FAC Explorer

Audit 343080

FY End
2024-06-30
Total Expended
$1.47M
Findings
2
Programs
2
Organization: Pentecostal Theological Seminary (TN)
Year: 2024 Accepted: 2025-02-19
Auditor: Edmondson Betzler & Dame PLLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
523663 2024-001 Significant Deficiency - N
1100105 2024-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $1.46M Yes 1
84.033 Federal Work-Study Program $12,851 Yes 0

Contacts

Name Title Type
LHLBUJNNMHJ1 Caleb Peacock Auditee
4234787703 Jeffery Betzler Auditor
No contacts on file

Notes to SEFA

Title: Note 1 Accounting Policies: This schedule of expenditures of federal awards includes all federal grants received by the entity which had activity during the year ended June 30, 2024. This schedule has been prepared on the accrual basis of accounting and in accordance with the Uniform Guidance. The Seminary has elected not to use the 10% de minimis indirect cost rate. De Minimis Rate Used: N Rate Explanation: N/A This schedule of expenditures of federal awards includes all federal grants received by the entity which had activity during the year ended June 30, 2024. This schedule has been prepared on the accrual basis of accounting and in accordance with the Uniform Guidance. The Seminary has elected not to use the 10% de minimis indirect cost rate.

Finding Details

Finding 2024-001
Criteria: When a return of Title IV funds is required, the U.S. Department of Education requires that Title IV funds be returned as soon as possible, but no later than 45 days of becoming aware that the student had withdrawn, deposits or transfers were made into the federal funds account, electronic transfers were initiated, or checks were issued. Condition: Two amounts required to be returned to Title IV were not returrned within the prescribed 45 days. Cause: Calculations of petential returns to Title IV were not made timely. Effect: Required returns of Title IV funds were not within 45 days as required by the U.S. Department of Education. Questioned Costs: The two instances of noncompliance totaled $2,987. These funds were returned, but after the required 45 days. Recommendation: The Siminary should make timely calculations to determine if a refund of Title IV funds is required when a student withdraws. The Seminary needs to establish procedures to notify the person(s) responsible for calculating if a refund determination needs to be made and another person to oversee the process, review the calculation and make sure the funds are returned timely.
Finding 2024-001
Criteria: When a return of Title IV funds is required, the U.S. Department of Education requires that Title IV funds be returned as soon as possible, but no later than 45 days of becoming aware that the student had withdrawn, deposits or transfers were made into the federal funds account, electronic transfers were initiated, or checks were issued. Condition: Two amounts required to be returned to Title IV were not returrned within the prescribed 45 days. Cause: Calculations of petential returns to Title IV were not made timely. Effect: Required returns of Title IV funds were not within 45 days as required by the U.S. Department of Education. Questioned Costs: The two instances of noncompliance totaled $2,987. These funds were returned, but after the required 45 days. Recommendation: The Siminary should make timely calculations to determine if a refund of Title IV funds is required when a student withdraws. The Seminary needs to establish procedures to notify the person(s) responsible for calculating if a refund determination needs to be made and another person to oversee the process, review the calculation and make sure the funds are returned timely.