FAC Explorer

Audit 340765

FY End
2024-06-30
Total Expended
$31.69M
Findings
4
Programs
11
Organization: Bryant University (RI)
Year: 2024 Accepted: 2025-01-31
Auditor: Kpmg LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
520894 2024-001 Significant Deficiency - N
520895 2024-001 Significant Deficiency - N
1097336 2024-001 Significant Deficiency - N
1097337 2024-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $25.11M Yes 1
84.063 Federal Pell Grant Program $2.19M Yes 1
84.038 Federal Perkins Loan Program $1.57M Yes 0
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $1.31M - 0
84.033 Federal Work-Study Program $540,149 Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $248,707 Yes 0
59.061 State Trade and Export Promotion Pilot Grant Program $78,499 - 0
43.008 Office of Stem Engagement (ostem) $50,824 - 0
47.083 Integrative Activities $15,129 - 0
47.076 Stem Education (formerly Education and Human Resources) $7,622 - 0
93.859 Biomedical Research and Research Training $4,968 - 0

Contacts

Name Title Type
X68FBFACV1E1 David Gilmore Auditee
4012326034 Jayme Silva Auditor
No contacts on file

Notes to SEFA

Title: Federal Pell Grant Program Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal grant activity of Bryant University (the University) and is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the consolidated financial statements. Full Assistance Listing Numbers (ALN) are included, when available. The University has elected not to utilize the 10 percent indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The total $2,192,832 reflects the amounts paid to student’s accounts.
Title: Federal Supplemental Education Opportunity Grants Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal grant activity of Bryant University (the University) and is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the consolidated financial statements. Full Assistance Listing Numbers (ALN) are included, when available. The University has elected not to utilize the 10 percent indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Students received awards amounting to $331,609, including the federal allocation of $248,707, as well as $82,902 in institutional matching funds. The amount reported $248,707 reflects expended federal funds, only.
Title: Federal Work-Study Program Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal grant activity of Bryant University (the University) and is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the consolidated financial statements. Full Assistance Listing Numbers (ALN) are included, when available. The University has elected not to utilize the 10 percent indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Gross awards made to students amounted to $710,724, made up of a $540,149 federal share and $170,575 in institutional matching funds. The amount reported $540,149 reflects expended federal funds, only. The amount of community services wages $28,425 reflects actual expenditures spend at a rate of 100% federal share.
Title: Federal Perkins Loan Program Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal grant activity of Bryant University (the University) and is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the consolidated financial statements. Full Assistance Listing Numbers (ALN) are included, when available. The University has elected not to utilize the 10 percent indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The University administers the Federal Perkins Loan Program. The outstanding loan balance as of June 30, 2024 and 2023 was $1,095,604 and $1,566,750, respectively. There were no new loans issued to students nor was an administrative expense taken for 2024 or 2023.
Title: Federal Direct Student Loans Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal grant activity of Bryant University (the University) and is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the consolidated financial statements. Full Assistance Listing Numbers (ALN) are included, when available. The University has elected not to utilize the 10 percent indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The University disbursed $25,107,828 in loan proceeds under the Federal Direct Loan program, which includes $13,974,272 in subsidized and unsubsidized Federal Direct Loan proceeds to graduate and undergraduate students, as well as $11,133,556 in Federal Direct PLUS loan proceeds to graduate students and parents of undergraduate students. It is not practical to determine the balances of loans outstanding to students of the University under this program as of June 30, 2024. The University is responsible only for the performance of certain administrative duties and, accordingly, these loans are not included in the University’s consolidated financial statements.

Finding Details

Finding 2024-001
The University utilizes the National Student Clearinghouse (the Clearinghouse) as a service provider for transmissions of its enrollment reporting changes to the National Student Loan Data System (NSLDS). The University receives the Enrollment Reporting Roster and updates it for changes in student status. The file is sent to the Clearinghouse who transmits the updated information to NSLDS. Of the 40 students with enrollment changes we selected for test work, we noted that for one student, the University did not report the student’s status or enrollment change accurately to NSLDS within the required 60 days period. The student identified in our sample as being reported late submitted a withdrawal form during the summer term and did not enroll in the fall semester. The University reported all summer withdrawals during the first fall roster submission. The student identified was reported 40 days late. After further analysis provided by the University, there were a total of 88 students who were impacted by this issue.
Finding 2024-001
The University utilizes the National Student Clearinghouse (the Clearinghouse) as a service provider for transmissions of its enrollment reporting changes to the National Student Loan Data System (NSLDS). The University receives the Enrollment Reporting Roster and updates it for changes in student status. The file is sent to the Clearinghouse who transmits the updated information to NSLDS. Of the 40 students with enrollment changes we selected for test work, we noted that for one student, the University did not report the student’s status or enrollment change accurately to NSLDS within the required 60 days period. The student identified in our sample as being reported late submitted a withdrawal form during the summer term and did not enroll in the fall semester. The University reported all summer withdrawals during the first fall roster submission. The student identified was reported 40 days late. After further analysis provided by the University, there were a total of 88 students who were impacted by this issue.
Finding 2024-001
The University utilizes the National Student Clearinghouse (the Clearinghouse) as a service provider for transmissions of its enrollment reporting changes to the National Student Loan Data System (NSLDS). The University receives the Enrollment Reporting Roster and updates it for changes in student status. The file is sent to the Clearinghouse who transmits the updated information to NSLDS. Of the 40 students with enrollment changes we selected for test work, we noted that for one student, the University did not report the student’s status or enrollment change accurately to NSLDS within the required 60 days period. The student identified in our sample as being reported late submitted a withdrawal form during the summer term and did not enroll in the fall semester. The University reported all summer withdrawals during the first fall roster submission. The student identified was reported 40 days late. After further analysis provided by the University, there were a total of 88 students who were impacted by this issue.
Finding 2024-001
The University utilizes the National Student Clearinghouse (the Clearinghouse) as a service provider for transmissions of its enrollment reporting changes to the National Student Loan Data System (NSLDS). The University receives the Enrollment Reporting Roster and updates it for changes in student status. The file is sent to the Clearinghouse who transmits the updated information to NSLDS. Of the 40 students with enrollment changes we selected for test work, we noted that for one student, the University did not report the student’s status or enrollment change accurately to NSLDS within the required 60 days period. The student identified in our sample as being reported late submitted a withdrawal form during the summer term and did not enroll in the fall semester. The University reported all summer withdrawals during the first fall roster submission. The student identified was reported 40 days late. After further analysis provided by the University, there were a total of 88 students who were impacted by this issue.