FAC Explorer

Audit 325664

FY End
2024-05-31
Total Expended
$18.35M
Findings
4
Programs
13
Organization: University of St. Francis (IL)
Year: 2024 Accepted: 2024-10-23
Auditor: Sikich CPA LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
503536 2024-001 - - N
503537 2024-001 - - N
1079978 2024-001 - - N
1079979 2024-001 - - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $13.32M Yes 1
84.063 Federal Pell Grant Program $3.12M Yes 1
84.038 Federal Perkins Loan Program $405,603 Yes 0
59.059 Congressional Earmarks Initiative $384,103 - 0
84.007 Federal Supplemental Educational Opportunity Grants $215,249 Yes 0
21.027 Covid-19 Coronavirus State and Local Fiscal Recovery Funds $200,000 - 0
84.031 Higher Education_institutional Aid $163,534 - 0
84.033 Federal Work-Study Program $148,686 Yes 0
93.243 Substance Abuse and Mental Health Services_projects of Regional and National Significance $102,279 - 0
93.247 Advanced Nursing Education Grant Program $95,101 - 0
93.264 Nurse Faculty Loan Program (nflp) $65,144 Yes 0
47.076 Education and Human Resources $45,460 - 0
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $27,346 Yes 0

Contacts

Name Title Type
MJ1CKVL4UL15 Julee Gard Auditee
8157403371 Ray Krouse Auditor
No contacts on file

Notes to SEFA

Title: Note 2 - Loan Programs Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activity of the University of St. Francis (the University) presented on the accrual basis of accounting for the year ended May 31, 2024 and 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 (Uniform Guidance). De Minimis Rate Used: N Rate Explanation: The University did not elect to use the 10% federal de minimus indirect cost rate. The University had $270,164 in loan balances outstanding at May 31, 2024. As of May 31, 2023, the University had loans outstanding under the Federal Perkins Loans Program totaling $405,603. During the year ended May 31, 2024, the University awarded new loans to students totaling $0 and recorded an administrative cost allowance of $50,000. During the year ended May 31, 2024, students and their parents were awarded $13,320,933 of federally guaranteed loans under the Federal Direct Student Loans program. The University is responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs and, accordingly, balances and transactions relating to the Federal Direct Student Loan program are not included in the University’s basic financial statements. Therefore, it is not practical to determine the balances of the loans outstanding to students and former students of the University at May 31, 2024.
Title: Note 3 - Subrecipients Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activity of the University of St. Francis (the University) presented on the accrual basis of accounting for the year ended May 31, 2024 and 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 (Uniform Guidance). De Minimis Rate Used: N Rate Explanation: The University did not elect to use the 10% federal de minimus indirect cost rate. The University provided no federal awards to subrecipients during the year ended May 31, 2024.
Title: Note 4 - Other Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activity of the University of St. Francis (the University) presented on the accrual basis of accounting for the year ended May 31, 2024 and 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 (Uniform Guidance). De Minimis Rate Used: N Rate Explanation: The University did not elect to use the 10% federal de minimus indirect cost rate. The University did not receive any federal non-cash contributions or have any federal insurance in effect during the year ended May 31, 2024. The

