Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding Number: 2023-002
Program: Student Financial Assistance Cluster – Federal Direct Loan Program
Federal Agency Name: United Statement Department of Education
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Number: 84.268
Finding Type: Significant deficiency and non-compliance
Compliance requirement: Special test: Disbursements
Criteria
The institution must notify the student, or parent, in writing of (1) the date and amount of the disbursement, and (2) the student’s right, or parent’s right to cancel all or a portion of that loan or loan disbursement and have the
loan proceeds returned to the holder of that loan payments returned to ED; and (3) the procedure and time by which the student or parent must notify the institution that he or she wishes to cancel the loan. Institutions that
implement an affirmative confirmation process (as described in 34 CFR 668.165 (a)(6)(i)) must make this notification to the student or parent no earlier than 30 days before, and no later than 30 days after, crediting the
student’s account at the institution with Direct Loans. Institutions that do not implement an affirmative confirmation process must notify a student no earlier than 30 days before, but no later than seven days after,
crediting the student’s account and must give the student 30 days to cancel all or part of the loan.
Per 2 CFR Part 200.303, non-Federal entities receiving Federal awards must establish and maintain effective internal controls over Federal awards that provide reasonable assurance that they are managing Federal
awards in compliance with Federal statutes, regulations and the provisions of contracts or grant agreements that could have a material effect on each of its Federal programs. One of the University’s many responsibilities
includes establishing a system of internal controls in determining disbursement notifications for student aid.
Condition
For 3 of 40 students selected for test work, the University was unable to provide evidence that the student was notified that the Federal Direct loan funds were disbursed to the student’s account.
Cause
The cause of the condition found was due to a system error that prevented the disbursement notification from being sent.
Effect
The effect of the condition found is that students may not have been properly notified of the disbursement to their accounts or their right to cancel the loans.
Questioned Costs
None.
Statistical Sampling
The sample was not intended to be, and was not, a statistically valid sample.
Identification of Whether the Audit Finding was a Repeat Finding
This is not a repeat finding.
Recommendation
We recommend the University review its processes and controls over disbursement notifications to ensure that all notifications are sent timely to students and parents and that evidence is maintained to support compliance
with the above noted requirements.
Finding Number: 2023-003
Program: Research and Development Cluster – Geographic Programs-Great Lakes Restoration Initiative
Federal Agency Name: Environmental Protection Agency
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 66.469
Finding Type: Significant Deficiency
Compliance Requirement: Allowable Costs/Cost Principles
Criteria
The Uniform Guidance Section 200.430, states that charges to federal awards for salaries and wages must be based on records that accurately reflect the work performed. These records must:
(i) Be supported by a system of internal control which provides reasonable assurance that the charges are accurate, allowable, and properly allocated;
(ii) Be incorporated into the official records of the non-Federal entity;
(iii) Reasonably reflect the total activity for which the employee is compensated by the non-Federal entity, not exceeding 100% of compensated activities
(iv) Encompass federally-assisted and all other activities compensated by the non-Federal entity on an integrated basis, but may include the use of subsidiary records as defined in the non-Federal entity’s
written policy;
(v) Comply with the established accounting policies and practices of the non-Federal entity and
(vi) Support the distribution of the employee’s salary or wages among specific activities or cost objectives if the employee works on more than one Federal award; a Federal award and non-Federal award; an indirect
cost activity and a direct cost activity; two or more indirect activities which are allocated using different allocation bases; or an unallowable activity and a direct or indirect cost activity.
Further, in accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is
managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
The University performs certain manual calculations when a faculty or graduate assistant has multiple appointments in order to determine the appropriate percentage allocation to each federal award or non-federal
activity.
During our testing internal controls and compliance over allowable costs/cost principles specific to payroll we noted that the University did not have internal controls designed at a sufficient level of precision to detect errors
in manual calculations when the employee has more than one supplemental pay authorization. As a result we noted that, 2 out of 62 payroll transactions tested the amount allocated and charged to the grant was incorrect.
We noted that the 2 transactions were for the same employee and impacted the same award.
Cause
In discussing this with the University, this employee had submitted two separate payroll authorizations for his summer research salary at different times and a manual calculation error was made in the allocation to the
appropriate grant. The University’s internal controls over review of supplemental pay authorizations did not include a secondary review of the calculation by someone other than the preparer before the allocation was
input into the payroll system.
Effect
The lack of internal controls at a sufficient level of precision and in particular where there are manual calculations can result in incorrect allocations and charges to federal awards and ultimately unallowable costs.
Questioned Costs
None.
