FAC Explorer

Audit 345325

FY End
2024-06-30
Total Expended
$16.77M
Findings
2
Programs
4
Organization: Waldorf University (IA)
Year: 2024 Accepted: 2025-03-10
Auditor: Brown Edwards

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
526392 2024-002 Significant Deficiency Yes N
1102834 2024-002 Significant Deficiency Yes N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $11.62M Yes 1
84.063 Federal Pell Grant Program $4.82M Yes 0
84.033 Federal Work-Study Program $215,362 Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $123,141 Yes 0

Contacts

Name Title Type
STSKFTJMXU36 Daisy Halvorson Auditee
6415858496 John Hash Auditor
No contacts on file

Notes to SEFA

Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Waldorf University, (the University) under program of the federal government 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 (CFR) Part 200, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because this Schedule presents only a selected portion of the operations of the University and as the University distributes the program funds to students and does not administer the loans (the loans are administered by various financial institutions), it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.

Finding Details

Finding 2024-002
2024-002 – Special Tests: 240 Day Checks (Significant Deficiency) Criteria: The Code of Federal Regulations, 34 CFR 668.164(h)(2) states that an institution that attempts to disburse funds by check and the check is not cashed, the institution must return the funds to the Secretary no later than 240 days after the date it issued that check. Condition: During our testing, it was noted the University does not have a process in place to ensure timeliness and accuracy of checks refunded to ED after 240 days outstanding. Fourteen checks totaling $6,998 related to student refunds of Title IV federal financial aid were outstanding more than 240 days as of June 30, 2024. Cause: The University did not have a process in place to ensure all outstanding checks over 240 days was properly returned to the ED. Effect: The University is not in compliance with Department of Education requirements that all student refund checks that are outstanding for more than 240 days be returned to the Department. Repeat Finding from a Prior Year: Yes Recommendation: We recommend that the University review its procedures related to outstanding student refund checks to ensure they are being returned to the Department of Education after 240 days. Management Response: The University now has a process in place to ensure checks are returned on a quarterly basis.
Finding 2024-002
2024-002 – Special Tests: 240 Day Checks (Significant Deficiency) Criteria: The Code of Federal Regulations, 34 CFR 668.164(h)(2) states that an institution that attempts to disburse funds by check and the check is not cashed, the institution must return the funds to the Secretary no later than 240 days after the date it issued that check. Condition: During our testing, it was noted the University does not have a process in place to ensure timeliness and accuracy of checks refunded to ED after 240 days outstanding. Fourteen checks totaling $6,998 related to student refunds of Title IV federal financial aid were outstanding more than 240 days as of June 30, 2024. Cause: The University did not have a process in place to ensure all outstanding checks over 240 days was properly returned to the ED. Effect: The University is not in compliance with Department of Education requirements that all student refund checks that are outstanding for more than 240 days be returned to the Department. Repeat Finding from a Prior Year: Yes Recommendation: We recommend that the University review its procedures related to outstanding student refund checks to ensure they are being returned to the Department of Education after 240 days. Management Response: The University now has a process in place to ensure checks are returned on a quarterly basis.