FAC Explorer

Audit 327263

FY End
2024-06-30
Total Expended
$8.55M
Findings
16
Programs
19
Organization: Rhodes College (TN)
Year: 2024 Accepted: 2024-11-05
Auditor: Cherry Bekaert LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
504671 2024-001 - - L
504672 2024-002 - - N
504673 2024-001 - - L
504674 2024-002 - - N
504675 2024-001 - - L
504676 2024-002 - - N
504677 2024-001 - - L
504678 2024-002 - - N
1081113 2024-001 - - L
1081114 2024-002 - - N
1081115 2024-001 - - L
1081116 2024-002 - - N
1081117 2024-001 - - L
1081118 2024-002 - - N
1081119 2024-001 - - L
1081120 2024-002 - - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $5.28M Yes 2
84.063 Federal Pell Grant Program $1.75M Yes 2
84.033 Federal Work-Study Program $322,785 Yes 2
84.007 Federal Supplemental Educational Opportunity Grants $201,160 Yes 2
47.U01 Ipa: Program Director for Cellular Dynamics and Function Cluster $150,294 - 0
47.083 Integrative Activities $132,012 - 0
93.137 Community Programs to Improve Minority Health Grant Program $92,818 - 0
47.076 Stem Education (formerly Education and Human Resources) $90,546 - 0
93.859 Biomedical Research and Research Training $67,375 - 0
43.U01 Stsci, Aura – Q-3d: Imaging Spectroscopy $50,252 - 0
43.U02 Stsci, Aura - Witnessing the Circumgalactic Medium Formation $43,566 - 0
16.525 Grants to Reduce Domestic Violence, Dating Violence, Sexual Assault, and Stalking on Campus $41,543 - 0
43.U04 Stsci, Aura - Zooming Into the Monster's Mouth $32,953 - 0
93.912 Rural Health Care Services Outreach, Rural Health Network Development and Small Health Care Provider Quality Improvement $25,224 - 0
47.075 Social, Behavioral, and Economic Sciences $24,687 - 0
43.U03 NASA Vanderbilt Subaward-the Tennessee Space Grant Consortiu $15,000 - 0
45.162 Promotion of the Humanities Teaching and Learning Resources and Curriculum Development $10,000 - 0
47.074 Biological Sciences $4,366 - 0
43.001 Science $1,098 - 0

Contacts

Name Title Type
F51NKQLSLHT4 Kyle Webb Auditee
9018433760 Brian Liffick Auditor
No contacts on file

Notes to SEFA

Title: Note 3—Federal direct student loans Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Rhodes College (the “College”) and is presented on the accrual basis of accounting. 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 (“Uniform Guidance”). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in, the preparation of the basic consolidated financial statements. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance. During fiscal year ended June 30, 2024, the College processed the following amount of new loans under the Federal Direct Student Loan Program: See Notes to SEFA for table/chart.
Title: Note 4—Contingency Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Rhodes College (the “College”) and is presented on the accrual basis of accounting. 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 (“Uniform Guidance”). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in, the preparation of the basic consolidated financial statements. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance. The grant revenue amounts are subject to audit and adjustment. If any expenditures or expenses are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the College. In the opinion of management, all grant and grant matching expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.

