Audit 352050

FY End
2024-06-30
Total Expended
$48.37M
Findings
4
Programs
14
Organization: Molloy College (NY)
Year: 2024 Accepted: 2025-03-31

Organization Exclusion Status:

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Contacts

Name Title Type
PCUKYDN6M118 Stephen Hietsch Auditee
5163233030 Sara D'agostino Auditor
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Notes to SEFA

Title: LOANS OUTSTANDING Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Molloy University (the “University”) for the year ended June 30, 2024. The information presented on this schedule has been prepared on the accrual basis of accounting and is presented in accordance with the provisionof the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, 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 financial statements. De Minimis Rate Used: Y Rate Explanation: The University used the 10-percent de minimis indirect cost rate allowed under Uniform Guidance. The University is responsible only for the performance of certain ongoing administrative duties with respect to the Federal Direct Loan Program (Federal Stafford and PLUS loans). Accordingly, the outstanding loan balances under this program are not included in the University’s basic financial statements. It is not practical to determine the balance of loans outstanding to students of the University under this program at June 30, 2024. In addition, the value of outstanding Federal Perkins Loan Program and Federal Nursing Faculty Loan Program balances at June 30, 2024 totaled $567,070 and $887,457, respectively.
Title: STUDENT LOAN PROGRAMS Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Molloy University (the “University”) for the year ended June 30, 2024. The information presented on this schedule has been prepared on the accrual basis of accounting and is presented in accordance with the provisionof the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, 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 financial statements. De Minimis Rate Used: Y Rate Explanation: The University used the 10-percent de minimis indirect cost rate allowed under Uniform Guidance. The federal student loan program listed below is administered directly by the University, and balances and transactions relating to this program are included in the University’s financial statements. Loan activities and balances consist of the following: Perkins Loan Program - Federal Assistance Listing Number 84.038, Balance as of July 1, 2023 $869,069, Loans Issued $0, Payments Received ($301,999), Balance as of June 30, 2024 $567,070, Federal Nursing Faculty Loan Program - Federal Assistance Listing Number 93.264, Balance as of July 1, 2023 $900,443, Loans Issued $118,391, Payments Received ($131,377), Balance as of June 30, 2024 $887,457