Finding Details

Finding 2024-001
2024-001: Errors Relating to Return of Title IV Financial Aid - Student Financial Aid Cluster Assistance Listing Number 84.007, 84.033, 84.038, 84.063, 84.268, 84.379, 93.264 Grant Period - Year Ended May 31, 2024 Criteria: According to 34 CFR 668.22 when a recipient of Title IV grant or loan assistance withdraws from a College during a payment period or period of enrollment in which the recipient began attendance, the College must determine the amount of Title IV grant or loan assistance that the student earned as of the student's withdrawal date. Condition: During our return of Title IV Fund testing we noted that the University did not calculate or return Title IV for students who ceased attendance correctly for two students out of eleven. The University used the incorrect number of days for the total days in the period of enrollment when calculating the return of Title IV. We consider this to be an instance of non-compliance relating to the Special Tests and Provisions Compliance Requirement. Statistical sampling was not used when making sample selections. Questioned Costs: $129 Effect: The College did not properly calculate the return of Title IV for two students out of eleven. Cause: The University’s internal controls did not identify the fact that the incorrect number of days the student attended when calculating the return of Title IV. Recommendation: We recommend the University monitors and updates their system used for return of Title IV calculations with the correct dates. Views of Responsible Officials: Management agrees with this finding and response is included in Corrective Action Plan.
Finding 2024-001
2024-001: Errors Relating to Return of Title IV Financial Aid - Student Financial Aid Cluster Assistance Listing Number 84.007, 84.033, 84.038, 84.063, 84.268, 84.379, 93.264 Grant Period - Year Ended May 31, 2024 Criteria: According to 34 CFR 668.22 when a recipient of Title IV grant or loan assistance withdraws from a College during a payment period or period of enrollment in which the recipient began attendance, the College must determine the amount of Title IV grant or loan assistance that the student earned as of the student's withdrawal date. Condition: During our return of Title IV Fund testing we noted that the University did not calculate or return Title IV for students who ceased attendance correctly for two students out of eleven. The University used the incorrect number of days for the total days in the period of enrollment when calculating the return of Title IV. We consider this to be an instance of non-compliance relating to the Special Tests and Provisions Compliance Requirement. Statistical sampling was not used when making sample selections. Questioned Costs: $129 Effect: The College did not properly calculate the return of Title IV for two students out of eleven. Cause: The University’s internal controls did not identify the fact that the incorrect number of days the student attended when calculating the return of Title IV. Recommendation: We recommend the University monitors and updates their system used for return of Title IV calculations with the correct dates. Views of Responsible Officials: Management agrees with this finding and response is included in Corrective Action Plan.
Finding 2024-001
2024-001: Errors Relating to Return of Title IV Financial Aid - Student Financial Aid Cluster Assistance Listing Number 84.007, 84.033, 84.038, 84.063, 84.268, 84.379, 93.264 Grant Period - Year Ended May 31, 2024 Criteria: According to 34 CFR 668.22 when a recipient of Title IV grant or loan assistance withdraws from a College during a payment period or period of enrollment in which the recipient began attendance, the College must determine the amount of Title IV grant or loan assistance that the student earned as of the student's withdrawal date. Condition: During our return of Title IV Fund testing we noted that the University did not calculate or return Title IV for students who ceased attendance correctly for two students out of eleven. The University used the incorrect number of days for the total days in the period of enrollment when calculating the return of Title IV. We consider this to be an instance of non-compliance relating to the Special Tests and Provisions Compliance Requirement. Statistical sampling was not used when making sample selections. Questioned Costs: $129 Effect: The College did not properly calculate the return of Title IV for two students out of eleven. Cause: The University’s internal controls did not identify the fact that the incorrect number of days the student attended when calculating the return of Title IV. Recommendation: We recommend the University monitors and updates their system used for return of Title IV calculations with the correct dates. Views of Responsible Officials: Management agrees with this finding and response is included in Corrective Action Plan.
Finding 2024-001
2024-001: Errors Relating to Return of Title IV Financial Aid - Student Financial Aid Cluster Assistance Listing Number 84.007, 84.033, 84.038, 84.063, 84.268, 84.379, 93.264 Grant Period - Year Ended May 31, 2024 Criteria: According to 34 CFR 668.22 when a recipient of Title IV grant or loan assistance withdraws from a College during a payment period or period of enrollment in which the recipient began attendance, the College must determine the amount of Title IV grant or loan assistance that the student earned as of the student's withdrawal date. Condition: During our return of Title IV Fund testing we noted that the University did not calculate or return Title IV for students who ceased attendance correctly for two students out of eleven. The University used the incorrect number of days for the total days in the period of enrollment when calculating the return of Title IV. We consider this to be an instance of non-compliance relating to the Special Tests and Provisions Compliance Requirement. Statistical sampling was not used when making sample selections. Questioned Costs: $129 Effect: The College did not properly calculate the return of Title IV for two students out of eleven. Cause: The University’s internal controls did not identify the fact that the incorrect number of days the student attended when calculating the return of Title IV. Recommendation: We recommend the University monitors and updates their system used for return of Title IV calculations with the correct dates. Views of Responsible Officials: Management agrees with this finding and response is included in Corrective Action Plan.