FAC Explorer

Audit 343940

FY End
2024-06-30
Total Expended
$4.04M
Findings
10
Programs
6
Organization: Landmark College, INC (VT)
Year: 2024 Accepted: 2025-02-26
Auditor: Bonadio & CO LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
524537 2024-002 Significant Deficiency - N
524538 2024-002 Significant Deficiency - N
524539 2024-002 Significant Deficiency - N
524540 2024-002 Significant Deficiency - N
524541 2024-002 Significant Deficiency - N
1100979 2024-002 Significant Deficiency - N
1100980 2024-002 Significant Deficiency - N
1100981 2024-002 Significant Deficiency - N
1100982 2024-002 Significant Deficiency - N
1100983 2024-002 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $3.08M Yes 1
84.063 Federal Pell Grant Program $553,026 Yes 1
84.033 Federal Work-Study Program $86,291 Yes 1
84.007 Federal Supplemental Educational Opportunity Grants $70,662 Yes 1
47.076 Stem Education (formerly Education and Human Resources) $32,237 - 0
84.408 Postsecondary Education Scholarships for Veteran's Dependents $6,973 Yes 1

Contacts

Name Title Type
TPRBJ5MBK225 Michael Mertes Auditee
8023877179 Andrew Kelly Auditor
No contacts on file

Notes to SEFA

Title: GENERAL 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 College has elected not 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) summarizes the expenditures of Landmark College, Inc. and Subsidiary (the College) under programs of the federal government for the year ended June 30, 2024 and has been prepared in accordance with accounting principles generally accepted in the United States of America. 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 the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, change in net assets, or cash flows of the College. For the purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the College and agencies and departments of the federal government, as well as federal awards passed through other agencies. Student financial assistance includes certain awards to provide financial assistance to students, primarily under the Federal Work-Study, Pell Grant and Supplemental Educational Opportunity Grant programs of the Department of Education. The College receives awards to make loans to eligible students under certain federal student loan programs and federally guaranteed loans are issued to students of the College by the federal government. These loans are considered for the purposes of determining whether student financial assistance is a major or nonmajor program.
Title: BASIS OF ACCOUNTING 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 College has elected not 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: INDIRECT COSTS 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 College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.

