FAC Explorer

Audit 343512

FY End
2024-06-30
Total Expended
$37.55M
Findings
2
Programs
13
Organization: Iona College (NY)
Year: 2024 Accepted: 2025-02-24
Auditor: Bdo USA PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
524316 2024-001 Significant Deficiency - N
1100758 2024-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $29.82M Yes 1
84.063 Federal Pell Grant Program $4.95M Yes 0
84.033 Federal Work-Study Program $502,561 Yes 0
93.732 Mental and Behavioral Health Education and Training Grants $484,511 - 0
84.007 Federal Supplemental Educational Opportunity Grants $432,786 Yes 0
84.217 Trio McNair Post-Baccalaureate Achievement $344,066 - 0
84.042 Trio Student Support Services $266,416 - 0
84.325 Special Education - Personnel Development to Improve Services and Results for Children with Disabilities $251,592 - 0
47.076 Stem Education (formerly Education and Human Resources) $112,415 - 0
59.077 Community Navigator Pilot Program $86,320 - 0
16.525 Grants to Reduce Domestic Violence, Dating Violence, Sexual Assault, and Stalking on Campus $84,869 - 0
47.074 Biological Sciences $30,222 - 0
47.049 Mathematical and Physical Sciences $12,343 - 0

Contacts

Name Title Type
HR7QS3BWJWE5 Todd Baker Auditee
9146332008 Stathis Poulos Auditor
No contacts on file

Notes to SEFA

Title: 1. Basis of Presentation Accounting Policies: 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 or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Iona University under programs of the federal governments for the year ended June 30, 2024. 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, Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.
Title: 2. Summary of Significant Accounting Policies Accounting Policies: 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 or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. 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 or are limited as to reimbursement.
Title: 3. Contingency Accounting Policies: 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 or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The federal financial assistance amounts received are subject to audit and adjustment. If any expenditures are disallowed by the applicable cognizant agencies as a result of such an audit, any claim for reimbursement to the cognizant agencies would become a liability of the University. In the opinion of management, all grant expenditures are in compliance with the terms of the agreements and applicable federal laws and regulations.
Title: 4. Indirect Cost Rate Accounting Policies: 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 or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The University has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: 5. Subrecipients Accounting Policies: 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 or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. There were no program funds passed through the University to subrecipients during the year ended June 30, 2024.
Title: 6. Federal Direct Student Loan Program Accounting Policies: 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 or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The University is responsible only for the performance of certain administrative duties with respect to its Federal Direct Student Loan programs and, accordingly, these loans are not included in the University’s financial statements. It is not practicable to determine the balance of loans outstanding to students and former students of the University under these programs as of June 30, 2024.

