FAC Explorer

Audit 347437

FY End
2024-06-30
Total Expended
$6.88M
Findings
8
Programs
4
Organization: Spartanburg Methodist College (SC)
Year: 2024 Accepted: 2025-03-24
Auditor: Cherry Bekaert LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
529430 2024-001 - - N
529431 2024-001 - - N
529432 2024-001 - - N
529433 2024-001 - - N
1105872 2024-001 - - N
1105873 2024-001 - - N
1105874 2024-001 - - N
1105875 2024-001 - - N

Programs

ALN Program Spent Major Findings
84.063 Federal Pell Grant Program $3.85M Yes 1
84.268 Federal Direct Student Loans $2.86M Yes 1
84.007 Federal Supplemental Educational Opportunity Grants $109,609 Yes 1
84.033 Federal Work-Study Program $54,202 Yes 1

Contacts

Name Title Type
XLN1STFE8HR7 Michael Crocker Auditee
8645874259 Roselle Bonnoitt Auditor
No contacts on file

Notes to SEFA

Title: Note 1—Basis of presentation Accounting Policies: Basis of Accounting – Expenditures reported on the Schedule are reported on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: Indirect Cost Rate – 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”) includes the federal grant activity of Spartanburg Methodist College (the “College”) under programs of the federal government for the year ended June 30, 2024. 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 statements of financial position, activities and changes in net assets and cash flows of the College.
Title: Note 3—Federal Direct Student Loans Accounting Policies: Basis of Accounting – Expenditures reported on the Schedule are reported on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: Indirect Cost Rate – The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Federal Direct Student Loans, amounting to $2,862,190, were made to students of the College during the year ended June 30, 2024. Parent Loans for Undergraduate Studies, amounting to $303,313 were made to parents of students of the College during the year ended June 30, 2024.
Title: Note 4—Waiver of institutional share requirements Accounting Policies: Basis of Accounting – Expenditures reported on the Schedule are reported on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: Indirect Cost Rate – The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The College received a waiver of institutional share requirements for the Federal Work-Study Program and the Federal Supplemental Educational Opportunity Grants from the United States Department of Education for the 2023-2024 award year.

