FAC Explorer

Audit 351633

FY End
2024-06-30
Total Expended
$7.58M
Findings
8
Programs
4
Organization: Point University, Inc. and Subsidiaries (GA)
Year: 2024 Accepted: 2025-03-31
Auditor: Cliftonlarsonallen LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
547388 2024-002 Significant Deficiency Yes L
547389 2024-002 Significant Deficiency Yes L
547390 2024-002 Significant Deficiency Yes L
547391 2024-002 Significant Deficiency Yes L
1123830 2024-002 Significant Deficiency Yes L
1123831 2024-002 Significant Deficiency Yes L
1123832 2024-002 Significant Deficiency Yes L
1123833 2024-002 Significant Deficiency Yes L

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $3.95M Yes 1
84.063 Federal Pell Grant Program $3.56M Yes 1
84.007 Federal Supplemental Educational Opportunity Grants $59,441 Yes 1
84.033 Federal Work-Study Program $4,326 Yes 1

Contacts

Name Title Type
KGSKYSPJZBN3 Rusty Hassell Auditee
7067848685 Chad Lassen Auditor
No contacts on file

Notes to SEFA

Title: FEDERAL LOANS DISBURSED Accounting Policies: BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal award activity of Point University (the University) and is presented on the accrual basis of accounting. 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), therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements. There were no noncash awards in the current year. De Minimis Rate Used: N Rate Explanation: The University has elected not to use the 10% de minimum indirect cost rate for allocation. The University participates in the Federal Direct Loan Program, including Federal Stafford Loans (Stafford) and Federal PLUS Loans (PLUS). The dollar amounts are listed in the schedule of expenditures of federal awards, although the University is not the recipient of the funds. Such programs are considered a component of the student financial assistance cluster. Loans processed by the University under this Loan Program were the following for the year ended June 30, 2024: Federal Stafford Loans: Subsidized $ 1,332,808 Unsubsidized 1,665,757 Direct PLUS Loans 952,300 Total Federal Direct Loans $ 3,950,865
Title: SUBRECIPIENTS, NONCASH ASSISTANCE, FEDERAL INSURANCE, LOANS, AND LOAN GUARANTEES Accounting Policies: BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal award activity of Point University (the University) and is presented on the accrual basis of accounting. 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), therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements. There were no noncash awards in the current year. De Minimis Rate Used: N Rate Explanation: The University has elected not to use the 10% de minimum indirect cost rate for allocation. The University did not provide any federal funds to subrecipients nor did they receive any federal noncash assistance, insurance, loans, or loan guarantees.

