicine has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. New York College of Traditional Chinese Medicine did not receive any federal insurance or federal noncash assistance and did not provide any amounts to sub-recipients.

Finding Details

Finding 2023-001
FINDING 2023-001: Inaccurate and Untimely Enrollment Status Reporting FEDERAL AGENCY: U.S. DEPARTMENT OF EDUCATION PROGRAM NAME: SFA CLUSTER ALN: 84.268 FEDERAL AWARD YEAR: 2022-2023, 2023-2024 Compliance Requirement: Special Tests and Provisions - Reporting (L.) Criteria: Institutions are required to provide enrollment update responses to the Enrollment Reporting Roster File within fifteen days of receipt (34 CFR 685.309). Condition: We tested thirty-seven files and enrollment status effective dates were either incorrectly reported or not reported to the National Student Loan Data System (NSLDS) for eight students. Additionally, the Institution did not provide enrollment update responses in a timely manner for the months of March 2023 and July 2023. Cause: The condition was caused by oversights within the Financial Aid department. Effect or Potential Effect: The result is the Department of Education was not made aware of the changes in student statuses in a timely manner and students’ enrollment dates were reported to NSLDS inaccurately or were missing. Questioned Costs: N/A Recommendation: We recommend the Institution update the effective dates in NSLDS and increase controls over enrollment reporting. Views of Responsible Officials: Management agrees with the finding. Part C has not been submitted for this finding as it does not apply.
Finding 2023-001
FINDING 2023-001: Inaccurate and Untimely Enrollment Status Reporting FEDERAL AGENCY: U.S. DEPARTMENT OF EDUCATION PROGRAM NAME: SFA CLUSTER ALN: 84.268 FEDERAL AWARD YEAR: 2022-2023, 2023-2024 Compliance Requirement: Special Tests and Provisions - Reporting (L.) Criteria: Institutions are required to provide enrollment update responses to the Enrollment Reporting Roster File within fifteen days of receipt (34 CFR 685.309). Condition: We tested thirty-seven files and enrollment status effective dates were either incorrectly reported or not reported to the National Student Loan Data System (NSLDS) for eight students. Additionally, the Institution did not provide enrollment update responses in a timely manner for the months of March 2023 and July 2023. Cause: The condition was caused by oversights within the Financial Aid department. Effect or Potential Effect: The result is the Department of Education was not made aware of the changes in student statuses in a timely manner and students’ enrollment dates were reported to NSLDS inaccurately or were missing. Questioned Costs: N/A Recommendation: We recommend the Institution update the effective dates in NSLDS and increase controls over enrollment reporting. Views of Responsible Officials: Management agrees with the finding. Part C has not been submitted for this finding as it does not apply.