Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.
Finding 2024-001
Programs: All
Significant Deficiency over Financial Reporting
Repeat Finding: Yes
Condition:
During the audit, we noted additional time needed by management to draft the financial
statements and complete year-end closing journal entries. We also noted proper account
reconciliations were not completed timely during the fiscal year.
Criteria:
Entities must maintain an adequate system of internal controls over financial reporting to initiate,
authorize, record, process and report financial data reliably in accordance with generally
accepted accounting principles.
Cause:
The College did not fully analyze all of its account balances during the year end close process
and also experienced transition in a key management position at the end of fiscal year 2024.
Effect:
There was a significant delay in completing the audit due to ultimately reconciliations and year
end closing.
Questioned Costs:
None.
Recommendation:
We recommend that the College review its year-end closing process and resolve its staffing in its
financial operations department. This review would include reviewing the level of detail of the
procedures and the roles of those responsible, considering expanding the steps in the checklist
for clarity and ease of monitoring, as well revisiting the timeline and management of the timeline
during the close process.
Management’s Response and Corrective Action Plan
Management agrees with the finding. See schedule of corrective action.