Finding Details

Finding 2024-001
Finding No. 2024-001 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Reporting Condition: The date of disbursement of federal funds per the College's records did not agree to date of disbursement reported to the Common Origination and Disbursement (“COD”) system. Criteria: Disbursement data reported to the COD system should agree to the institution's records. Cause: Subsequent to the implementation of a new financial aid system, the College did not have all appropriate safeguards in place to ensure accurate reporting of disbursement data to the COD system. Context: The College transitioned to a new financial aid system during the fiscal year and had not reviewed all types of students to identify errors in reporting. As a result, the College’s records did not support the disbursement data reported to the COD system for five out of twenty-five sampled students. Effect: The College did not report disbursement data to the COD system accurately. Recommendation: The College should continue to review the process for reporting under the new financial aid system to ensure accurate reporting of disbursement data to the COD system. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.
Finding 2024-002
Finding No. 2024-002 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing #: 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Special Test and Provisions – Return of Title IV Funds Condition: Title IV funds were not returned within the allowable 45-day time frame. Criteria: Returns of Title IV funds are required to be deposited or transferred into the Student Financial Aid account or electronic fund transfers initiated to the Department of Education as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew. Cause: The process in which the College identifies required return of funds did identify this return of funds calculation properly, however there was not procedure in place to track that funds were paid out in the appropriate time frame. Context: The College transitioned to a new financial aid system during the fiscal year and did not have a process in place to track number of days remaining to return funds. As a result, the College returned funds after the 45-day allowable period for one sampled student. Effect: The College did not return Title IV funds timely. Recommendation: The College should develop a Title IV return monitoring system to ensure timely return of funds. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.
Finding 2024-001
Finding No. 2024-001 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Reporting Condition: The date of disbursement of federal funds per the College's records did not agree to date of disbursement reported to the Common Origination and Disbursement (“COD”) system. Criteria: Disbursement data reported to the COD system should agree to the institution's records. Cause: Subsequent to the implementation of a new financial aid system, the College did not have all appropriate safeguards in place to ensure accurate reporting of disbursement data to the COD system. Context: The College transitioned to a new financial aid system during the fiscal year and had not reviewed all types of students to identify errors in reporting. As a result, the College’s records did not support the disbursement data reported to the COD system for five out of twenty-five sampled students. Effect: The College did not report disbursement data to the COD system accurately. Recommendation: The College should continue to review the process for reporting under the new financial aid system to ensure accurate reporting of disbursement data to the COD system. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.
Finding 2024-002
Finding No. 2024-002 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing #: 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Special Test and Provisions – Return of Title IV Funds Condition: Title IV funds were not returned within the allowable 45-day time frame. Criteria: Returns of Title IV funds are required to be deposited or transferred into the Student Financial Aid account or electronic fund transfers initiated to the Department of Education as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew. Cause: The process in which the College identifies required return of funds did identify this return of funds calculation properly, however there was not procedure in place to track that funds were paid out in the appropriate time frame. Context: The College transitioned to a new financial aid system during the fiscal year and did not have a process in place to track number of days remaining to return funds. As a result, the College returned funds after the 45-day allowable period for one sampled student. Effect: The College did not return Title IV funds timely. Recommendation: The College should develop a Title IV return monitoring system to ensure timely return of funds. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.
Finding 2024-001
Finding No. 2024-001 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Reporting Condition: The date of disbursement of federal funds per the College's records did not agree to date of disbursement reported to the Common Origination and Disbursement (“COD”) system. Criteria: Disbursement data reported to the COD system should agree to the institution's records. Cause: Subsequent to the implementation of a new financial aid system, the College did not have all appropriate safeguards in place to ensure accurate reporting of disbursement data to the COD system. Context: The College transitioned to a new financial aid system during the fiscal year and had not reviewed all types of students to identify errors in reporting. As a result, the College’s records did not support the disbursement data reported to the COD system for five out of twenty-five sampled students. Effect: The College did not report disbursement data to the COD system accurately. Recommendation: The College should continue to review the process for reporting under the new financial aid system to ensure accurate reporting of disbursement data to the COD system. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.
Finding 2024-002