Finding Details

Finding 2024-002
Federal Agency: Department of Education Federal program title: Student Financial Aid ClusterAssistance Listing Number: 84.033, 84.063, 84.007, 84.379, 84.268 Award Period: July 1, 2023, through June 30, 2024 Type of Finding: Significant Deficiency in Internal Control over Compliance (Other Matters) Criteria or specific requirement: The Code of Federal Regulations, 34 CFR 682.610, states that institutions must report accurately the enrollment status of all students regardless if they receive aid from the institution or not. This includes the enrollment effective date and related enrollment status, which must be reported for both the Campus-Level and the Program-Level as well as the program begin date. In addition, at a minimum, schools are required to certify enrollment every 60 days, and respond within 15 days of the date that NSLDS sends a Roster file to the school or its third-party servicer. Condition: Incorrect or untimely reporting by the University of Students’ Changes in status during the 2023-2024 award year under audit. Questioned costs: Unknown. Context: Out of the 17 students tested noted 1 or more discrepancies, as follows: • 5 students’ status was incorrectly reported to NSDLS. • 4 student’s’ enrollment effective date was not reported correctly to NSLDS. • 20 students’ enrollment status change was not reported to NSLDS within 60 days. Cause: Lack of appropriate policy and procedure in place regarding NSLDS enrollment reporting for the year under audit. Effect: Noncompliance with federal regulations which could lead to untimely and incorrect reporting of enrollment information to NSLDS. Repeat Finding: Yes – 2023-02 Recommendation: We recommend that the University review their enrollment reporting policies and procedures to ensure accurate reporting. Views of responsible officials: There is no disagreement with the audit finding. Management has addressed their corrective action plan in a separately issued letter.
Finding 2024-002
Federal Agency: Department of Education Federal program title: Student Financial Aid ClusterAssistance Listing Number: 84.033, 84.063, 84.007, 84.379, 84.268 Award Period: July 1, 2023, through June 30, 2024 Type of Finding: Significant Deficiency in Internal Control over Compliance (Other Matters) Criteria or specific requirement: The Code of Federal Regulations, 34 CFR 682.610, states that institutions must report accurately the enrollment status of all students regardless if they receive aid from the institution or not. This includes the enrollment effective date and related enrollment status, which must be reported for both the Campus-Level and the Program-Level as well as the program begin date. In addition, at a minimum, schools are required to certify enrollment every 60 days, and respond within 15 days of the date that NSLDS sends a Roster file to the school or its third-party servicer. Condition: Incorrect or untimely reporting by the University of Students’ Changes in status during the 2023-2024 award year under audit. Questioned costs: Unknown. Context: Out of the 17 students tested noted 1 or more discrepancies, as follows: • 5 students’ status was incorrectly reported to NSDLS. • 4 student’s’ enrollment effective date was not reported correctly to NSLDS. • 20 students’ enrollment status change was not reported to NSLDS within 60 days. Cause: Lack of appropriate policy and procedure in place regarding NSLDS enrollment reporting for the year under audit. Effect: Noncompliance with federal regulations which could lead to untimely and incorrect reporting of enrollment information to NSLDS. Repeat Finding: Yes – 2023-02 Recommendation: We recommend that the University review their enrollment reporting policies and procedures to ensure accurate reporting. Views of responsible officials: There is no disagreement with the audit finding. Management has addressed their corrective action plan in a separately issued letter.
Finding 2024-002
Federal Agency: Department of Education Federal program title: Student Financial Aid ClusterAssistance Listing Number: 84.033, 84.063, 84.007, 84.379, 84.268 Award Period: July 1, 2023, through June 30, 2024 Type of Finding: Significant Deficiency in Internal Control over Compliance (Other Matters) Criteria or specific requirement: The Code of Federal Regulations, 34 CFR 682.610, states that institutions must report accurately the enrollment status of all students regardless if they receive aid from the institution or not. This includes the enrollment effective date and related enrollment status, which must be reported for both the Campus-Level and the Program-Level as well as the program begin date. In addition, at a minimum, schools are required to certify enrollment every 60 days, and respond within 15 days of the date that NSLDS sends a Roster file to the school or its third-party servicer. Condition: Incorrect or untimely reporting by the University of Students’ Changes in status during the 2023-2024 award year under audit. Questioned costs: Unknown. Context: Out of the 17 students tested noted 1 or more discrepancies, as follows: • 5 students’ status was incorrectly reported to NSDLS. • 4 student’s’ enrollment effective date was not reported correctly to NSLDS. • 20 students’ enrollment status change was not reported to NSLDS within 60 days. Cause: Lack of appropriate policy and procedure in place regarding NSLDS enrollment reporting for the year under audit. Effect: Noncompliance with federal regulations which could lead to untimely and incorrect reporting of enrollment information to NSLDS. Repeat Finding: Yes – 2023-02 Recommendation: We recommend that the University review their enrollment reporting policies and procedures to ensure accurate reporting. Views of responsible officials: There is no disagreement with the audit finding. Management has addressed their corrective action plan in a separately issued letter.
