Audit 343124

FY End
2024-06-30
Total Expended
$4.02M
Findings
24
Programs
4
Year: 2024 Accepted: 2025-02-19

Organization Exclusion Status:

Checking exclusion status...

Findings

ID Ref Severity Repeat Requirement
523680 2024-001 Significant Deficiency - E
523681 2024-001 Significant Deficiency - E
523682 2024-001 Significant Deficiency - E
523683 2024-001 Significant Deficiency - E
523684 2024-002 - - N
523685 2024-002 - - N
523686 2024-003 - - N
523687 2024-003 - - N
523688 2024-003 - - N
523689 2024-003 - - N
523690 2024-004 - - L
523691 2024-004 - - L
1100122 2024-001 Significant Deficiency - E
1100123 2024-001 Significant Deficiency - E
1100124 2024-001 Significant Deficiency - E
1100125 2024-001 Significant Deficiency - E
1100126 2024-002 - - N
1100127 2024-002 - - N
1100128 2024-003 - - N
1100129 2024-003 - - N
1100130 2024-003 - - N
1100131 2024-003 - - N
1100132 2024-004 - - L
1100133 2024-004 - - L

Programs

ALN Program Spent Major Findings
84.063 Federal Pell Grant Program $2.84M Yes 4
84.268 Federal Direct Student Loans $1.10M Yes 4
84.007 Federal Supplemental Educational Opportunity Grants $71,096 Yes 2
84.033 Federal Work-Study Program $11,628 Yes 2

Contacts

Name Title Type
DGN3FFPKQW15 Hector J. Ferrer Auditee
3129221884 John Fedus Auditor
No contacts on file

Notes to SEFA

Title: Note 1—Basis of presentation Accounting Policies: Basis of Accounting - Expenditures reported on 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. De Minimis Rate Used: N Rate Explanation: Indirect Cost Rate - The College has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance. The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal grant activity of MacCormac College d/b/a Generations College (the “College”) (a nonprofit organization) and is presented on the accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in, the preparation of the basic financial statements.
Title: Note 3—Federal Direct Student Loan Program Accounting Policies: Basis of Accounting - Expenditures reported on 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. De Minimis Rate Used: N Rate Explanation: Indirect Cost Rate - The College has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance. During the fiscal year ended June 30, 2024, the College processed $1,100,981 of new loans under the Federal Direct Student Loans program (Assistance Listing #84.268). The College is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans program and, accordingly, these loans are not included on the College’s financial statements; furthermore, it is not practical to determine the balance of loans outstanding to students and former students of the College under these programs at June 30, 2024.
Title: Note 4—Sub-recipients Accounting Policies: Basis of Accounting - Expenditures reported on 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. De Minimis Rate Used: N Rate Explanation: Indirect Cost Rate - The College has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance. The College provided no federal awards to sub-recipients during the year ended June 30, 2024.
Title: Note 5—Other information Accounting Policies: Basis of Accounting - Expenditures reported on 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. De Minimis Rate Used: N Rate Explanation: Indirect Cost Rate - The College has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance. During the year ended June 30, 2024, the College received no federal insurance or federal noncash assistance for the purpose of administering federal programs.

