FAC Explorer

Audit 350993

FY End
2024-06-30
Total Expended
$14.53M
Findings
2
Programs
8
Organization: College of Our Lady of the Elms (MA)
Year: 2024 Accepted: 2025-03-31
Auditor: Cliftonlarsonallen LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
544357 2024-002 Significant Deficiency - L
1120799 2024-002 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $9.87M Yes 0
84.063 Federal Pell Grant Program $2.62M Yes 0
84.425 Education Stabilization Fund $1.04M - 0
84.116 Fund for the Improvement of Postsecondary Education $394,137 Yes 1
47.076 Stem Education (formerly Education and Human Resources) $304,209 - 0
84.007 Federal Supplemental Educational Opportunity Grants $146,063 Yes 0
84.033 Federal Work-Study Program $141,903 Yes 0
47.070 Computer and Information Science and Engineering $4,679 - 0

Contacts

Name Title Type
C98LPHRHN3B1 Brett M. Carroll, CPA Auditee
4132652322 David Jacobson Auditor
No contacts on file

Notes to SEFA

Title: Note 2 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Note 3 - Indirect Cost Rate 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.

Finding Details

Finding 2024-002
2024–002: Reporting – Significant Deficiency Federal Agency: U.S. Department of Education Federal Program Name: Fund for the Improvement of Postsecondary Education Assistance Listing Number: 84.116Z Federal Award Identification Number and Year: N/A; 2023-2024 Award Period: July 1, 2023 – June 30, 2024 Pass-Through Agency: N/A Pass-Through Numbers: N/A Type of Finding: • Significant Deficiency in Internal Control over Compliance • Other Matters Criteria or specific requirement: All recipients of a multi-year discretionary award must submit an annual Grant Performance Report (34 CFR § 75.118). The annual performance report shall provide the most current performance and financial expenditure information that is sufficient to meet the reporting requirements of 2 CFR § 200.328, 200.329, and 34 CFR § 75.720. Condition/Context: During testing it was noted that the College did not submit the required annual report. Questioned costs: None Cause: The College does not have a control in place to ensure reporting requirements are met. Effect: Non-compliance with reporting requirements. Repeat Finding: No Recommendation: We recommend the College should establish a policy that provides the guidance required to comply and address regulatory reporting requirements. Views of responsible officials: There is no disagreement with the audit finding.
Finding 2024-002
2024–002: Reporting – Significant Deficiency Federal Agency: U.S. Department of Education Federal Program Name: Fund for the Improvement of Postsecondary Education Assistance Listing Number: 84.116Z Federal Award Identification Number and Year: N/A; 2023-2024 Award Period: July 1, 2023 – June 30, 2024 Pass-Through Agency: N/A Pass-Through Numbers: N/A Type of Finding: • Significant Deficiency in Internal Control over Compliance • Other Matters Criteria or specific requirement: All recipients of a multi-year discretionary award must submit an annual Grant Performance Report (34 CFR § 75.118). The annual performance report shall provide the most current performance and financial expenditure information that is sufficient to meet the reporting requirements of 2 CFR § 200.328, 200.329, and 34 CFR § 75.720. Condition/Context: During testing it was noted that the College did not submit the required annual report. Questioned costs: None Cause: The College does not have a control in place to ensure reporting requirements are met. Effect: Non-compliance with reporting requirements. Repeat Finding: No Recommendation: We recommend the College should establish a policy that provides the guidance required to comply and address regulatory reporting requirements. Views of responsible officials: There is no disagreement with the audit finding.