FAC Explorer

Audit 349195

FY End
2024-06-30
Total Expended
$11.54M
Findings
2
Programs
12
Organization: Maine Maritime Academy (ME)
Year: 2024 Accepted: 2025-03-27
Auditor: Baker Newman & Noyes LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
538161 2024-001 Significant Deficiency - N
1114603 2024-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $6.18M Yes 1
20.806 State Maritime Schools $2.47M - 0
84.063 Federal Pell Grant Program $1.14M Yes 0
84.116 Fund for the Improvement of Postsecondary Education $824,754 Yes 0
84.038 Federal Perkins Loan Program $482,271 Yes 0
21.027 Coronavirus State and Local Fiscal Recovery Funds $234,835 - 0
84.007 Federal Supplemental Educational Opportunity Grants $102,701 Yes 0
84.033 Federal Work-Study Program $82,965 Yes 0
47.RD Environmental Dna As A Nexus of Coastal Ecosystem Sustainability for Maine $25,757 - 0
47.RD Bio Surveillance of Alewives, Penobscot Bay $2,592 - 0
47.RD Microbial Diversity Across Belfast Bay $1,315 - 0
43.001 Science $488 - 0

Contacts

Name Title Type
RNDNN4KZ3NH7 Alice Herrick Auditee
2073262241 Jason Emery Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation 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: See Indirect Cost Rates The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Maine Maritime Academy (the Academy) 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 Academy, it is not intended to and does not present the financial position, changes in financial position, or cash flows of the Academy.
Title: Summary of Significant Accounting Policies 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: See Indirect Cost Rates 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 Cost Rates 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: See Indirect Cost Rates The Academy has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Academy has predetermined indirect cost rates of 45.0% for on-campus grant activities and 22.5% for off-campus grant activities. The rates are predetermined rates for the fiscal year ended June 30, 2024.
Title: Loan Advances and Balances 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: See Indirect Cost Rates See the Notes to the SEFA for chart/table

Finding Details

Finding 2024-001
2024-001: Student Financial Assistance Cluster – Special Tests and Provisions – Enrollment Reporting Federal Program: Student Financial Assistance Cluster; Federal Direct Student Loans Assistance Listing Number: 84.268 Federal Agency: U.S. Department of Education Pass-Through Entity: None Federal Award Identification Number: P268K161537 Repeat Finding: This is not a repeat finding Criteria – In accordance with limits set by the Department of Education, schools must report changes in a student’s enrollment status (for example, less than half-time, graduated, or withdrawn) to the National Student Loan Data System (NSLDS) within 30 days (60 days for roster file) of becoming aware of the change. Condition and context – During our test work over Unsubsidized and Subsidized loans, we noted eleven students in our sample selected where the change in enrollment status was not completed timely. Cause – Insufficient review of student data in the NSLDS. Effect or Potential Effect – The Academy did not report student enrollment changes within the timeframe outlined by the Department of Education. Questioned Costs - None. Recommendations – We recommend that management enhance control procedures to ensure that student data regarding changes in enrollment status is reported timely. Management’s Views and Corrective Action Plan – Management’s response is included in “Management’s Views and Corrective Action Plan” included at the end of this report after the Summary Schedule of Prior Audit Findings.
Finding 2024-001
2024-001: Student Financial Assistance Cluster – Special Tests and Provisions – Enrollment Reporting Federal Program: Student Financial Assistance Cluster; Federal Direct Student Loans Assistance Listing Number: 84.268 Federal Agency: U.S. Department of Education Pass-Through Entity: None Federal Award Identification Number: P268K161537 Repeat Finding: This is not a repeat finding Criteria – In accordance with limits set by the Department of Education, schools must report changes in a student’s enrollment status (for example, less than half-time, graduated, or withdrawn) to the National Student Loan Data System (NSLDS) within 30 days (60 days for roster file) of becoming aware of the change. Condition and context – During our test work over Unsubsidized and Subsidized loans, we noted eleven students in our sample selected where the change in enrollment status was not completed timely. Cause – Insufficient review of student data in the NSLDS. Effect or Potential Effect – The Academy did not report student enrollment changes within the timeframe outlined by the Department of Education. Questioned Costs - None. Recommendations – We recommend that management enhance control procedures to ensure that student data regarding changes in enrollment status is reported timely. Management’s Views and Corrective Action Plan – Management’s response is included in “Management’s Views and Corrective Action Plan” included at the end of this report after the Summary Schedule of Prior Audit Findings.