Finding No. 2024-002 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing #: 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Special Test and Provisions – Return of Title IV Funds Condition: Title IV funds were not returned within the allowable 45-day time frame. Criteria: Returns of Title IV funds are required to be deposited or transferred into the Student Financial Aid account or electronic fund transfers initiated to the Department of Education as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew. Cause: The process in which the College identifies required return of funds did identify this return of funds calculation properly, however there was not procedure in place to track that funds were paid out in the appropriate time frame. Context: The College transitioned to a new financial aid system during the fiscal year and did not have a process in place to track number of days remaining to return funds. As a result, the College returned funds after the 45-day allowable period for one sampled student. Effect: The College did not return Title IV funds timely. Recommendation: The College should develop a Title IV return monitoring system to ensure timely return of funds. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.
Finding 2024-001
Finding No. 2024-001 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Reporting Condition: The date of disbursement of federal funds per the College's records did not agree to date of disbursement reported to the Common Origination and Disbursement (“COD”) system. Criteria: Disbursement data reported to the COD system should agree to the institution's records. Cause: Subsequent to the implementation of a new financial aid system, the College did not have all appropriate safeguards in place to ensure accurate reporting of disbursement data to the COD system. Context: The College transitioned to a new financial aid system during the fiscal year and had not reviewed all types of students to identify errors in reporting. As a result, the College’s records did not support the disbursement data reported to the COD system for five out of twenty-five sampled students. Effect: The College did not report disbursement data to the COD system accurately. Recommendation: The College should continue to review the process for reporting under the new financial aid system to ensure accurate reporting of disbursement data to the COD system. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.
Finding 2024-002
Finding No. 2024-002 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing #: 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Special Test and Provisions – Return of Title IV Funds Condition: Title IV funds were not returned within the allowable 45-day time frame. Criteria: Returns of Title IV funds are required to be deposited or transferred into the Student Financial Aid account or electronic fund transfers initiated to the Department of Education as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew. Cause: The process in which the College identifies required return of funds did identify this return of funds calculation properly, however there was not procedure in place to track that funds were paid out in the appropriate time frame. Context: The College transitioned to a new financial aid system during the fiscal year and did not have a process in place to track number of days remaining to return funds. As a result, the College returned funds after the 45-day allowable period for one sampled student. Effect: The College did not return Title IV funds timely. Recommendation: The College should develop a Title IV return monitoring system to ensure timely return of funds. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.
Finding 2024-001
Finding No. 2024-001 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Reporting Condition: The date of disbursement of federal funds per the College's records did not agree to date of disbursement reported to the Common Origination and Disbursement (“COD”) system. Criteria: Disbursement data reported to the COD system should agree to the institution's records. Cause: Subsequent to the implementation of a new financial aid system, the College did not have all appropriate safeguards in place to ensure accurate reporting of disbursement data to the COD system. Context: The College transitioned to a new financial aid system during the fiscal year and had not reviewed all types of students to identify errors in reporting. As a result, the College’s records did not support the disbursement data reported to the COD system for five out of twenty-five sampled students. Effect: The College did not report disbursement data to the COD system accurately. Recommendation: The College should continue to review the process for reporting under the new financial aid system to ensure accurate reporting of disbursement data to the COD system. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.
Finding 2024-002
Finding No. 2024-002 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing #: 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Special Test and Provisions – Return of Title IV Funds Condition: Title IV funds were not returned within the allowable 45-day time frame. Criteria: Returns of Title IV funds are required to be deposited or transferred into the Student Financial Aid account or electronic fund transfers initiated to the Department of Education as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew. Cause: The process in which the College identifies required return of funds did identify this return of funds calculation properly, however there was not procedure in place to track that funds were paid out in the appropriate time frame. Context: The College transitioned to a new financial aid system during the fiscal year and did not have a process in place to track number of days remaining to return funds. As a result, the College returned funds after the 45-day allowable period for one sampled student. Effect: The College did not return Title IV funds timely. Recommendation: The College should develop a Title IV return monitoring system to ensure timely return of funds. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.
Finding 2024-001
Finding No. 2024-001 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Reporting Condition: The date of disbursement of federal funds per the College's records did not agree to date of disbursement reported to the Common Origination and Disbursement (“COD”) system. Criteria: Disbursement data reported to the COD system should agree to the institution's records. Cause: Subsequent to the implementation of a new financial aid system, the College did not have all appropriate safeguards in place to ensure accurate reporting of disbursement data to the COD system. Context: The College transitioned to a new financial aid system during the fiscal year and had not reviewed all types of students to identify errors in reporting. As a result, the College’s records did not support the disbursement data reported to the COD system for five out of twenty-five sampled students. Effect: The College did not report disbursement data to the COD system accurately. Recommendation: The College should continue to review the process for reporting under the new financial aid system to ensure accurate reporting of disbursement data to the COD system. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.
