FAC Explorer

Audit 342460

FY End
2024-06-24
Total Expended
$10.75M
Findings
6
Programs
7
Organization: Harcum College (PA)
Year: 2024 Accepted: 2025-02-13
Auditor: Baker Tilly US LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
523142 2024-001 - - N
523143 2024-001 - - N
523144 2024-001 - - N
1099584 2024-001 - - N
1099585 2024-001 - - N
1099586 2024-001 - - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $6.41M Yes 1
84.063 Federal Pell Grant Program $3.04M Yes 1
84.047 Trio Upward Bound $406,829 - 0
84.042 Trio Student Support Services $340,583 - 0
84.048 Career and Technical Education -- Basic Grants to States $315,519 - 0
84.007 Federal Supplemental Educational Opportunity Grants $166,647 Yes 1
84.033 Federal Work-Study Program $75,685 Yes 0

Contacts

Name Title Type
MPEQFUJ6ENU3 Jon Jay Detemple Auditee
6105266119 Caroline Hipple Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10% de minimum indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Harcum College (the College) under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because this Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets or cash flows of the College.
Title: Summary of Significant Accounting Policies Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10% de minimum indirect cost rate allowed under the Uniform Guidance. Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10% de minimum indirect cost rate allowed under the Uniform Guidance. The College has elected not to use the 10% de minimum indirect cost rate allowed under the Uniform Guidance.