Finding Details

Finding 2024-001
Finding 2024-001 – N. Special Tests and Provisions – Enrollment Reporting Information on Federal Program(s) – Federal Direct Student Loan Program (Federal Assistance Listing #84.268) Criteria or Specific Requirement - Institutions are required to report enrollment information under the Pell grant and the Direct and Federal Family Education Loan (FFEL) loan programs via the National Student Loan Data System (NSLDS) (OMB No. 1845-0035), although FFEL loans are no longer made or a part of the SFA Cluster, a student may have a FFEL loan from previous years that would require enrollment reporting for that student (Pell, 34 CFR 690.83(b)(2); FFEL, 34 CFR 682.610; Direct Loan, 34 CFR 685.309; Perkins 34 CFR 674.19(f)). The administration of the Title IV programs depends heavily on the accuracy and timeliness of the enrollment information reported by institutions. Institutions must review, update, and certify student enrollment statuses, program information, and effective dates that appear on the Enrollment Reporting Roster file or on the Enrollment Maintenance page of the NSLDS Professional Access (NSLDSFAP) website which the financial aid administrator can access for the auditor. The data on the institution’s Enrollment Reporting Roster, or Enrollment Maintenance page, is what NSLDS has as the most recently certified enrollment. There are two categories of enrollment information, “Campus Level” and “Program Level,” both of which need to be reported accurately and have separate record types. The NSLDS Enrollment Reporting Guide provides the requirements and guidance for reporting enrollment details using the NSLDS Enrollment Reporting Process. Campus Level: Institutions are responsible for accurately and timely reporting certain significant data elements under the Campus-Level Record that the U.S. Department of Education considers high risk, including enrollment status, which is the student’s enrollment status as of the reporting date; full-time (F), three-quarter time (Q), half-time (H), less than half-time (L), leave of absence (A), graduated (G), withdrawn (W), deceased (D), never attended (X) and record not found (Z). At a minimum, institutions are required to certify enrollment every 60 days or every other month. Program Level: Institutions are responsible for accurately and timely reporting certain significant data elements under the Program Level Record that the U.S. Department of Education considers high risk, including OPEID number, CIP code, CIP year, credit level, program enrollment status, program enrollment effective date, program length, and program begin date. Condition – The University did not accurately report a student’s significant data elements under the Program-Level record on the NSLDS website. Cause – Administrative oversight in internal controls over enrollment reporting requirements. Effect or Potential Effect – The University was not in compliance with the enrollment reporting requirements. Questioned Costs – None. Context – 1 of 25 students selected for testing. Indication of Repeat Finding – No similar finding identified during the prior year. Recommendation – We recommend that the University enhance its procedures and internal controls over enrollment reporting requirements. Views of Responsible Officials – Management acknowledges the finding regarding the inaccurate reporting of student data elements under the Program-Level record on the NSLDS website. To address this issue, the University has implemented a corrective action plan that includes updating our reporting frequency and enhancing our data review processes: Updated Reporting Frequency: As of January 2025, the University now includes the non-compulsory terms, summer 1 and winter sessions, in its reporting. Previous institutional practice did not include reporting program level data for these terms given that said terms do not involve federal financial aid. This change ensures that all Program-Level data, regardless of federal financial aid involvement, is accurately reported. Secondary Check Process: Each month, the Compliance Officer will review a sample of 100 students from NSLDS to verify significant data elements, including program enrollment effective dates. After the initial review, the Compliance Officer will summarize the findings and share them with the Associate Registrar and Registrar for a secondary review. Any necessary edits will be made, followed by a review of an additional 25 students to ensure accuracy. We believe these corrective action steps are critical to ensuring accurate reporting and preventing this issue in the future.
Finding 2024-001
Finding 2024-001 – N. Special Tests and Provisions – Enrollment Reporting Information on Federal Program(s) – Federal Direct Student Loan Program (Federal Assistance Listing #84.268) Criteria or Specific Requirement - Institutions are required to report enrollment information under the Pell grant and the Direct and Federal Family Education Loan (FFEL) loan programs via the National Student Loan Data System (NSLDS) (OMB No. 1845-0035), although FFEL loans are no longer made or a part of the SFA Cluster, a student may have a FFEL loan from previous years that would require enrollment reporting for that student (Pell, 34 CFR 690.83(b)(2); FFEL, 34 CFR 682.610; Direct Loan, 34 CFR 685.309; Perkins 34 CFR 674.19(f)). The administration of the Title IV programs depends heavily on the accuracy and timeliness of the enrollment information reported by institutions. Institutions must review, update, and certify student enrollment statuses, program information, and effective dates that appear on the Enrollment Reporting Roster file or on the Enrollment Maintenance page of the NSLDS Professional Access (NSLDSFAP) website which the financial aid administrator can access for the auditor. The data on the institution’s Enrollment Reporting Roster, or Enrollment Maintenance page, is what NSLDS has as the most recently certified enrollment. There are two categories of enrollment information, “Campus Level” and “Program Level,” both of which need to be reported accurately and have separate record types. The NSLDS Enrollment Reporting Guide provides the requirements and guidance for reporting enrollment details using the NSLDS Enrollment Reporting Process. Campus Level: Institutions are responsible for accurately and timely reporting certain significant data elements under the Campus-Level Record that the U.S. Department of Education considers high risk, including enrollment status, which is the student’s enrollment status as of the reporting date; full-time (F), three-quarter time (Q), half-time (H), less than half-time (L), leave of absence (A), graduated (G), withdrawn (W), deceased (D), never attended (X) and record not found (Z). At a minimum, institutions are required to certify enrollment every 60 days or every other month. Program Level: Institutions are responsible for accurately and timely reporting certain significant data elements under the Program Level Record that the U.S. Department of Education considers high risk, including OPEID number, CIP code, CIP year, credit level, program enrollment status, program enrollment effective date, program length, and program begin date. Condition – The University did not accurately report a student’s significant data elements under the Program-Level record on the NSLDS website. Cause – Administrative oversight in internal controls over enrollment reporting requirements. Effect or Potential Effect – The University was not in compliance with the enrollment reporting requirements. Questioned Costs – None. Context – 1 of 25 students selected for testing. Indication of Repeat Finding – No similar finding identified during the prior year. Recommendation – We recommend that the University enhance its procedures and internal controls over enrollment reporting requirements. Views of Responsible Officials – Management acknowledges the finding regarding the inaccurate reporting of student data elements under the Program-Level record on the NSLDS website. To address this issue, the University has implemented a corrective action plan that includes updating our reporting frequency and enhancing our data review processes: Updated Reporting Frequency: As of January 2025, the University now includes the non-compulsory terms, summer 1 and winter sessions, in its reporting. Previous institutional practice did not include reporting program level data for these terms given that said terms do not involve federal financial aid. This change ensures that all Program-Level data, regardless of federal financial aid involvement, is accurately reported. Secondary Check Process: Each month, the Compliance Officer will review a sample of 100 students from NSLDS to verify significant data elements, including program enrollment effective dates. After the initial review, the Compliance Officer will summarize the findings and share them with the Associate Registrar and Registrar for a secondary review. Any necessary edits will be made, followed by a review of an additional 25 students to ensure accuracy. We believe these corrective action steps are critical to ensuring accurate reporting and preventing this issue in the future.