FAC Explorer

Audit 345318

FY End
2024-06-30
Total Expended
$26.92M
Findings
2
Programs
10
Organization: Rockhurst University (MO)
Year: 2024 Accepted: 2025-03-10
Auditor: Rubinbrown LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
526389 2024-001 Significant Deficiency - N
1102831 2024-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $22.59M Yes 0
84.063 Federal Pell Grant Program $2.64M Yes 0
84.038 Federal Perkins Loan Program_federal Capital Contributions $567,243 Yes 1
21.027 Coronavirus State and Local Fiscal Recovery Funds $453,147 Yes 0
84.033 Federal Work-Study Program $237,643 Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $232,315 Yes 0
93.364 Nursing Student Loans $175,755 Yes 0
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $18,931 - 0
94.006 Americorps State and National 94.006 $8,184 - 0
47.076 Stem Education (formerly Education and Human Resources) $4,374 - 0

Contacts

Name Title Type
FLKBB6PP15C8 Dane Fuhrman Auditee
8165014862 Kaleb Lilly Auditor
No contacts on file

Notes to SEFA

Title: Additional Audits Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Rockhurst University and is presented on the accrual basis of accounting. 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 (the Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. De Minimis Rate Used: N Rate Explanation: The University has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance. The University chose not to apply an indirect cost rate to its grants, or they used one included in the grant agreements, if applicable. Grantor agencies reserve the right to conduct additional audits of the University’s grant programs for economy and efficiency. Such audits may result in disallowed costs to the University. However, the University’s management does not believe such audits would result in any disallowed costs that would be material to the financial position as of June 30, 2024.
Title: Student Loan Programs Administered By The University Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Rockhurst University and is presented on the accrual basis of accounting. 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 (the Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. De Minimis Rate Used: N Rate Explanation: The University has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance. The University chose not to apply an indirect cost rate to its grants, or they used one included in the grant agreements, if applicable. The University administered the Federal Perkins Loan and the Nursing Student Loans programs during the year ended June 30, 2024:

Finding Details

Finding 2024-001
Finding 2024-001 - Significant Deficiency, Compliance Federal Assistance Listing No. 84.038 U.S. Department Of Education Student Financial Aid Cluster – Perkins Loans Criteria: According to the Federal Student Aid Handbook, Volume 2, Chapter 6, a University must retain promissory and master promissory notes (MPN), and repayment records for each Perkins Loan Program loan made. The original promissory notes and repayment schedules must be kept until loans are satisfied. Condition: In our nonstatistical sample of 25 students, it was noted for one individual that the master promissory note (MPN) was not able to be located by management and provided to us for testing. Cause: Management charged with oversight did not have proper processes and related controls in place for proper record retention. Effect: A student’s original MPN associated with the Perkin Loan is unable to be located. Questioned Costs: There were no questioned costs to report as this finding relates only to record retention and is not related to eligibility. Context: The student’s MPN was not able to be located when requested as part of our testing procedures. Identification As A Repeat Finding: Not applicable. Recommendation: The Financial Aid department should review and consider revisions to its processes and related controls in place surrounding record retention. Views Of Responsible Officials/Corrective Action Plan (Unaudited): The University concurs with this finding. The Financial Aid Office has updated procedures and ensures all student files have a thorough examination of all documents prior to document retention review. All MPNs and Perkins-related documents are now identified in this review and subsequently stored separately in secure fireproof storage. The files relating to this finding were not appropriately retained and the current procedure would have identified these for continued records retention. Completion Date: June 2025 Contact Person: Dane Fuhrman, CFO
Finding 2024-001
Finding 2024-001 - Significant Deficiency, Compliance Federal Assistance Listing No. 84.038 U.S. Department Of Education Student Financial Aid Cluster – Perkins Loans Criteria: According to the Federal Student Aid Handbook, Volume 2, Chapter 6, a University must retain promissory and master promissory notes (MPN), and repayment records for each Perkins Loan Program loan made. The original promissory notes and repayment schedules must be kept until loans are satisfied. Condition: In our nonstatistical sample of 25 students, it was noted for one individual that the master promissory note (MPN) was not able to be located by management and provided to us for testing. Cause: Management charged with oversight did not have proper processes and related controls in place for proper record retention. Effect: A student’s original MPN associated with the Perkin Loan is unable to be located. Questioned Costs: There were no questioned costs to report as this finding relates only to record retention and is not related to eligibility. Context: The student’s MPN was not able to be located when requested as part of our testing procedures. Identification As A Repeat Finding: Not applicable. Recommendation: The Financial Aid department should review and consider revisions to its processes and related controls in place surrounding record retention. Views Of Responsible Officials/Corrective Action Plan (Unaudited): The University concurs with this finding. The Financial Aid Office has updated procedures and ensures all student files have a thorough examination of all documents prior to document retention review. All MPNs and Perkins-related documents are now identified in this review and subsequently stored separately in secure fireproof storage. The files relating to this finding were not appropriately retained and the current procedure would have identified these for continued records retention. Completion Date: June 2025 Contact Person: Dane Fuhrman, CFO