FAC Explorer

Audit 327845

FY End
2024-05-31
Total Expended
$7.58M
Findings
8
Programs
9
Organization: Hendrix College (AR)
Year: 2024 Accepted: 2024-11-11
Auditor: Forvis Mazars LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
505236 2024-001 Significant Deficiency - N
505237 2024-001 Significant Deficiency - N
505238 2024-001 Significant Deficiency - N
505239 2024-001 Significant Deficiency - N
1081678 2024-001 Significant Deficiency - N
1081679 2024-001 Significant Deficiency - N
1081680 2024-001 Significant Deficiency - N
1081681 2024-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $5.12M Yes 1
84.063 Federal Pell Grant Program $1.39M Yes 0
84.038 Federal Perkins Loan Program $328,663 Yes 1
47.074 Biological Sciences $199,407 - 0
84.033 Federal Work-Study Program $196,244 Yes 1
93.859 Biomedical Research and Research Training $169,997 - 0
84.007 Federal Supplemental Educational Opportunity Grants $117,638 Yes 1
43.008 Office of Stem Engagement (ostem) $49,993 - 0
66.509 Science to Achieve Results (star) Research Program $8,396 - 0

Contacts

Name Title Type
FJQNLA23C6K1 Shawn Mathis Auditee
5014501333 Phang Soundara Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Hendrix College (the College) under programs of the federal government for the year ended May 31, 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets or cash flows of the College.
Title: Federal Loan Programs Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The federal loan programs listed subsequently are administered directly by the College, and balances and transactions relating to these programs are included in the College’s consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at May 31, 2024, consists of: Assistance Listing Number 84.038 Federal Perkins Loan Program with an outstanding balance at May 31, 2024 of $216,713