Finding 2024-002
Federal Agency: Department of Education Federal program title: Student Financial Aid ClusterAssistance Listing Number: 84.033, 84.063, 84.007, 84.379, 84.268 Award Period: July 1, 2023, through June 30, 2024 Type of Finding: Significant Deficiency in Internal Control over Compliance (Other Matters) Criteria or specific requirement: The Code of Federal Regulations, 34 CFR 682.610, states that institutions must report accurately the enrollment status of all students regardless if they receive aid from the institution or not. This includes the enrollment effective date and related enrollment status, which must be reported for both the Campus-Level and the Program-Level as well as the program begin date. In addition, at a minimum, schools are required to certify enrollment every 60 days, and respond within 15 days of the date that NSLDS sends a Roster file to the school or its third-party servicer. Condition: Incorrect or untimely reporting by the University of Students’ Changes in status during the 2023-2024 award year under audit. Questioned costs: Unknown. Context: Out of the 17 students tested noted 1 or more discrepancies, as follows: • 5 students’ status was incorrectly reported to NSDLS. • 4 student’s’ enrollment effective date was not reported correctly to NSLDS. • 20 students’ enrollment status change was not reported to NSLDS within 60 days. Cause: Lack of appropriate policy and procedure in place regarding NSLDS enrollment reporting for the year under audit. Effect: Noncompliance with federal regulations which could lead to untimely and incorrect reporting of enrollment information to NSLDS. Repeat Finding: Yes – 2023-02 Recommendation: We recommend that the University review their enrollment reporting policies and procedures to ensure accurate reporting. Views of responsible officials: There is no disagreement with the audit finding. Management has addressed their corrective action plan in a separately issued letter.
Finding 2024-002
Federal Agency: Department of Education Federal program title: Student Financial Aid ClusterAssistance Listing Number: 84.033, 84.063, 84.007, 84.379, 84.268 Award Period: July 1, 2023, through June 30, 2024 Type of Finding: Significant Deficiency in Internal Control over Compliance (Other Matters) Criteria or specific requirement: The Code of Federal Regulations, 34 CFR 682.610, states that institutions must report accurately the enrollment status of all students regardless if they receive aid from the institution or not. This includes the enrollment effective date and related enrollment status, which must be reported for both the Campus-Level and the Program-Level as well as the program begin date. In addition, at a minimum, schools are required to certify enrollment every 60 days, and respond within 15 days of the date that NSLDS sends a Roster file to the school or its third-party servicer. Condition: Incorrect or untimely reporting by the University of Students’ Changes in status during the 2023-2024 award year under audit. Questioned costs: Unknown. Context: Out of the 17 students tested noted 1 or more discrepancies, as follows: • 5 students’ status was incorrectly reported to NSDLS. • 4 student’s’ enrollment effective date was not reported correctly to NSLDS. • 20 students’ enrollment status change was not reported to NSLDS within 60 days. Cause: Lack of appropriate policy and procedure in place regarding NSLDS enrollment reporting for the year under audit. Effect: Noncompliance with federal regulations which could lead to untimely and incorrect reporting of enrollment information to NSLDS. Repeat Finding: Yes – 2023-02 Recommendation: We recommend that the University review their enrollment reporting policies and procedures to ensure accurate reporting. Views of responsible officials: There is no disagreement with the audit finding. Management has addressed their corrective action plan in a separately issued letter.
Finding 2024-002