Finding Details

Finding 2024-001
Finding 2024-001 - Return of Title IV Federal Program - Federal Direct Student Loan Program, Federal Pell Grant Program, Federal Supplemental Education Opportunity Grant Program Federal Agency - U.S. Department of Education Pass-Through Entity - Not Applicable Assistance Listing Number - 84,268, 84.063, 84.007 Award Number - P268K230367, P063P220367, P007A243598 Federal Award Year - June 30, 2024 Criteria: When a recipient of Title IV grant or loan assistance withdraws from an institution during a payment period, Title IV regulations (34 CFR 668.22) require the College to determine, through a Return of Title IV Funds (R2T4) calculation, the amount of Title IV grant or loan assistance that the student earned as of the withdrawal date and return the unearned portion of the grant or loan to the Title IV programs as soon as possible but no later than 45 days after the withdrawal date. Condition/Context: For four of the four students with R2T4 calculations tested, the College did not return the unearned portion of Title IV aid within 45 days of the date they determined the student withdrew. The funds were ultimately returned upon completion of the R2T4 calculations. There were 13 students who withdrew that an R2T4 calculation was performed for the 2023-2024 year, of which four were selected for testing. The sample was not a statistically valid sample. Cause: The College was delayed in completing the R2T4 calculations timely after the date of determination. Effect: The College did not refund the students' aid within the 45 day time frame and was in possession of funds belonging to the Department of Education longer than allowed based on federal regulations. Questioned Costs: None noted. Recommendation: The College should reevaluate their internal timeline for completion of the R2T4 calculations based on the students date of determination to ensure timely return of funds. The process of refund transactions should be tracked and monitored to ensure timely return of funds. View of Responsible Officials and Planned Corrective Action: The Financial Aid Office will employ a two person process for reviewing R2T4s. The Assistance Vice President of Financial Aid will perform the R2T4 and the Associate Director of Financial Aid will double check the results once per week. Any funds needing to be returned will be done within five business days of completion of the R2T4 calculation.
Finding 2024-001
Finding 2024-001 - Return of Title IV Federal Program - Federal Direct Student Loan Program, Federal Pell Grant Program, Federal Supplemental Education Opportunity Grant Program Federal Agency - U.S. Department of Education Pass-Through Entity - Not Applicable Assistance Listing Number - 84,268, 84.063, 84.007 Award Number - P268K230367, P063P220367, P007A243598 Federal Award Year - June 30, 2024 Criteria: When a recipient of Title IV grant or loan assistance withdraws from an institution during a payment period, Title IV regulations (34 CFR 668.22) require the College to determine, through a Return of Title IV Funds (R2T4) calculation, the amount of Title IV grant or loan assistance that the student earned as of the withdrawal date and return the unearned portion of the grant or loan to the Title IV programs as soon as possible but no later than 45 days after the withdrawal date. Condition/Context: For four of the four students with R2T4 calculations tested, the College did not return the unearned portion of Title IV aid within 45 days of the date they determined the student withdrew. The funds were ultimately returned upon completion of the R2T4 calculations. There were 13 students who withdrew that an R2T4 calculation was performed for the 2023-2024 year, of which four were selected for testing. The sample was not a statistically valid sample. Cause: The College was delayed in completing the R2T4 calculations timely after the date of determination. Effect: The College did not refund the students' aid within the 45 day time frame and was in possession of funds belonging to the Department of Education longer than allowed based on federal regulations. Questioned Costs: None noted. Recommendation: The College should reevaluate their internal timeline for completion of the R2T4 calculations based on the students date of determination to ensure timely return of funds. The process of refund transactions should be tracked and monitored to ensure timely return of funds. View of Responsible Officials and Planned Corrective Action: The Financial Aid Office will employ a two person process for reviewing R2T4s. The Assistance Vice President of Financial Aid will perform the R2T4 and the Associate Director of Financial Aid will double check the results once per week. Any funds needing to be returned will be done within five business days of completion of the R2T4 calculation.
Finding 2024-001
Finding 2024-001 - Return of Title IV Federal Program - Federal Direct Student Loan Program, Federal Pell Grant Program, Federal Supplemental Education Opportunity Grant Program Federal Agency - U.S. Department of Education Pass-Through Entity - Not Applicable Assistance Listing Number - 84,268, 84.063, 84.007 Award Number - P268K230367, P063P220367, P007A243598 Federal Award Year - June 30, 2024 Criteria: When a recipient of Title IV grant or loan assistance withdraws from an institution during a payment period, Title IV regulations (34 CFR 668.22) require the College to determine, through a Return of Title IV Funds (R2T4) calculation, the amount of Title IV grant or loan assistance that the student earned as of the withdrawal date and return the unearned portion of the grant or loan to the Title IV programs as soon as possible but no later than 45 days after the withdrawal date. Condition/Context: For four of the four students with R2T4 calculations tested, the College did not return the unearned portion of Title IV aid within 45 days of the date they determined the student withdrew. The funds were ultimately returned upon completion of the R2T4 calculations. There were 13 students who withdrew that an R2T4 calculation was performed for the 2023-2024 year, of which four were selected for testing. The sample was not a statistically valid sample. Cause: The College was delayed in completing the R2T4 calculations timely after the date of determination. Effect: The College did not refund the students' aid within the 45 day time frame and was in possession of funds belonging to the Department of Education longer than allowed based on federal regulations. Questioned Costs: None noted. Recommendation: The College should reevaluate their internal timeline for completion of the R2T4 calculations based on the students date of determination to ensure timely return of funds. The process of refund transactions should be tracked and monitored to ensure timely return of funds. View of Responsible Officials and Planned Corrective Action: The Financial Aid Office will employ a two person process for reviewing R2T4s. The Assistance Vice President of Financial Aid will perform the R2T4 and the Associate Director of Financial Aid will double check the results once per week. Any funds needing to be returned will be done within five business days of completion of the R2T4 calculation.