Finding Details

Finding 2024-001
Nonmaterial noncompliance finding Finding 2024-001 - Student Financial Aid Cluster, CFDA# 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Gramm-Leach-Bliley Act – Student Information Security Criteria: The College is required to have a written security program that address the seven elements as described in 16 CFR 314.4 (b). Condition: The College does not have a written security program that address the seven elements as described in 16 CFR 314.4 (b) as of June 30, 2024. Cause: Although the College meets some of the seven elements as described in 16 CFR 314.4 (b), the College has yet to establish a formalized written policy. Effect: The College could have risks associated with the safeguarding of sensitive information it is not aware of or does not protect against. Questioned Costs: None Context: Not all elements as described in 16 CFR 314.4 (b) have been met, and the College does not have formal written documentation of its program. Recommendation: The College should implement a written security program that addresses the required elements as described in 16 CFR 314.4 (b). Views of Responsible Officials: See attached management’s corrective action plan.
Finding 2024-001
Nonmaterial noncompliance finding Finding 2024-001 - Student Financial Aid Cluster, CFDA# 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Gramm-Leach-Bliley Act – Student Information Security Criteria: The College is required to have a written security program that address the seven elements as described in 16 CFR 314.4 (b). Condition: The College does not have a written security program that address the seven elements as described in 16 CFR 314.4 (b) as of June 30, 2024. Cause: Although the College meets some of the seven elements as described in 16 CFR 314.4 (b), the College has yet to establish a formalized written policy. Effect: The College could have risks associated with the safeguarding of sensitive information it is not aware of or does not protect against. Questioned Costs: None Context: Not all elements as described in 16 CFR 314.4 (b) have been met, and the College does not have formal written documentation of its program. Recommendation: The College should implement a written security program that addresses the required elements as described in 16 CFR 314.4 (b). Views of Responsible Officials: See attached management’s corrective action plan.
Finding 2024-001
Nonmaterial noncompliance finding Finding 2024-001 - Student Financial Aid Cluster, CFDA# 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Gramm-Leach-Bliley Act – Student Information Security Criteria: The College is required to have a written security program that address the seven elements as described in 16 CFR 314.4 (b). Condition: The College does not have a written security program that address the seven elements as described in 16 CFR 314.4 (b) as of June 30, 2024. Cause: Although the College meets some of the seven elements as described in 16 CFR 314.4 (b), the College has yet to establish a formalized written policy. Effect: The College could have risks associated with the safeguarding of sensitive information it is not aware of or does not protect against. Questioned Costs: None Context: Not all elements as described in 16 CFR 314.4 (b) have been met, and the College does not have formal written documentation of its program. Recommendation: The College should implement a written security program that addresses the required elements as described in 16 CFR 314.4 (b). Views of Responsible Officials: See attached management’s corrective action plan.
Finding 2024-001
Nonmaterial noncompliance finding Finding 2024-001 - Student Financial Aid Cluster, CFDA# 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Gramm-Leach-Bliley Act – Student Information Security Criteria: The College is required to have a written security program that address the seven elements as described in 16 CFR 314.4 (b). Condition: The College does not have a written security program that address the seven elements as described in 16 CFR 314.4 (b) as of June 30, 2024. Cause: Although the College meets some of the seven elements as described in 16 CFR 314.4 (b), the College has yet to establish a formalized written policy. Effect: The College could have risks associated with the safeguarding of sensitive information it is not aware of or does not protect against. Questioned Costs: None Context: Not all elements as described in 16 CFR 314.4 (b) have been met, and the College does not have formal written documentation of its program. Recommendation: The College should implement a written security program that addresses the required elements as described in 16 CFR 314.4 (b). Views of Responsible Officials: See attached management’s corrective action plan.
Finding 2024-001
Nonmaterial noncompliance finding Finding 2024-001 - Student Financial Aid Cluster, CFDA# 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Gramm-Leach-Bliley Act – Student Information Security Criteria: The College is required to have a written security program that address the seven elements as described in 16 CFR 314.4 (b). Condition: The College does not have a written security program that address the seven elements as described in 16 CFR 314.4 (b) as of June 30, 2024. Cause: Although the College meets some of the seven elements as described in 16 CFR 314.4 (b), the College has yet to establish a formalized written policy. Effect: The College could have risks associated with the safeguarding of sensitive information it is not aware of or does not protect against. Questioned Costs: None Context: Not all elements as described in 16 CFR 314.4 (b) have been met, and the College does not have formal written documentation of its program. Recommendation: The College should implement a written security program that addresses the required elements as described in 16 CFR 314.4 (b). Views of Responsible Officials: See attached management’s corrective action plan.
Finding 2024-001
Nonmaterial noncompliance finding Finding 2024-001 - Student Financial Aid Cluster, CFDA# 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Gramm-Leach-Bliley Act – Student Information Security Criteria: The College is required to have a written security program that address the seven elements as described in 16 CFR 314.4 (b). Condition: The College does not have a written security program that address the seven elements as described in 16 CFR 314.4 (b) as of June 30, 2024. Cause: Although the College meets some of the seven elements as described in 16 CFR 314.4 (b), the College has yet to establish a formalized written policy. Effect: The College could have risks associated with the safeguarding of sensitive information it is not aware of or does not protect against. Questioned Costs: None Context: Not all elements as described in 16 CFR 314.4 (b) have been met, and the College does not have formal written documentation of its program. Recommendation: The College should implement a written security program that addresses the required elements as described in 16 CFR 314.4 (b). Views of Responsible Officials: See attached management’s corrective action plan.
Finding 2024-001
Nonmaterial noncompliance finding Finding 2024-001 - Student Financial Aid Cluster, CFDA# 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Gramm-Leach-Bliley Act – Student Information Security Criteria: The College is required to have a written security program that address the seven elements as described in 16 CFR 314.4 (b). Condition: The College does not have a written security program that address the seven elements as described in 16 CFR 314.4 (b) as of June 30, 2024. Cause: Although the College meets some of the seven elements as described in 16 CFR 314.4 (b), the College has yet to establish a formalized written policy. Effect: The College could have risks associated with the safeguarding of sensitive information it is not aware of or does not protect against. Questioned Costs: None Context: Not all elements as described in 16 CFR 314.4 (b) have been met, and the College does not have formal written documentation of its program. Recommendation: The College should implement a written security program that addresses the required elements as described in 16 CFR 314.4 (b). Views of Responsible Officials: See attached management’s corrective action plan.
Finding 2024-001
Nonmaterial noncompliance finding Finding 2024-001 - Student Financial Aid Cluster, CFDA# 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Gramm-Leach-Bliley Act – Student Information Security Criteria: The College is required to have a written security program that address the seven elements as described in 16 CFR 314.4 (b). Condition: The College does not have a written security program that address the seven elements as described in 16 CFR 314.4 (b) as of June 30, 2024. Cause: Although the College meets some of the seven elements as described in 16 CFR 314.4 (b), the College has yet to establish a formalized written policy. Effect: The College could have risks associated with the safeguarding of sensitive information it is not aware of or does not protect against. Questioned Costs: None Context: Not all elements as described in 16 CFR 314.4 (b) have been met, and the College does not have formal written documentation of its program. Recommendation: The College should implement a written security program that addresses the required elements as described in 16 CFR 314.4 (b). Views of Responsible Officials: See attached management’s corrective action plan.