FAC Explorer

Audit 344338

FY End
2024-05-31
Total Expended
$11.32M
Findings
2
Programs
10
Organization: Trocaire College (NY)
Year: 2024 Accepted: 2025-02-28
Auditor: Lumsden & McCormick LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
525027 2024-001 - - N
1101469 2024-001 - - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $7.41M Yes 1
84.063 Federal Pell Grant Program $3.03M Yes 0
84.042 Trio Student Support Services $286,771 - 0
84.031 Higher Education Institutional Aid $257,959 - 0
84.033 Federal Work-Study Program $103,542 Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $96,458 Yes 0
47.076 Stem Education (formerly Education and Human Resources) $54,951 - 0
84.425 Education Stabilization Fund $53,031 - 0
16.525 Grants to Reduce Domestic Violence, Dating Violence, Sexual Assault, and Stalking on Campus $34,283 - 0
45.162 Promotion of the Humanities Teaching and Learning Resources and Curriculum Development $1,345 - 0

Contacts

Name Title Type
FH93AUEKK8J4 Michael Cucinotta Auditee
7168272512 Cathleen Karpik Auditor
No contacts on file

Notes to SEFA

Title: 1. Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of Trocaire College (the College), an entity as defined in Note 1 to the College’s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. Basis of Accounting: The College uses the accrual basis of accounting for federal programs. The amounts reported as federal expenditures generally were obtained from the appropriate financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the College’s financial reporting system. Indirect Costs: Indirect costs and administrative allowances are set by New York State or Federal awarding agencies by contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Indirect Costs: Indirect costs and administrative allowances are set by New York State or Federal awarding agencies by contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance. Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of Trocaire College (the College), an entity as defined in Note 1 to the College’s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. Basis of Accounting: The College uses the accrual basis of accounting for federal programs. The amounts reported as federal expenditures generally were obtained from the appropriate financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the College’s financial reporting system. Indirect Costs: Indirect costs and administrative allowances are set by New York State or Federal awarding agencies by contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance.
Title: 2. Federal Direct Student Loan Programs Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of Trocaire College (the College), an entity as defined in Note 1 to the College’s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. Basis of Accounting: The College uses the accrual basis of accounting for federal programs. The amounts reported as federal expenditures generally were obtained from the appropriate financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the College’s financial reporting system. Indirect Costs: Indirect costs and administrative allowances are set by New York State or Federal awarding agencies by contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Indirect Costs: Indirect costs and administrative allowances are set by New York State or Federal awarding agencies by contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance. Total student loans guaranteed by the U.S. Department of Education issued through the College under Federal Direct Student Loans (Assistance Listing #84.268) for the year ended May 31, 2024 were as follows: Direct Subsidized Loans $2,954,524, Direct Unsubsidized Loans $4,261,685 and Direct PLUS Loans $191,444 totaling $7,407,653.

Finding Details

Finding 2024-001
Finding 2024-001: Assistance Listing #84.268 Federal Direct Student Loans. Criteria: The College is required to provide exit counseling to student borrowers who withdraw or graduate from the College within 30 days of the institution’s knowledge of the exit (34 CFR § 685.304(b)). Condition: Student borrowers who left during or after the fall and spring semesters were not provided with the required exit counseling materials within 30 days of their exit. During our testing of Return of Title IV for withdrawn students, we noted five students (sample size seven, remaining two did not receive Federal Direct Loans) who did not receive exit counseling within the required time frame. Additionally, during our testing of Federal Direct Loans, there was one fall graduate in our sample; the exit counseling was not provided within the 30 days. Further inquiries of College employees indicated that spring graduates also did not have exit counseling within the 30 day requirement. Cause: Beginning with the fall 2023 semester, the College automated the process for providing exit counseling, however, did not consider the application of the 30 day requirement to withdrawn students. Effect: The College did not provide exit counseling to student borrowers who withdrew or graduated within 30 days of the institution’s knowledge of the exit. Questioned Costs: None Auditors’ Recommendation: The College should review its procedures for providing exit counseling to student borrowers to ensure compliance with DOE requirements. Views of Responsible Officials: The College, upon identification of this issue, immediately reviewed its procedures and made the necessary changes.
Finding 2024-001
Finding 2024-001: Assistance Listing #84.268 Federal Direct Student Loans. Criteria: The College is required to provide exit counseling to student borrowers who withdraw or graduate from the College within 30 days of the institution’s knowledge of the exit (34 CFR § 685.304(b)). Condition: Student borrowers who left during or after the fall and spring semesters were not provided with the required exit counseling materials within 30 days of their exit. During our testing of Return of Title IV for withdrawn students, we noted five students (sample size seven, remaining two did not receive Federal Direct Loans) who did not receive exit counseling within the required time frame. Additionally, during our testing of Federal Direct Loans, there was one fall graduate in our sample; the exit counseling was not provided within the 30 days. Further inquiries of College employees indicated that spring graduates also did not have exit counseling within the 30 day requirement. Cause: Beginning with the fall 2023 semester, the College automated the process for providing exit counseling, however, did not consider the application of the 30 day requirement to withdrawn students. Effect: The College did not provide exit counseling to student borrowers who withdrew or graduated within 30 days of the institution’s knowledge of the exit. Questioned Costs: None Auditors’ Recommendation: The College should review its procedures for providing exit counseling to student borrowers to ensure compliance with DOE requirements. Views of Responsible Officials: The College, upon identification of this issue, immediately reviewed its procedures and made the necessary changes.