Finding 2024-001
Finding 2024-001 - Return of Title IV Federal Program - Federal Direct Student Loan Program, Federal Pell Grant Program, Federal Supplemental Education Opportunity Grant Program Federal Agency - U.S. Department of Education Pass-Through Entity - Not Applicable Assistance Listing Number - 84,268, 84.063, 84.007 Award Number - P268K230367, P063P220367, P007A243598 Federal Award Year - June 30, 2024 Criteria: When a recipient of Title IV grant or loan assistance withdraws from an institution during a payment period, Title IV regulations (34 CFR 668.22) require the College to determine, through a Return of Title IV Funds (R2T4) calculation, the amount of Title IV grant or loan assistance that the student earned as of the withdrawal date and return the unearned portion of the grant or loan to the Title IV programs as soon as possible but no later than 45 days after the withdrawal date. Condition/Context: For four of the four students with R2T4 calculations tested, the College did not return the unearned portion of Title IV aid within 45 days of the date they determined the student withdrew. The funds were ultimately returned upon completion of the R2T4 calculations. There were 13 students who withdrew that an R2T4 calculation was performed for the 2023-2024 year, of which four were selected for testing. The sample was not a statistically valid sample. Cause: The College was delayed in completing the R2T4 calculations timely after the date of determination. Effect: The College did not refund the students' aid within the 45 day time frame and was in possession of funds belonging to the Department of Education longer than allowed based on federal regulations. Questioned Costs: None noted. Recommendation: The College should reevaluate their internal timeline for completion of the R2T4 calculations based on the students date of determination to ensure timely return of funds. The process of refund transactions should be tracked and monitored to ensure timely return of funds. View of Responsible Officials and Planned Corrective Action: The Financial Aid Office will employ a two person process for reviewing R2T4s. The Assistance Vice President of Financial Aid will perform the R2T4 and the Associate Director of Financial Aid will double check the results once per week. Any funds needing to be returned will be done within five business days of completion of the R2T4 calculation.
Finding 2024-001
Finding 2024-001 - Return of Title IV Federal Program - Federal Direct Student Loan Program, Federal Pell Grant Program, Federal Supplemental Education Opportunity Grant Program Federal Agency - U.S. Department of Education Pass-Through Entity - Not Applicable Assistance Listing Number - 84,268, 84.063, 84.007 Award Number - P268K230367, P063P220367, P007A243598 Federal Award Year - June 30, 2024 Criteria: When a recipient of Title IV grant or loan assistance withdraws from an institution during a payment period, Title IV regulations (34 CFR 668.22) require the College to determine, through a Return of Title IV Funds (R2T4) calculation, the amount of Title IV grant or loan assistance that the student earned as of the withdrawal date and return the unearned portion of the grant or loan to the Title IV programs as soon as possible but no later than 45 days after the withdrawal date. Condition/Context: For four of the four students with R2T4 calculations tested, the College did not return the unearned portion of Title IV aid within 45 days of the date they determined the student withdrew. The funds were ultimately returned upon completion of the R2T4 calculations. There were 13 students who withdrew that an R2T4 calculation was performed for the 2023-2024 year, of which four were selected for testing. The sample was not a statistically valid sample. Cause: The College was delayed in completing the R2T4 calculations timely after the date of determination. Effect: The College did not refund the students' aid within the 45 day time frame and was in possession of funds belonging to the Department of Education longer than allowed based on federal regulations. Questioned Costs: None noted. Recommendation: The College should reevaluate their internal timeline for completion of the R2T4 calculations based on the students date of determination to ensure timely return of funds. The process of refund transactions should be tracked and monitored to ensure timely return of funds. View of Responsible Officials and Planned Corrective Action: The Financial Aid Office will employ a two person process for reviewing R2T4s. The Assistance Vice President of Financial Aid will perform the R2T4 and the Associate Director of Financial Aid will double check the results once per week. Any funds needing to be returned will be done within five business days of completion of the R2T4 calculation.
Finding 2024-001
Finding 2024-001 - Return of Title IV Federal Program - Federal Direct Student Loan Program, Federal Pell Grant Program, Federal Supplemental Education Opportunity Grant Program Federal Agency - U.S. Department of Education Pass-Through Entity - Not Applicable Assistance Listing Number - 84,268, 84.063, 84.007 Award Number - P268K230367, P063P220367, P007A243598 Federal Award Year - June 30, 2024 Criteria: When a recipient of Title IV grant or loan assistance withdraws from an institution during a payment period, Title IV regulations (34 CFR 668.22) require the College to determine, through a Return of Title IV Funds (R2T4) calculation, the amount of Title IV grant or loan assistance that the student earned as of the withdrawal date and return the unearned portion of the grant or loan to the Title IV programs as soon as possible but no later than 45 days after the withdrawal date. Condition/Context: For four of the four students with R2T4 calculations tested, the College did not return the unearned portion of Title IV aid within 45 days of the date they determined the student withdrew. The funds were ultimately returned upon completion of the R2T4 calculations. There were 13 students who withdrew that an R2T4 calculation was performed for the 2023-2024 year, of which four were selected for testing. The sample was not a statistically valid sample. Cause: The College was delayed in completing the R2T4 calculations timely after the date of determination. Effect: The College did not refund the students' aid within the 45 day time frame and was in possession of funds belonging to the Department of Education longer than allowed based on federal regulations. Questioned Costs: None noted. Recommendation: The College should reevaluate their internal timeline for completion of the R2T4 calculations based on the students date of determination to ensure timely return of funds. The process of refund transactions should be tracked and monitored to ensure timely return of funds. View of Responsible Officials and Planned Corrective Action: The Financial Aid Office will employ a two person process for reviewing R2T4s. The Assistance Vice President of Financial Aid will perform the R2T4 and the Associate Director of Financial Aid will double check the results once per week. Any funds needing to be returned will be done within five business days of completion of the R2T4 calculation.