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This finding is a repeat finding in the immediately prior audit finding 2022-003
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to review payroll authorization forms and manual calculations performed before the payroll allocation is
recorded to the federal grant, including a review by someone other than the preparer.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding Number: 2023-002
Program: Student Financial Assistance Cluster – Federal Direct Loan Program
Federal Agency Name: United Statement Department of Education
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Number: 84.268
Finding Type: Significant deficiency and non-compliance
Compliance requirement: Special test: Disbursements
Criteria
The institution must notify the student, or parent, in writing of (1) the date and amount of the disbursement, and (2) the student’s right, or parent’s right to cancel all or a portion of that loan or loan disbursement and have the
loan proceeds returned to the holder of that loan payments returned to ED; and (3) the procedure and time by which the student or parent must notify the institution that he or she wishes to cancel the loan. Institutions that
implement an affirmative confirmation process (as described in 34 CFR 668.165 (a)(6)(i)) must make this notification to the student or parent no earlier than 30 days before, and no later than 30 days after, crediting the
student’s account at the institution with Direct Loans. Institutions that do not implement an affirmative confirmation process must notify a student no earlier than 30 days before, but no later than seven days after,
crediting the student’s account and must give the student 30 days to cancel all or part of the loan.
Per 2 CFR Part 200.303, non-Federal entities receiving Federal awards must establish and maintain effective internal controls over Federal awards that provide reasonable assurance that they are managing Federal
awards in compliance with Federal statutes, regulations and the provisions of contracts or grant agreements that could have a material effect on each of its Federal programs. One of the University’s many responsibilities
includes establishing a system of internal controls in determining disbursement notifications for student aid.
Condition
For 3 of 40 students selected for test work, the University was unable to provide evidence that the student was notified that the Federal Direct loan funds were disbursed to the student’s account.
Cause
The cause of the condition found was due to a system error that prevented the disbursement notification from being sent.
Effect
The effect of the condition found is that students may not have been properly notified of the disbursement to their accounts or their right to cancel the loans.
Questioned Costs
None.
Statistical Sampling
The sample was not intended to be, and was not, a statistically valid sample.
Identification of Whether the Audit Finding was a Repeat Finding
This is not a repeat finding.
Recommendation
We recommend the University review its processes and controls over disbursement notifications to ensure that all notifications are sent timely to students and parents and that evidence is maintained to support compliance
with the above noted requirements.
Finding Number: 2023-003
Program: Research and Development Cluster – Geographic Programs-Great Lakes Restoration Initiative
Federal Agency Name: Environmental Protection Agency
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 66.469
Finding Type: Significant Deficiency
Compliance Requirement: Allowable Costs/Cost Principles
Criteria
The Uniform Guidance Section 200.430, states that charges to federal awards for salaries and wages must be based on records that accurately reflect the work performed. These records must:
(i) Be supported by a system of internal control which provides reasonable assurance that the charges are accurate, allowable, and properly allocated;
(ii) Be incorporated into the official records of the non-Federal entity;
(iii) Reasonably reflect the total activity for which the employee is compensated by the non-Federal entity, not exceeding 100% of compensated activities
(iv) Encompass federally-assisted and all other activities compensated by the non-Federal entity on an integrated basis, but may include the use of subsidiary records as defined in the non-Federal entity’s
written policy;
(v) Comply with the established accounting policies and practices of the non-Federal entity and
(vi) Support the distribution of the employee’s salary or wages among specific activities or cost objectives if the employee works on more than one Federal award; a Federal award and non-Federal award; an indirect
cost activity and a direct cost activity; two or more indirect activities which are allocated using different allocation bases; or an unallowable activity and a direct or indirect cost activity.
Further, in accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is
managing the federal award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
The University performs certain manual calculations when a faculty or graduate assistant has multiple appointments in order to determine the appropriate percentage allocation to each federal award or non-federal
activity.
During our testing internal controls and compliance over allowable costs/cost principles specific to payroll we noted that the University did not have internal controls designed at a sufficient level of precision to detect errors
in manual calculations when the employee has more than one supplemental pay authorization. As a result we noted that, 2 out of 62 payroll transactions tested the amount allocated and charged to the grant was incorrect.
We noted that the 2 transactions were for the same employee and impacted the same award.
Cause
In discussing this with the University, this employee had submitted two separate payroll authorizations for his summer research salary at different times and a manual calculation error was made in the allocation to the
appropriate grant. The University’s internal controls over review of supplemental pay authorizations did not include a secondary review of the calculation by someone other than the preparer before the allocation was
input into the payroll system.
Effect
The lack of internal controls at a sufficient level of precision and in particular where there are manual calculations can result in incorrect allocations and charges to federal awards and ultimately unallowable costs.
Questioned Costs
None.