Finding Details

Finding 2024-002
2024-002 (Significant Deficiency) U.S. Department of Education Student Financial Assistance Cluster Gramm Leach Bliley Act (GLBA) Criteria Institutions participating in the Student Financial Assistance (SFA) program are required to comply with GLBA. GLBA requires institutions to implement certain written policies. Condition The College does not have all required written policies, nor does the risk assessment meet the criteria that are required under GLBA. Cause and Effect The College has not established formal policies to ensure compliance with GLBA requirements. Resource constraints and competing priorities were contributing factors. As a result, the College is not fully compliant with GLBA requirements. Recommendation We recommend that the College develop and implement a comprehensive written information security program that fully addresses all minimum requirements outlined by GLBA. Additionally, the College should establish a formal written policy to provide staff with regular training on data security and privacy. A vendor management policy should also be developed and implemented to ensure third-party service providers adequately protect customer information. Finally, the College should ensure that its risk assessment process meets all GLBA criteria and that all related plans and policies are reviewed and updated annually.
Finding 2024-002
2024-002 (Significant Deficiency) U.S. Department of Education Student Financial Assistance Cluster Gramm Leach Bliley Act (GLBA) Criteria Institutions participating in the Student Financial Assistance (SFA) program are required to comply with GLBA. GLBA requires institutions to implement certain written policies. Condition The College does not have all required written policies, nor does the risk assessment meet the criteria that are required under GLBA. Cause and Effect The College has not established formal policies to ensure compliance with GLBA requirements. Resource constraints and competing priorities were contributing factors. As a result, the College is not fully compliant with GLBA requirements. Recommendation We recommend that the College develop and implement a comprehensive written information security program that fully addresses all minimum requirements outlined by GLBA. Additionally, the College should establish a formal written policy to provide staff with regular training on data security and privacy. A vendor management policy should also be developed and implemented to ensure third-party service providers adequately protect customer information. Finally, the College should ensure that its risk assessment process meets all GLBA criteria and that all related plans and policies are reviewed and updated annually.
Finding 2024-002
2024-002 (Significant Deficiency) U.S. Department of Education Student Financial Assistance Cluster Gramm Leach Bliley Act (GLBA) Criteria Institutions participating in the Student Financial Assistance (SFA) program are required to comply with GLBA. GLBA requires institutions to implement certain written policies. Condition The College does not have all required written policies, nor does the risk assessment meet the criteria that are required under GLBA. Cause and Effect The College has not established formal policies to ensure compliance with GLBA requirements. Resource constraints and competing priorities were contributing factors. As a result, the College is not fully compliant with GLBA requirements. Recommendation We recommend that the College develop and implement a comprehensive written information security program that fully addresses all minimum requirements outlined by GLBA. Additionally, the College should establish a formal written policy to provide staff with regular training on data security and privacy. A vendor management policy should also be developed and implemented to ensure third-party service providers adequately protect customer information. Finally, the College should ensure that its risk assessment process meets all GLBA criteria and that all related plans and policies are reviewed and updated annually.
Finding 2024-002
2024-002 (Significant Deficiency) U.S. Department of Education Student Financial Assistance Cluster Gramm Leach Bliley Act (GLBA) Criteria Institutions participating in the Student Financial Assistance (SFA) program are required to comply with GLBA. GLBA requires institutions to implement certain written policies. Condition The College does not have all required written policies, nor does the risk assessment meet the criteria that are required under GLBA. Cause and Effect The College has not established formal policies to ensure compliance with GLBA requirements. Resource constraints and competing priorities were contributing factors. As a result, the College is not fully compliant with GLBA requirements. Recommendation We recommend that the College develop and implement a comprehensive written information security program that fully addresses all minimum requirements outlined by GLBA. Additionally, the College should establish a formal written policy to provide staff with regular training on data security and privacy. A vendor management policy should also be developed and implemented to ensure third-party service providers adequately protect customer information. Finally, the College should ensure that its risk assessment process meets all GLBA criteria and that all related plans and policies are reviewed and updated annually.
Finding 2024-002
2024-002 (Significant Deficiency) U.S. Department of Education Student Financial Assistance Cluster Gramm Leach Bliley Act (GLBA) Criteria Institutions participating in the Student Financial Assistance (SFA) program are required to comply with GLBA. GLBA requires institutions to implement certain written policies. Condition The College does not have all required written policies, nor does the risk assessment meet the criteria that are required under GLBA. Cause and Effect The College has not established formal policies to ensure compliance with GLBA requirements. Resource constraints and competing priorities were contributing factors. As a result, the College is not fully compliant with GLBA requirements. Recommendation We recommend that the College develop and implement a comprehensive written information security program that fully addresses all minimum requirements outlined by GLBA. Additionally, the College should establish a formal written policy to provide staff with regular training on data security and privacy. A vendor management policy should also be developed and implemented to ensure third-party service providers adequately protect customer information. Finally, the College should ensure that its risk assessment process meets all GLBA criteria and that all related plans and policies are reviewed and updated annually.