Finding Details

Finding 2024-001
Criteria: Special Tests and Provisions – Return of Title IV Funds (34 CFR 668.173 (b)) – Institutions are required to accurately calculate return of Title IV funds for withdrawn students who began attendance, allocate the return of Title IV funds as required, return Title IV funds timely and notify borrowers of returned loans. Condition: The College did not perform a timely calculation of Title IV funds or return the Title IV funds within 45 days. Questioned Costs: None. Context: During testing of Return of Title IV Funds, one of five selections were not returned within the 45-day period. A sample of five were selected for testing from a population of 49. Our sample selections were not, and were not intended to be, statistically valid. Effect: The College did not return Title IV funds within 45 days of a student's withdrawal. Cause: The College’s processes did not ensure Title IV returns for students on leaves of absences were calculated and returned in a timely manner. Identification as a Repeat Finding, if Applicable: Not a repeat finding Recommendation: The College should implement procedures to ensure calculations are performed for each withdrawn student and where applicable, funds are returned in the required timeframe. Views of Responsible Officials and Planned Corrective Actions: Administration concurs with the finding. On July 7, 2024, the calculation was performed and funds were returned the following day. Additional documentation will be included in the student's exit packaging that will be reviewed by the Financial Aid supervisor to determine if a Return of Title IV calculation is warranted. The Business Office will review all accounts of withdrawn students to determine if any federal aid was received and if so, will communciate with the Financial Aid office to verify that calculation was performed.
Finding 2024-001
Criteria: Special Tests and Provisions – Return of Title IV Funds (34 CFR 668.173 (b)) – Institutions are required to accurately calculate return of Title IV funds for withdrawn students who began attendance, allocate the return of Title IV funds as required, return Title IV funds timely and notify borrowers of returned loans. Condition: The College did not perform a timely calculation of Title IV funds or return the Title IV funds within 45 days. Questioned Costs: None. Context: During testing of Return of Title IV Funds, one of five selections were not returned within the 45-day period. A sample of five were selected for testing from a population of 49. Our sample selections were not, and were not intended to be, statistically valid. Effect: The College did not return Title IV funds within 45 days of a student's withdrawal. Cause: The College’s processes did not ensure Title IV returns for students on leaves of absences were calculated and returned in a timely manner. Identification as a Repeat Finding, if Applicable: Not a repeat finding Recommendation: The College should implement procedures to ensure calculations are performed for each withdrawn student and where applicable, funds are returned in the required timeframe. Views of Responsible Officials and Planned Corrective Actions: Administration concurs with the finding. On July 7, 2024, the calculation was performed and funds were returned the following day. Additional documentation will be included in the student's exit packaging that will be reviewed by the Financial Aid supervisor to determine if a Return of Title IV calculation is warranted. The Business Office will review all accounts of withdrawn students to determine if any federal aid was received and if so, will communciate with the Financial Aid office to verify that calculation was performed.
Finding 2024-001
Criteria: Special Tests and Provisions – Return of Title IV Funds (34 CFR 668.173 (b)) – Institutions are required to accurately calculate return of Title IV funds for withdrawn students who began attendance, allocate the return of Title IV funds as required, return Title IV funds timely and notify borrowers of returned loans. Condition: The College did not perform a timely calculation of Title IV funds or return the Title IV funds within 45 days. Questioned Costs: None. Context: During testing of Return of Title IV Funds, one of five selections were not returned within the 45-day period. A sample of five were selected for testing from a population of 49. Our sample selections were not, and were not intended to be, statistically valid. Effect: The College did not return Title IV funds within 45 days of a student's withdrawal. Cause: The College’s processes did not ensure Title IV returns for students on leaves of absences were calculated and returned in a timely manner. Identification as a Repeat Finding, if Applicable: Not a repeat finding Recommendation: The College should implement procedures to ensure calculations are performed for each withdrawn student and where applicable, funds are returned in the required timeframe. Views of Responsible Officials and Planned Corrective Actions: Administration concurs with the finding. On July 7, 2024, the calculation was performed and funds were returned the following day. Additional documentation will be included in the student's exit packaging that will be reviewed by the Financial Aid supervisor to determine if a Return of Title IV calculation is warranted. The Business Office will review all accounts of withdrawn students to determine if any federal aid was received and if so, will communciate with the Financial Aid office to verify that calculation was performed.
Finding 2024-001
Criteria: Special Tests and Provisions – Return of Title IV Funds (34 CFR 668.173 (b)) – Institutions are required to accurately calculate return of Title IV funds for withdrawn students who began attendance, allocate the return of Title IV funds as required, return Title IV funds timely and notify borrowers of returned loans. Condition: The College did not perform a timely calculation of Title IV funds or return the Title IV funds within 45 days. Questioned Costs: None. Context: During testing of Return of Title IV Funds, one of five selections were not returned within the 45-day period. A sample of five were selected for testing from a population of 49. Our sample selections were not, and were not intended to be, statistically valid. Effect: The College did not return Title IV funds within 45 days of a student's withdrawal. Cause: The College’s processes did not ensure Title IV returns for students on leaves of absences were calculated and returned in a timely manner. Identification as a Repeat Finding, if Applicable: Not a repeat finding Recommendation: The College should implement procedures to ensure calculations are performed for each withdrawn student and where applicable, funds are returned in the required timeframe. Views of Responsible Officials and Planned Corrective Actions: Administration concurs with the finding. On July 7, 2024, the calculation was performed and funds were returned the following day. Additional documentation will be included in the student's exit packaging that will be reviewed by the Financial Aid supervisor to determine if a Return of Title IV calculation is warranted. The Business Office will review all accounts of withdrawn students to determine if any federal aid was received and if so, will communciate with the Financial Aid office to verify that calculation was performed.