Finding Details

Significant Deficiency Finding 2024-001 – Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Criteria: The College’s system of financial aid and internal controls should be designed to accurately retrieve records so that the College can comply with laws and regulations and be audited under Governmental Auditing Standards and Uniform Grant Guidance. The College’s system of internal controls must appropriately document reviews and approvals of all department of education compliance requirements. Condition: The College could not timely retrieve all student records and show documentation of reviews and approvals. Cause: The College changed their system for financial aid and did not appropriately backup historical records. Although they were able to provide all the latest ISIR records, they were not able to provide original ISIR records if a student amended their ISIR. Recommendation: Particular attention should be placed on systems and process improvements necessary to ensure accurate retention of student records and documentation of reviews and approvals. Context: Of our population tested the College had 1 record unable to be retrieved out of 40 and the whole population missing support or review and approvals for various requirements. Effect: The College cannot show appropriate documentation for all records and controls. Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Significant Deficiency Finding 2024-001 – Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Criteria: The College’s system of financial aid and internal controls should be designed to accurately retrieve records so that the College can comply with laws and regulations and be audited under Governmental Auditing Standards and Uniform Grant Guidance. The College’s system of internal controls must appropriately document reviews and approvals of all department of education compliance requirements. Condition: The College could not timely retrieve all student records and show documentation of reviews and approvals. Cause: The College changed their system for financial aid and did not appropriately backup historical records. Although they were able to provide all the latest ISIR records, they were not able to provide original ISIR records if a student amended their ISIR. Recommendation: Particular attention should be placed on systems and process improvements necessary to ensure accurate retention of student records and documentation of reviews and approvals. Context: Of our population tested the College had 1 record unable to be retrieved out of 40 and the whole population missing support or review and approvals for various requirements. Effect: The College cannot show appropriate documentation for all records and controls. Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Significant Deficiency Finding 2024-001 – Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Criteria: The College’s system of financial aid and internal controls should be designed to accurately retrieve records so that the College can comply with laws and regulations and be audited under Governmental Auditing Standards and Uniform Grant Guidance. The College’s system of internal controls must appropriately document reviews and approvals of all department of education compliance requirements. Condition: The College could not timely retrieve all student records and show documentation of reviews and approvals. Cause: The College changed their system for financial aid and did not appropriately backup historical records. Although they were able to provide all the latest ISIR records, they were not able to provide original ISIR records if a student amended their ISIR. Recommendation: Particular attention should be placed on systems and process improvements necessary to ensure accurate retention of student records and documentation of reviews and approvals. Context: Of our population tested the College had 1 record unable to be retrieved out of 40 and the whole population missing support or review and approvals for various requirements. Effect: The College cannot show appropriate documentation for all records and controls. Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Significant Deficiency Finding 2024-001 – Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Criteria: The College’s system of financial aid and internal controls should be designed to accurately retrieve records so that the College can comply with laws and regulations and be audited under Governmental Auditing Standards and Uniform Grant Guidance. The College’s system of internal controls must appropriately document reviews and approvals of all department of education compliance requirements. Condition: The College could not timely retrieve all student records and show documentation of reviews and approvals. Cause: The College changed their system for financial aid and did not appropriately backup historical records. Although they were able to provide all the latest ISIR records, they were not able to provide original ISIR records if a student amended their ISIR. Recommendation: Particular attention should be placed on systems and process improvements necessary to ensure accurate retention of student records and documentation of reviews and approvals. Context: Of our population tested the College had 1 record unable to be retrieved out of 40 and the whole population missing support or review and approvals for various requirements. Effect: The College cannot show appropriate documentation for all records and controls. Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Nonmaterial Noncompliance Findings Finding 2024-002 – Student Financial Aid Cluster, Assistance Listing # 84.063 and 84.268 Compliance Requirement: Special Test and Provisions – Enrollment Reporting Criteria: The College is required to send changes in attendance levels of students, including students who, graduated, withdrew, dropped out, or enrolled changes to the National Student Loan Data System (“NSLDS”) within 60 days of the change. Condition: The College did not send changes in attendance levels of students, including students who graduated, withdrew, dropped out, or enrolled changes to the NSLDS within 60 days of the change. Cause: The College had not reported status changes of students to the NSLDS as required under the Uniform Grant Guidance for the year ended June 30, 2024. The status information reported in the College’s system, was incorrectly tracked for the submission to the National Student Clearinghouse and NSLDS, which created late submissions. Context: Of our population tested the College had six status changes to the NSLDS after 60 days. Effect: The College did not report status changes to the NSLDS timely. Recommendation: The College should put in place a process to timely capture student changes so they can be reported to the NSLDS. Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Nonmaterial Noncompliance Findings Finding 2024-002 – Student Financial Aid Cluster, Assistance Listing # 84.063 and 84.268 Compliance Requirement: Special Test and Provisions – Enrollment Reporting Criteria: The College is required to send changes in attendance levels of students, including students who, graduated, withdrew, dropped out, or enrolled changes to the National Student Loan Data System (“NSLDS”) within 60 days of the change. Condition: The College did not send changes in attendance levels of students, including students who graduated, withdrew, dropped out, or enrolled changes to the NSLDS within 60 days of the change. Cause: The College had not reported status changes of students to the NSLDS as required under the Uniform Grant Guidance for the year ended June 30, 2024. The status information reported in the College’s system, was incorrectly tracked for the submission to the National Student Clearinghouse and NSLDS, which created late submissions. Context: Of our population tested the College had six status changes to the NSLDS after 60 days. Effect: The College did not report status changes to the NSLDS timely. Recommendation: The College should put in place a process to timely capture student changes so they can be reported to the NSLDS. Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Nonmaterial Noncompliance Findings Finding 2024-003 - Student Financial Aid Cluster, CFDA# 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Gramm-Leach-Bliley Act – Student Information Security Criteria: The College is required to have a written security program that address the seven elements as described in 16 CFR 314.4 (b). Condition: The College does not have a written security program that address the seven elements as described in 16 CFR 314.4 (b) as of June 30, 2024. Cause: Although the College meets some of the seven elements as described in 16 CFR 314.4 (b), the College has yet to establish a formalized written policy. Context: Not all elements as described in 16 CFR 314.4 (b) have been met, nor is has the College establish a formalized written policy. Effect: The College could have risks associated with the safeguarding of sensitive information it is not aware of or does not protect against. Recommendation: The College should review and put in place the required minimum elements as described in 16 CFR 314.4 (b). Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Nonmaterial Noncompliance Findings Finding 2024-003 - Student Financial Aid Cluster, CFDA# 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Gramm-Leach-Bliley Act – Student Information Security Criteria: The College is required to have a written security program that address the seven elements as described in 16 CFR 314.4 (b). Condition: The College does not have a written security program that address the seven elements as described in 16 CFR 314.4 (b) as of June 30, 2024. Cause: Although the College meets some of the seven elements as described in 16 CFR 314.4 (b), the College has yet to establish a formalized written policy. Context: Not all elements as described in 16 CFR 314.4 (b) have been met, nor is has the College establish a formalized written policy. Effect: The College could have risks associated with the safeguarding of sensitive information it is not aware of or does not protect against. Recommendation: The College should review and put in place the required minimum elements as described in 16 CFR 314.4 (b). Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Nonmaterial Noncompliance Findings Finding 2024-003 - Student Financial Aid Cluster, CFDA# 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Gramm-Leach-Bliley Act – Student Information Security Criteria: The College is required to have a written security program that address the seven elements as described in 16 CFR 314.4 (b). Condition: The College does not have a written security program that address the seven elements as described in 16 CFR 314.4 (b) as of June 30, 2024. Cause: Although the College meets some of the seven elements as described in 16 CFR 314.4 (b), the College has yet to establish a formalized written policy. Context: Not all elements as described in 16 CFR 314.4 (b) have been met, nor is has the College establish a formalized written policy. Effect: The College could have risks associated with the safeguarding of sensitive information it is not aware of or does not protect against. Recommendation: The College should review and put in place the required minimum elements as described in 16 CFR 314.4 (b). Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Nonmaterial Noncompliance Findings Finding 2024-003 - Student Financial Aid Cluster, CFDA# 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Gramm-Leach-Bliley Act – Student Information Security Criteria: The College is required to have a written security program that address the seven elements as described in 16 CFR 314.4 (b). Condition: The College does not have a written security program that address the seven elements as described in 16 CFR 314.4 (b) as of June 30, 2024. Cause: Although the College meets some of the seven elements as described in 16 CFR 314.4 (b), the College has yet to establish a formalized written policy. Context: Not all elements as described in 16 CFR 314.4 (b) have been met, nor is has the College establish a formalized written policy. Effect: The College could have risks associated with the safeguarding of sensitive information it is not aware of or does not protect against. Recommendation: The College should review and put in place the required minimum elements as described in 16 CFR 314.4 (b). Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Nonmaterial Noncompliance Findings Finding 2024-004 - Student Financial Aid Cluster, CFDA# 84.063, 84.268 Compliance Requirement: Reporting Criteria: The College is required to submit Direct Loan and Pell Grant origination records and disbursement records to the COD system. The disbursement record reports the actual disbursement date and the amount of the disbursement. Condition: The College does not report the actual disbursement date the student receive the Direct Loan and/or Pell funds to the COD system. Cause: The College uses the date they report the disbursements to the COD system as the disbursement date. The actual disbursement date the student receives the funds does not match the COD system. Context: Of the population tested all the disbursement dates in the COD system did not match student records. Recommendation: The College should put in place a process to accurately capture student disbursement dates to the COD system. Management Response: The College concurs with this finding.
Nonmaterial Noncompliance Findings Finding 2024-004 - Student Financial Aid Cluster, CFDA# 84.063, 84.268 Compliance Requirement: Reporting Criteria: The College is required to submit Direct Loan and Pell Grant origination records and disbursement records to the COD system. The disbursement record reports the actual disbursement date and the amount of the disbursement. Condition: The College does not report the actual disbursement date the student receive the Direct Loan and/or Pell funds to the COD system. Cause: The College uses the date they report the disbursements to the COD system as the disbursement date. The actual disbursement date the student receives the funds does not match the COD system. Context: Of the population tested all the disbursement dates in the COD system did not match student records. Recommendation: The College should put in place a process to accurately capture student disbursement dates to the COD system. Management Response: The College concurs with this finding.
Significant Deficiency Finding 2024-001 – Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Criteria: The College’s system of financial aid and internal controls should be designed to accurately retrieve records so that the College can comply with laws and regulations and be audited under Governmental Auditing Standards and Uniform Grant Guidance. The College’s system of internal controls must appropriately document reviews and approvals of all department of education compliance requirements. Condition: The College could not timely retrieve all student records and show documentation of reviews and approvals. Cause: The College changed their system for financial aid and did not appropriately backup historical records. Although they were able to provide all the latest ISIR records, they were not able to provide original ISIR records if a student amended their ISIR. Recommendation: Particular attention should be placed on systems and process improvements necessary to ensure accurate retention of student records and documentation of reviews and approvals. Context: Of our population tested the College had 1 record unable to be retrieved out of 40 and the whole population missing support or review and approvals for various requirements. Effect: The College cannot show appropriate documentation for all records and controls. Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Significant Deficiency Finding 2024-001 – Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Criteria: The College’s system of financial aid and internal controls should be designed to accurately retrieve records so that the College can comply with laws and regulations and be audited under Governmental Auditing Standards and Uniform Grant Guidance. The College’s system of internal controls must appropriately document reviews and approvals of all department of education compliance requirements. Condition: The College could not timely retrieve all student records and show documentation of reviews and approvals. Cause: The College changed their system for financial aid and did not appropriately backup historical records. Although they were able to provide all the latest ISIR records, they were not able to provide original ISIR records if a student amended their ISIR. Recommendation: Particular attention should be placed on systems and process improvements necessary to ensure accurate retention of student records and documentation of reviews and approvals. Context: Of our population tested the College had 1 record unable to be retrieved out of 40 and the whole population missing support or review and approvals for various requirements. Effect: The College cannot show appropriate documentation for all records and controls. Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Significant Deficiency Finding 2024-001 – Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Criteria: The College’s system of financial aid and internal controls should be designed to accurately retrieve records so that the College can comply with laws and regulations and be audited under Governmental Auditing Standards and Uniform Grant Guidance. The College’s system of internal controls must appropriately document reviews and approvals of all department of education compliance requirements. Condition: The College could not timely retrieve all student records and show documentation of reviews and approvals. Cause: The College changed their system for financial aid and did not appropriately backup historical records. Although they were able to provide all the latest ISIR records, they were not able to provide original ISIR records if a student amended their ISIR. Recommendation: Particular attention should be placed on systems and process improvements necessary to ensure accurate retention of student records and documentation of reviews and approvals. Context: Of our population tested the College had 1 record unable to be retrieved out of 40 and the whole population missing support or review and approvals for various requirements. Effect: The College cannot show appropriate documentation for all records and controls. Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Significant Deficiency Finding 2024-001 – Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Criteria: The College’s system of financial aid and internal controls should be designed to accurately retrieve records so that the College can comply with laws and regulations and be audited under Governmental Auditing Standards and Uniform Grant Guidance. The College’s system of internal controls must appropriately document reviews and approvals of all department of education compliance requirements. Condition: The College could not timely retrieve all student records and show documentation of reviews and approvals. Cause: The College changed their system for financial aid and did not appropriately backup historical records. Although they were able to provide all the latest ISIR records, they were not able to provide original ISIR records if a student amended their ISIR. Recommendation: Particular attention should be placed on systems and process improvements necessary to ensure accurate retention of student records and documentation of reviews and approvals. Context: Of our population tested the College had 1 record unable to be retrieved out of 40 and the whole population missing support or review and approvals for various requirements. Effect: The College cannot show appropriate documentation for all records and controls. Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Nonmaterial Noncompliance Findings Finding 2024-002 – Student Financial Aid Cluster, Assistance Listing # 84.063 and 84.268 Compliance Requirement: Special Test and Provisions – Enrollment Reporting Criteria: The College is required to send changes in attendance levels of students, including students who, graduated, withdrew, dropped out, or enrolled changes to the National Student Loan Data System (“NSLDS”) within 60 days of the change. Condition: The College did not send changes in attendance levels of students, including students who graduated, withdrew, dropped out, or enrolled changes to the NSLDS within 60 days of the change. Cause: The College had not reported status changes of students to the NSLDS as required under the Uniform Grant Guidance for the year ended June 30, 2024. The status information reported in the College’s system, was incorrectly tracked for the submission to the National Student Clearinghouse and NSLDS, which created late submissions. Context: Of our population tested the College had six status changes to the NSLDS after 60 days. Effect: The College did not report status changes to the NSLDS timely. Recommendation: The College should put in place a process to timely capture student changes so they can be reported to the NSLDS. Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Nonmaterial Noncompliance Findings Finding 2024-002 – Student Financial Aid Cluster, Assistance Listing # 84.063 and 84.268 Compliance Requirement: Special Test and Provisions – Enrollment Reporting Criteria: The College is required to send changes in attendance levels of students, including students who, graduated, withdrew, dropped out, or enrolled changes to the National Student Loan Data System (“NSLDS”) within 60 days of the change. Condition: The College did not send changes in attendance levels of students, including students who graduated, withdrew, dropped out, or enrolled changes to the NSLDS within 60 days of the change. Cause: The College had not reported status changes of students to the NSLDS as required under the Uniform Grant Guidance for the year ended June 30, 2024. The status information reported in the College’s system, was incorrectly tracked for the submission to the National Student Clearinghouse and NSLDS, which created late submissions. Context: Of our population tested the College had six status changes to the NSLDS after 60 days. Effect: The College did not report status changes to the NSLDS timely. Recommendation: The College should put in place a process to timely capture student changes so they can be reported to the NSLDS. Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Nonmaterial Noncompliance Findings Finding 2024-003 - Student Financial Aid Cluster, CFDA# 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Gramm-Leach-Bliley Act – Student Information Security Criteria: The College is required to have a written security program that address the seven elements as described in 16 CFR 314.4 (b). Condition: The College does not have a written security program that address the seven elements as described in 16 CFR 314.4 (b) as of June 30, 2024. Cause: Although the College meets some of the seven elements as described in 16 CFR 314.4 (b), the College has yet to establish a formalized written policy. Context: Not all elements as described in 16 CFR 314.4 (b) have been met, nor is has the College establish a formalized written policy. Effect: The College could have risks associated with the safeguarding of sensitive information it is not aware of or does not protect against. Recommendation: The College should review and put in place the required minimum elements as described in 16 CFR 314.4 (b). Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Nonmaterial Noncompliance Findings Finding 2024-003 - Student Financial Aid Cluster, CFDA# 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Gramm-Leach-Bliley Act – Student Information Security Criteria: The College is required to have a written security program that address the seven elements as described in 16 CFR 314.4 (b). Condition: The College does not have a written security program that address the seven elements as described in 16 CFR 314.4 (b) as of June 30, 2024. Cause: Although the College meets some of the seven elements as described in 16 CFR 314.4 (b), the College has yet to establish a formalized written policy. Context: Not all elements as described in 16 CFR 314.4 (b) have been met, nor is has the College establish a formalized written policy. Effect: The College could have risks associated with the safeguarding of sensitive information it is not aware of or does not protect against. Recommendation: The College should review and put in place the required minimum elements as described in 16 CFR 314.4 (b). Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Nonmaterial Noncompliance Findings Finding 2024-003 - Student Financial Aid Cluster, CFDA# 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Gramm-Leach-Bliley Act – Student Information Security Criteria: The College is required to have a written security program that address the seven elements as described in 16 CFR 314.4 (b). Condition: The College does not have a written security program that address the seven elements as described in 16 CFR 314.4 (b) as of June 30, 2024. Cause: Although the College meets some of the seven elements as described in 16 CFR 314.4 (b), the College has yet to establish a formalized written policy. Context: Not all elements as described in 16 CFR 314.4 (b) have been met, nor is has the College establish a formalized written policy. Effect: The College could have risks associated with the safeguarding of sensitive information it is not aware of or does not protect against. Recommendation: The College should review and put in place the required minimum elements as described in 16 CFR 314.4 (b). Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Nonmaterial Noncompliance Findings Finding 2024-003 - Student Financial Aid Cluster, CFDA# 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Gramm-Leach-Bliley Act – Student Information Security Criteria: The College is required to have a written security program that address the seven elements as described in 16 CFR 314.4 (b). Condition: The College does not have a written security program that address the seven elements as described in 16 CFR 314.4 (b) as of June 30, 2024. Cause: Although the College meets some of the seven elements as described in 16 CFR 314.4 (b), the College has yet to establish a formalized written policy. Context: Not all elements as described in 16 CFR 314.4 (b) have been met, nor is has the College establish a formalized written policy. Effect: The College could have risks associated with the safeguarding of sensitive information it is not aware of or does not protect against. Recommendation: The College should review and put in place the required minimum elements as described in 16 CFR 314.4 (b). Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.
Nonmaterial Noncompliance Findings Finding 2024-004 - Student Financial Aid Cluster, CFDA# 84.063, 84.268 Compliance Requirement: Reporting Criteria: The College is required to submit Direct Loan and Pell Grant origination records and disbursement records to the COD system. The disbursement record reports the actual disbursement date and the amount of the disbursement. Condition: The College does not report the actual disbursement date the student receive the Direct Loan and/or Pell funds to the COD system. Cause: The College uses the date they report the disbursements to the COD system as the disbursement date. The actual disbursement date the student receives the funds does not match the COD system. Context: Of the population tested all the disbursement dates in the COD system did not match student records. Recommendation: The College should put in place a process to accurately capture student disbursement dates to the COD system. Management Response: The College concurs with this finding.
Nonmaterial Noncompliance Findings Finding 2024-004 - Student Financial Aid Cluster, CFDA# 84.063, 84.268 Compliance Requirement: Reporting Criteria: The College is required to submit Direct Loan and Pell Grant origination records and disbursement records to the COD system. The disbursement record reports the actual disbursement date and the amount of the disbursement. Condition: The College does not report the actual disbursement date the student receive the Direct Loan and/or Pell funds to the COD system. Cause: The College uses the date they report the disbursements to the COD system as the disbursement date. The actual disbursement date the student receives the funds does not match the COD system. Context: Of the population tested all the disbursement dates in the COD system did not match student records. Recommendation: The College should put in place a process to accurately capture student disbursement dates to the COD system. Management Response: The College concurs with this finding.