Finding 2024-002
2024-002 (Significant Deficiency) U.S. Department of Education Student Financial Assistance Cluster Gramm Leach Bliley Act (GLBA) Criteria Institutions participating in the Student Financial Assistance (SFA) program are required to comply with GLBA. GLBA requires institutions to implement certain written policies. Condition The College does not have all required written policies, nor does the risk assessment meet the criteria that are required under GLBA. Cause and Effect The College has not established formal policies to ensure compliance with GLBA requirements. Resource constraints and competing priorities were contributing factors. As a result, the College is not fully compliant with GLBA requirements. Recommendation We recommend that the College develop and implement a comprehensive written information security program that fully addresses all minimum requirements outlined by GLBA. Additionally, the College should establish a formal written policy to provide staff with regular training on data security and privacy. A vendor management policy should also be developed and implemented to ensure third-party service providers adequately protect customer information. Finally, the College should ensure that its risk assessment process meets all GLBA criteria and that all related plans and policies are reviewed and updated annually.
Finding 2024-002
2024-002 (Significant Deficiency) U.S. Department of Education Student Financial Assistance Cluster Gramm Leach Bliley Act (GLBA) Criteria Institutions participating in the Student Financial Assistance (SFA) program are required to comply with GLBA. GLBA requires institutions to implement certain written policies. Condition The College does not have all required written policies, nor does the risk assessment meet the criteria that are required under GLBA. Cause and Effect The College has not established formal policies to ensure compliance with GLBA requirements. Resource constraints and competing priorities were contributing factors. As a result, the College is not fully compliant with GLBA requirements. Recommendation We recommend that the College develop and implement a comprehensive written information security program that fully addresses all minimum requirements outlined by GLBA. Additionally, the College should establish a formal written policy to provide staff with regular training on data security and privacy. A vendor management policy should also be developed and implemented to ensure third-party service providers adequately protect customer information. Finally, the College should ensure that its risk assessment process meets all GLBA criteria and that all related plans and policies are reviewed and updated annually.
Finding 2024-002
2024-002 (Significant Deficiency) U.S. Department of Education Student Financial Assistance Cluster Gramm Leach Bliley Act (GLBA) Criteria Institutions participating in the Student Financial Assistance (SFA) program are required to comply with GLBA. GLBA requires institutions to implement certain written policies. Condition The College does not have all required written policies, nor does the risk assessment meet the criteria that are required under GLBA. Cause and Effect The College has not established formal policies to ensure compliance with GLBA requirements. Resource constraints and competing priorities were contributing factors. As a result, the College is not fully compliant with GLBA requirements. Recommendation We recommend that the College develop and implement a comprehensive written information security program that fully addresses all minimum requirements outlined by GLBA. Additionally, the College should establish a formal written policy to provide staff with regular training on data security and privacy. A vendor management policy should also be developed and implemented to ensure third-party service providers adequately protect customer information. Finally, the College should ensure that its risk assessment process meets all GLBA criteria and that all related plans and policies are reviewed and updated annually.
Finding 2024-002
2024-002 (Significant Deficiency) U.S. Department of Education Student Financial Assistance Cluster Gramm Leach Bliley Act (GLBA) Criteria Institutions participating in the Student Financial Assistance (SFA) program are required to comply with GLBA. GLBA requires institutions to implement certain written policies. Condition The College does not have all required written policies, nor does the risk assessment meet the criteria that are required under GLBA. Cause and Effect The College has not established formal policies to ensure compliance with GLBA requirements. Resource constraints and competing priorities were contributing factors. As a result, the College is not fully compliant with GLBA requirements. Recommendation We recommend that the College develop and implement a comprehensive written information security program that fully addresses all minimum requirements outlined by GLBA. Additionally, the College should establish a formal written policy to provide staff with regular training on data security and privacy. A vendor management policy should also be developed and implemented to ensure third-party service providers adequately protect customer information. Finally, the College should ensure that its risk assessment process meets all GLBA criteria and that all related plans and policies are reviewed and updated annually.
Finding 2024-002
2024-002 (Significant Deficiency) U.S. Department of Education Student Financial Assistance Cluster Gramm Leach Bliley Act (GLBA) Criteria Institutions participating in the Student Financial Assistance (SFA) program are required to comply with GLBA. GLBA requires institutions to implement certain written policies. Condition The College does not have all required written policies, nor does the risk assessment meet the criteria that are required under GLBA. Cause and Effect The College has not established formal policies to ensure compliance with GLBA requirements. Resource constraints and competing priorities were contributing factors. As a result, the College is not fully compliant with GLBA requirements. Recommendation We recommend that the College develop and implement a comprehensive written information security program that fully addresses all minimum requirements outlined by GLBA. Additionally, the College should establish a formal written policy to provide staff with regular training on data security and privacy. A vendor management policy should also be developed and implemented to ensure third-party service providers adequately protect customer information. Finally, the College should ensure that its risk assessment process meets all GLBA criteria and that all related plans and policies are reviewed and updated annually.