Finding 2024-002
Finding No. 2024-002 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing #: 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Special Test and Provisions – Return of Title IV Funds Condition: Title IV funds were not returned within the allowable 45-day time frame. Criteria: Returns of Title IV funds are required to be deposited or transferred into the Student Financial Aid account or electronic fund transfers initiated to the Department of Education as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew. Cause: The process in which the College identifies required return of funds did identify this return of funds calculation properly, however there was not procedure in place to track that funds were paid out in the appropriate time frame. Context: The College transitioned to a new financial aid system during the fiscal year and did not have a process in place to track number of days remaining to return funds. As a result, the College returned funds after the 45-day allowable period for one sampled student. Effect: The College did not return Title IV funds timely. Recommendation: The College should develop a Title IV return monitoring system to ensure timely return of funds. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.
Finding 2024-001
Finding No. 2024-001 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Reporting Condition: The date of disbursement of federal funds per the College's records did not agree to date of disbursement reported to the Common Origination and Disbursement (“COD”) system. Criteria: Disbursement data reported to the COD system should agree to the institution's records. Cause: Subsequent to the implementation of a new financial aid system, the College did not have all appropriate safeguards in place to ensure accurate reporting of disbursement data to the COD system. Context: The College transitioned to a new financial aid system during the fiscal year and had not reviewed all types of students to identify errors in reporting. As a result, the College’s records did not support the disbursement data reported to the COD system for five out of twenty-five sampled students. Effect: The College did not report disbursement data to the COD system accurately. Recommendation: The College should continue to review the process for reporting under the new financial aid system to ensure accurate reporting of disbursement data to the COD system. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.
Finding 2024-002
Finding No. 2024-002 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing #: 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Special Test and Provisions – Return of Title IV Funds Condition: Title IV funds were not returned within the allowable 45-day time frame. Criteria: Returns of Title IV funds are required to be deposited or transferred into the Student Financial Aid account or electronic fund transfers initiated to the Department of Education as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew. Cause: The process in which the College identifies required return of funds did identify this return of funds calculation properly, however there was not procedure in place to track that funds were paid out in the appropriate time frame. Context: The College transitioned to a new financial aid system during the fiscal year and did not have a process in place to track number of days remaining to return funds. As a result, the College returned funds after the 45-day allowable period for one sampled student. Effect: The College did not return Title IV funds timely. Recommendation: The College should develop a Title IV return monitoring system to ensure timely return of funds. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.
Finding 2024-001
Finding No. 2024-001 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Reporting Condition: The date of disbursement of federal funds per the College's records did not agree to date of disbursement reported to the Common Origination and Disbursement (“COD”) system. Criteria: Disbursement data reported to the COD system should agree to the institution's records. Cause: Subsequent to the implementation of a new financial aid system, the College did not have all appropriate safeguards in place to ensure accurate reporting of disbursement data to the COD system. Context: The College transitioned to a new financial aid system during the fiscal year and had not reviewed all types of students to identify errors in reporting. As a result, the College’s records did not support the disbursement data reported to the COD system for five out of twenty-five sampled students. Effect: The College did not report disbursement data to the COD system accurately. Recommendation: The College should continue to review the process for reporting under the new financial aid system to ensure accurate reporting of disbursement data to the COD system. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.
Finding 2024-002
Finding No. 2024-002 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing #: 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Special Test and Provisions – Return of Title IV Funds Condition: Title IV funds were not returned within the allowable 45-day time frame. Criteria: Returns of Title IV funds are required to be deposited or transferred into the Student Financial Aid account or electronic fund transfers initiated to the Department of Education as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew. Cause: The process in which the College identifies required return of funds did identify this return of funds calculation properly, however there was not procedure in place to track that funds were paid out in the appropriate time frame. Context: The College transitioned to a new financial aid system during the fiscal year and did not have a process in place to track number of days remaining to return funds. As a result, the College returned funds after the 45-day allowable period for one sampled student. Effect: The College did not return Title IV funds timely. Recommendation: The College should develop a Title IV return monitoring system to ensure timely return of funds. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.