Federal Agency: Department of Education Federal program title: Student Financial Aid ClusterAssistance Listing Number: 84.033, 84.063, 84.007, 84.379, 84.268 Award Period: July 1, 2023, through June 30, 2024 Type of Finding: Significant Deficiency in Internal Control over Compliance (Other Matters) Criteria or specific requirement: The Code of Federal Regulations, 34 CFR 682.610, states that institutions must report accurately the enrollment status of all students regardless if they receive aid from the institution or not. This includes the enrollment effective date and related enrollment status, which must be reported for both the Campus-Level and the Program-Level as well as the program begin date. In addition, at a minimum, schools are required to certify enrollment every 60 days, and respond within 15 days of the date that NSLDS sends a Roster file to the school or its third-party servicer. Condition: Incorrect or untimely reporting by the University of Students’ Changes in status during the 2023-2024 award year under audit. Questioned costs: Unknown. Context: Out of the 17 students tested noted 1 or more discrepancies, as follows: • 5 students’ status was incorrectly reported to NSDLS. • 4 student’s’ enrollment effective date was not reported correctly to NSLDS. • 20 students’ enrollment status change was not reported to NSLDS within 60 days. Cause: Lack of appropriate policy and procedure in place regarding NSLDS enrollment reporting for the year under audit. Effect: Noncompliance with federal regulations which could lead to untimely and incorrect reporting of enrollment information to NSLDS. Repeat Finding: Yes – 2023-02 Recommendation: We recommend that the University review their enrollment reporting policies and procedures to ensure accurate reporting. Views of responsible officials: There is no disagreement with the audit finding. Management has addressed their corrective action plan in a separately issued letter.
Finding 2024-002
Federal Agency: Department of Education Federal program title: Student Financial Aid ClusterAssistance Listing Number: 84.033, 84.063, 84.007, 84.379, 84.268 Award Period: July 1, 2023, through June 30, 2024 Type of Finding: Significant Deficiency in Internal Control over Compliance (Other Matters) Criteria or specific requirement: The Code of Federal Regulations, 34 CFR 682.610, states that institutions must report accurately the enrollment status of all students regardless if they receive aid from the institution or not. This includes the enrollment effective date and related enrollment status, which must be reported for both the Campus-Level and the Program-Level as well as the program begin date. In addition, at a minimum, schools are required to certify enrollment every 60 days, and respond within 15 days of the date that NSLDS sends a Roster file to the school or its third-party servicer. Condition: Incorrect or untimely reporting by the University of Students’ Changes in status during the 2023-2024 award year under audit. Questioned costs: Unknown. Context: Out of the 17 students tested noted 1 or more discrepancies, as follows: • 5 students’ status was incorrectly reported to NSDLS. • 4 student’s’ enrollment effective date was not reported correctly to NSLDS. • 20 students’ enrollment status change was not reported to NSLDS within 60 days. Cause: Lack of appropriate policy and procedure in place regarding NSLDS enrollment reporting for the year under audit. Effect: Noncompliance with federal regulations which could lead to untimely and incorrect reporting of enrollment information to NSLDS. Repeat Finding: Yes – 2023-02 Recommendation: We recommend that the University review their enrollment reporting policies and procedures to ensure accurate reporting. Views of responsible officials: There is no disagreement with the audit finding. Management has addressed their corrective action plan in a separately issued letter.
Finding 2024-002
Federal Agency: Department of Education Federal program title: Student Financial Aid ClusterAssistance Listing Number: 84.033, 84.063, 84.007, 84.379, 84.268 Award Period: July 1, 2023, through June 30, 2024 Type of Finding: Significant Deficiency in Internal Control over Compliance (Other Matters) Criteria or specific requirement: The Code of Federal Regulations, 34 CFR 682.610, states that institutions must report accurately the enrollment status of all students regardless if they receive aid from the institution or not. This includes the enrollment effective date and related enrollment status, which must be reported for both the Campus-Level and the Program-Level as well as the program begin date. In addition, at a minimum, schools are required to certify enrollment every 60 days, and respond within 15 days of the date that NSLDS sends a Roster file to the school or its third-party servicer. Condition: Incorrect or untimely reporting by the University of Students’ Changes in status during the 2023-2024 award year under audit. Questioned costs: Unknown. Context: Out of the 17 students tested noted 1 or more discrepancies, as follows: • 5 students’ status was incorrectly reported to NSDLS. • 4 student’s’ enrollment effective date was not reported correctly to NSLDS. • 20 students’ enrollment status change was not reported to NSLDS within 60 days. Cause: Lack of appropriate policy and procedure in place regarding NSLDS enrollment reporting for the year under audit. Effect: Noncompliance with federal regulations which could lead to untimely and incorrect reporting of enrollment information to NSLDS. Repeat Finding: Yes – 2023-02 Recommendation: We recommend that the University review their enrollment reporting policies and procedures to ensure accurate reporting. Views of responsible officials: There is no disagreement with the audit finding. Management has addressed their corrective action plan in a separately issued letter.