FAC Explorer

Audit 351625

FY End
2024-06-30
Total Expended
$14.47M
Findings
2
Programs
6
Organization: Thiel College (PA)
Year: 2024 Accepted: 2025-03-31
Auditor: Baker Tilly US LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
547374 2024-001 - Yes N
1123816 2024-001 - Yes N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $11.67M Yes 1
84.063 Federal Pell Grant Program $1.92M Yes 0
84.038 Federal Perkins Loan Program $556,197 Yes 0
84.033 Federal Work-Study Program $166,044 Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $86,512 Yes 0
84.425 Education Stabilization Fund $3,486 - 0

Contacts

Name Title Type
H2KFASHQHRS1 Amy Arbogast Auditee
7245892102 Thomas Walenchok 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. Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The College has not elected 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 award activity of Thiel 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 financial position, changes in net assets or cash flows of the College.
Title: Student Financial Assistance and Loan Programs 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. Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The total loans granted under the Federal Direct Student Loan Program, which were not made by the College but were received by its students, were approximately $ 11,700,000 for the year ended June 30, 2024. The total loans outstanding under the Federal Perkins Loan Program at June 30, 2024 were approximately $277,000. In addition, no loans were awarded under this program during the year ended June 30, 2024. Federal awards expenditures include loans administered under the Federal Direct Student Loan Program during the year ended June 30, 2024 and Federal Perkins Loans as of June 30, 2023.

Finding Details

Finding 2024-001
Federal Program: Student Financial Assistance Cluster - Federal Direct Student Loan Program Federal Agency: U.S. Department of Education Pass-Through Entity: Not applicable Assistance Listing Number: 84.268 Federal Award Year: June 30, 2024 Criterion: Title IV regulations (34 CFR 685.309b) require that upon receipt of an enrollment report from the Secretary, Institutions must update all information included in the report and return the report to the Secretary; (i) in the manner and format prescribed by the Secretary; and (ii) within the timeframe prescribed by the Secretary. Unless it expects to submit its next updated enrollment report to the Secretary within the next 60 days, an Institution must notify the Secretary within 30 days after the date the Institution discover that: (i) a loan under Title IV of the Act was made to or on behalf of a student who was enrolled or accepted for enrollment at the Institution and the student has ceased to be enrolled on at least a half-time basis or failed to enroll on at least a half-time basis for the period for which the loan was intended; or (ii) a student who is enrolled at the Institution and who received a loan under Title IV of the Act has changed his or her permanent address. Condition and Context: For four students out of 25 selected for testing, the College did not notify the NSLDS in a timely matter for a change in enrollment status. Our sample was not statistically valid. Cause and Effect: The College failed to follow its procedures for reporting student status changes. The accuracy of Title IV student loan records depends heavily on the accuracy of the enrollment information reported by schools. If an institution does not review, update and verify student enrollment statuses, effective dates of the enrollment status and the anticipated completion dates, then the Title IV student loan records will be inaccurate in NSLDS. Recommendation: The College should implement a process and related to verify with NSLDS that all enrollment status information for all students is updated accurately and timely. Management Response: Management agrees with the finding. The Director of Financial Aid will continue to work closely with the Registrar’s Office to resolve the data reporting process and to ensure accurate and timely reporting of student enrollment data.
Finding 2024-001
Federal Program: Student Financial Assistance Cluster - Federal Direct Student Loan Program Federal Agency: U.S. Department of Education Pass-Through Entity: Not applicable Assistance Listing Number: 84.268 Federal Award Year: June 30, 2024 Criterion: Title IV regulations (34 CFR 685.309b) require that upon receipt of an enrollment report from the Secretary, Institutions must update all information included in the report and return the report to the Secretary; (i) in the manner and format prescribed by the Secretary; and (ii) within the timeframe prescribed by the Secretary. Unless it expects to submit its next updated enrollment report to the Secretary within the next 60 days, an Institution must notify the Secretary within 30 days after the date the Institution discover that: (i) a loan under Title IV of the Act was made to or on behalf of a student who was enrolled or accepted for enrollment at the Institution and the student has ceased to be enrolled on at least a half-time basis or failed to enroll on at least a half-time basis for the period for which the loan was intended; or (ii) a student who is enrolled at the Institution and who received a loan under Title IV of the Act has changed his or her permanent address. Condition and Context: For four students out of 25 selected for testing, the College did not notify the NSLDS in a timely matter for a change in enrollment status. Our sample was not statistically valid. Cause and Effect: The College failed to follow its procedures for reporting student status changes. The accuracy of Title IV student loan records depends heavily on the accuracy of the enrollment information reported by schools. If an institution does not review, update and verify student enrollment statuses, effective dates of the enrollment status and the anticipated completion dates, then the Title IV student loan records will be inaccurate in NSLDS. Recommendation: The College should implement a process and related to verify with NSLDS that all enrollment status information for all students is updated accurately and timely. Management Response: Management agrees with the finding. The Director of Financial Aid will continue to work closely with the Registrar’s Office to resolve the data reporting process and to ensure accurate and timely reporting of student enrollment data.