Finding 2024-001
Criteria: Special Tests and Provisions – Return of Title IV Funds (34 CFR 668.173 (b)) – Institutions are required to accurately calculate return of Title IV funds for withdrawn students who began attendance, allocate the return of Title IV funds as required, return Title IV funds timely and notify borrowers of returned loans. Condition: The College did not perform a timely calculation of Title IV funds or return the Title IV funds within 45 days. Questioned Costs: None. Context: During testing of Return of Title IV Funds, one of five selections were not returned within the 45-day period. A sample of five were selected for testing from a population of 49. Our sample selections were not, and were not intended to be, statistically valid. Effect: The College did not return Title IV funds within 45 days of a student's withdrawal. Cause: The College’s processes did not ensure Title IV returns for students on leaves of absences were calculated and returned in a timely manner. Identification as a Repeat Finding, if Applicable: Not a repeat finding Recommendation: The College should implement procedures to ensure calculations are performed for each withdrawn student and where applicable, funds are returned in the required timeframe. Views of Responsible Officials and Planned Corrective Actions: Administration concurs with the finding. On July 7, 2024, the calculation was performed and funds were returned the following day. Additional documentation will be included in the student's exit packaging that will be reviewed by the Financial Aid supervisor to determine if a Return of Title IV calculation is warranted. The Business Office will review all accounts of withdrawn students to determine if any federal aid was received and if so, will communciate with the Financial Aid office to verify that calculation was performed.
Finding 2024-001
Criteria: Special Tests and Provisions – Return of Title IV Funds (34 CFR 668.173 (b)) – Institutions are required to accurately calculate return of Title IV funds for withdrawn students who began attendance, allocate the return of Title IV funds as required, return Title IV funds timely and notify borrowers of returned loans. Condition: The College did not perform a timely calculation of Title IV funds or return the Title IV funds within 45 days. Questioned Costs: None. Context: During testing of Return of Title IV Funds, one of five selections were not returned within the 45-day period. A sample of five were selected for testing from a population of 49. Our sample selections were not, and were not intended to be, statistically valid. Effect: The College did not return Title IV funds within 45 days of a student's withdrawal. Cause: The College’s processes did not ensure Title IV returns for students on leaves of absences were calculated and returned in a timely manner. Identification as a Repeat Finding, if Applicable: Not a repeat finding Recommendation: The College should implement procedures to ensure calculations are performed for each withdrawn student and where applicable, funds are returned in the required timeframe. Views of Responsible Officials and Planned Corrective Actions: Administration concurs with the finding. On July 7, 2024, the calculation was performed and funds were returned the following day. Additional documentation will be included in the student's exit packaging that will be reviewed by the Financial Aid supervisor to determine if a Return of Title IV calculation is warranted. The Business Office will review all accounts of withdrawn students to determine if any federal aid was received and if so, will communciate with the Financial Aid office to verify that calculation was performed.
Finding 2024-001
Criteria: Special Tests and Provisions – Return of Title IV Funds (34 CFR 668.173 (b)) – Institutions are required to accurately calculate return of Title IV funds for withdrawn students who began attendance, allocate the return of Title IV funds as required, return Title IV funds timely and notify borrowers of returned loans. Condition: The College did not perform a timely calculation of Title IV funds or return the Title IV funds within 45 days. Questioned Costs: None. Context: During testing of Return of Title IV Funds, one of five selections were not returned within the 45-day period. A sample of five were selected for testing from a population of 49. Our sample selections were not, and were not intended to be, statistically valid. Effect: The College did not return Title IV funds within 45 days of a student's withdrawal. Cause: The College’s processes did not ensure Title IV returns for students on leaves of absences were calculated and returned in a timely manner. Identification as a Repeat Finding, if Applicable: Not a repeat finding Recommendation: The College should implement procedures to ensure calculations are performed for each withdrawn student and where applicable, funds are returned in the required timeframe. Views of Responsible Officials and Planned Corrective Actions: Administration concurs with the finding. On July 7, 2024, the calculation was performed and funds were returned the following day. Additional documentation will be included in the student's exit packaging that will be reviewed by the Financial Aid supervisor to determine if a Return of Title IV calculation is warranted. The Business Office will review all accounts of withdrawn students to determine if any federal aid was received and if so, will communciate with the Financial Aid office to verify that calculation was performed.
Finding 2024-001
Criteria: Special Tests and Provisions – Return of Title IV Funds (34 CFR 668.173 (b)) – Institutions are required to accurately calculate return of Title IV funds for withdrawn students who began attendance, allocate the return of Title IV funds as required, return Title IV funds timely and notify borrowers of returned loans. Condition: The College did not perform a timely calculation of Title IV funds or return the Title IV funds within 45 days. Questioned Costs: None. Context: During testing of Return of Title IV Funds, one of five selections were not returned within the 45-day period. A sample of five were selected for testing from a population of 49. Our sample selections were not, and were not intended to be, statistically valid. Effect: The College did not return Title IV funds within 45 days of a student's withdrawal. Cause: The College’s processes did not ensure Title IV returns for students on leaves of absences were calculated and returned in a timely manner. Identification as a Repeat Finding, if Applicable: Not a repeat finding Recommendation: The College should implement procedures to ensure calculations are performed for each withdrawn student and where applicable, funds are returned in the required timeframe. Views of Responsible Officials and Planned Corrective Actions: Administration concurs with the finding. On July 7, 2024, the calculation was performed and funds were returned the following day. Additional documentation will be included in the student's exit packaging that will be reviewed by the Financial Aid supervisor to determine if a Return of Title IV calculation is warranted. The Business Office will review all accounts of withdrawn students to determine if any federal aid was received and if so, will communciate with the Financial Aid office to verify that calculation was performed.