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This finding is a repeat finding in the immediately prior audit finding 2022-003
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to review payroll authorization forms and manual calculations performed before the payroll allocation is
recorded to the federal grant, including a review by someone other than the preparer.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding Number: 2023-005
Program: Research and Development Cluster
Federal Agency Name: Department of Agriculture, National Science Foundation, Environmental Protection Agency, Department of Homeland Security, Department of Commerce,Department of Defense and Department
of Health and Human Services.
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: 10.310, 47.041, 47.070, 66.469, 97.077, 11.609, 12.901, 93.913
Finding Type: Significant deficiency and non-compliance
Compliance Requirement: Period of Performance
Criteria
Unless the federal awarding agency or pass-through entity authorizes an extension, a non-federal entity must liquidate all financial obligations incurred under the federal award not later than 120 calendar days after the end
date of the period of performance as specified in the terms and conditions of the federal award (2 CFR section 200.344(b))
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of period of performance, we noted that 8 out of 20 transactions tested for grants closed out in FY23 had transactions posted to the grant more than 120 days after the close out of the award or the end of
the period of performance. After reviewing the full population of grants that ended during FY23 we noted a total of 8 grants and 47 transactions that were posted to the grant more than 120 days after the close out of the
award or the end of the period of performance. Specifically, we noted for 38 of the 47 transactions posted late were to move costs off the grants for a total of ($39,006) and 9 transactions were to add expenses to the grants
for a total of $27,266.
Cause
In discussing this with the University, there was not adequately designed internal controls to ensure grants are closed out timely in accordance with the federal regulations, primarily in times of turnover in staff in the office of
sponsored research.
Effect
Unsupported costs could be charged to a grant after the close out period.
Questioned Costs
ALN Amount
10.310 $ 1,092
47.041 3
47.070 628
66.469 543
97.077 25,000
Total $ 27,266
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement a more thorough and detailed process and related internal controls to ensure that grants are closed out timely.
Finding 2023-001, Financial Reporting
During the past two fiscal year-end audits we disclosed a significant deficiency in internal controls over financial reporting. During the fiscal year-end 2023 audit we did not observe substantial improvement in the internal
control environment over financial reporting. We continued to identify financial statement adjustments as a result of our audit procedures. Management continued to have significant difficulty in preparing the statement of
cash flows specifically as it relates to investing activities. Additionally, we continued to observe management not performing adequate net asset analysis or monitoring restricted net asset balances at the project level.
We noted management does not have a robust and systematic process in place whereby the financial statements are prepared and reconciled to supporting documentation. As a result, management was not able to
timely provide complete and accurate supporting documentation for various significant accounts, including investing cash flows and net assets. We also continued to note a number of correcting journal entries as a
result of the lack of a secondary review and approval process at a sufficient level of precision.
The lack of specific, repeatable formalized policies and procedures over internal controls in financial reporting creates a risk that the consolidated financial statements could be misstated. We recommend that management
perform a review of the University’s policies and procedures for account analysis and reconciliation, review existing internal controls for opportunities to strengthen, and add specific policies and procedures to, on a
periodic basis throughout the year, prepare the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) vs. solely preparing them on an annual basis. Further, we recommend the
University consider additional training for its staff and/or obtaining additional GAAP accounting or auditing expertise. Finally, we recommend the University investigate better reporting through internal systems or
through service providers, such as the outsourced investment provider, to aid in efficiently and effectively analyzing and reporting on key transactions.
Finding Number: 2023-004
Program: Research and Development Cluster
Federal Agency Name: Various
Federal Award Year: July 1, 2022 – June 30, 2023
Federal Assistance Listing Numbers: various
Finding Type: Significant Deficiency
Compliance Requirement: Cash Management
Criteria
In accordance with 2 CFR 200.303(a), non-federal entities must establish and maintain effective internal control over the federal award that provides reasonable assurance that the non-federal entity is managing the federal
award in compliance with federal statutes, regulations, and the terms and conditions of the federal award.
Condition
During our testing of cash management, we noted that University has not effectively segregated drawdown preparation, approval, and submission duties. Specifically, the Research Accountant prepares, submits, and
certifies drawdowns without a secondary review or approval.
Cause
The University did not have adequately designed internal controls in the cash management process.
Effect
Cash draws could be incorrectly calculated and the incorrect amount drawn down on federal grants.
Questioned Costs
None
Statistical Sampling
Our sample was not and was not intended to be statistically valid.
Identification of Whether the Audit Finding was a Repeat Finding
This was not a repeat finding
Recommendation
We recommend that the University implement an additional step in the cash drawdown process to include a review by someone other than the preparer of the drawdown and segregation of duties between the person
preparing the drawdown request and the person performing the actual cash draw through the federal systems.