Finding Details

Finding 2024-001 Special Tests and Provisions - Enrollment Reporting Compliance and Internal Control (Significant Deficiency) U.S. Department of Education - Student Financial Assistance Cluster Federal Direct Student Loans (Assistance Listing #84.268) Federal Award Number: P268K241866 Federal Pell Grant Program (Assistance Listing #84.063) Federal Award Number: P063P231866 Federal Award Year: 2023-2024 Criteria: Under the Federal Pell Grant Program and U.S. Department of Education (“ED”) loan programs, institutions are required to report student enrollment information via the National Student Loan Data System (“NSLDS”) (OMB No. 1845-0035). The administration of the Title IV programs depends heavily on the accuracy and timeliness of the enrollment information reported by institutions. Institutions must review, update, and verify student enrollment statuses, program information, and effective dates that appear on the Enrollment Reporting Roster file or on the Enrollment Maintenance page of the NSLDS Professional Access website. The data on the institution’s Enrollment Reporting Roster, or Enrollment Maintenance page, is what NSLDS maintains as the most recently certified enrollment information. There are two categories of enrollment information; “Campus Level” and “Program Level,” both of which need to be reported accurately and have separate record types. The NSLDS Enrollment Reporting Guide provides the requirements and guidance for reporting enrollment details using the NSLDS Enrollment Reporting Process. Required program-level data includes, but is not limited to: • Program enrollment status; • Program enrollment effective date; • Program begin date; • Published program length and measurement; and, • Classification of Instructional Program (“CIP”) code. When a Direct Loan was made to or on behalf of a student who was enrolled or accepted for enrollment at the institution, and the student ceased to be enrolled on at least a halftime basis or failed to enroll on at least a half-time basis for the period for which the loan was intended; or a student who is enrolled at the institution and who received a loan under Title IV has changed his or her permanent address, the institution must report the change in its next updated Enrollment Reporting Roster file (due within 60 days of the change). Context and Condition: From a selection of forty (40) students tested, we identified the following instance of noncompliance: 1) For two (2) students, the change in status was not submitted timely (within 60 days) to the NSLDS per the student records and internal documentation provided by the University. Cause: For the two (2) students, management entered the incorrect effective date of the respective student’s withdrawal status. The error was identified and corrected by management, however the updated effective date was not certified timely (within 60 days) to the NSLDS. Effect: The enrollment status for two (2) students were not reported timely to the NSLDS. Questioned Costs: None identified. Identified as a Repeat Finding: Yes. Recommendation: The University should implement procedures to ensure that withdrawal dates are reported timely to the NSLDS. Views of Responsible Officials: Molloy University understands the finding and has devised a process to ensure that the correct withdrawal date is recorded National Student Loan Data System (NSLDS) with the 60-day window from the date of determination. In the finding, the withdrawals were reported within the window, but the effective dates reported were incorrect. We identified the issue and made the corrections, but the corrections were made outside the 60-day window. To address this, we will utilize our current practice of relying on error reports to address such errors, but we will run these reports at an increased frequency (bi-weekly) and have an additional staff member review the information. We will keep a file for each student withdrawal to show that our dates align in our system, the National Student Clearinghouse, and NSLDS within the required timeframe.
Finding 2024-001 Special Tests and Provisions - Enrollment Reporting Compliance and Internal Control (Significant Deficiency) U.S. Department of Education - Student Financial Assistance Cluster Federal Direct Student Loans (Assistance Listing #84.268) Federal Award Number: P268K241866 Federal Pell Grant Program (Assistance Listing #84.063) Federal Award Number: P063P231866 Federal Award Year: 2023-2024 Criteria: Under the Federal Pell Grant Program and U.S. Department of Education (“ED”) loan programs, institutions are required to report student enrollment information via the National Student Loan Data System (“NSLDS”) (OMB No. 1845-0035). The administration of the Title IV programs depends heavily on the accuracy and timeliness of the enrollment information reported by institutions. Institutions must review, update, and verify student enrollment statuses, program information, and effective dates that appear on the Enrollment Reporting Roster file or on the Enrollment Maintenance page of the NSLDS Professional Access website. The data on the institution’s Enrollment Reporting Roster, or Enrollment Maintenance page, is what NSLDS maintains as the most recently certified enrollment information. There are two categories of enrollment information; “Campus Level” and “Program Level,” both of which need to be reported accurately and have separate record types. The NSLDS Enrollment Reporting Guide provides the requirements and guidance for reporting enrollment details using the NSLDS Enrollment Reporting Process. Required program-level data includes, but is not limited to: • Program enrollment status; • Program enrollment effective date; • Program begin date; • Published program length and measurement; and, • Classification of Instructional Program (“CIP”) code. When a Direct Loan was made to or on behalf of a student who was enrolled or accepted for enrollment at the institution, and the student ceased to be enrolled on at least a halftime basis or failed to enroll on at least a half-time basis for the period for which the loan was intended; or a student who is enrolled at the institution and who received a loan under Title IV has changed his or her permanent address, the institution must report the change in its next updated Enrollment Reporting Roster file (due within 60 days of the change). Context and Condition: From a selection of forty (40) students tested, we identified the following instance of noncompliance: 1) For two (2) students, the change in status was not submitted timely (within 60 days) to the NSLDS per the student records and internal documentation provided by the University. Cause: For the two (2) students, management entered the incorrect effective date of the respective student’s withdrawal status. The error was identified and corrected by management, however the updated effective date was not certified timely (within 60 days) to the NSLDS. Effect: The enrollment status for two (2) students were not reported timely to the NSLDS. Questioned Costs: None identified. Identified as a Repeat Finding: Yes. Recommendation: The University should implement procedures to ensure that withdrawal dates are reported timely to the NSLDS. Views of Responsible Officials: Molloy University understands the finding and has devised a process to ensure that the correct withdrawal date is recorded National Student Loan Data System (NSLDS) with the 60-day window from the date of determination. In the finding, the withdrawals were reported within the window, but the effective dates reported were incorrect. We identified the issue and made the corrections, but the corrections were made outside the 60-day window. To address this, we will utilize our current practice of relying on error reports to address such errors, but we will run these reports at an increased frequency (bi-weekly) and have an additional staff member review the information. We will keep a file for each student withdrawal to show that our dates align in our system, the National Student Clearinghouse, and NSLDS within the required timeframe.
Finding 2024-001 Special Tests and Provisions - Enrollment Reporting Compliance and Internal Control (Significant Deficiency) U.S. Department of Education - Student Financial Assistance Cluster Federal Direct Student Loans (Assistance Listing #84.268) Federal Award Number: P268K241866 Federal Pell Grant Program (Assistance Listing #84.063) Federal Award Number: P063P231866 Federal Award Year: 2023-2024 Criteria: Under the Federal Pell Grant Program and U.S. Department of Education (“ED”) loan programs, institutions are required to report student enrollment information via the National Student Loan Data System (“NSLDS”) (OMB No. 1845-0035). The administration of the Title IV programs depends heavily on the accuracy and timeliness of the enrollment information reported by institutions. Institutions must review, update, and verify student enrollment statuses, program information, and effective dates that appear on the Enrollment Reporting Roster file or on the Enrollment Maintenance page of the NSLDS Professional Access website. The data on the institution’s Enrollment Reporting Roster, or Enrollment Maintenance page, is what NSLDS maintains as the most recently certified enrollment information. There are two categories of enrollment information; “Campus Level” and “Program Level,” both of which need to be reported accurately and have separate record types. The NSLDS Enrollment Reporting Guide provides the requirements and guidance for reporting enrollment details using the NSLDS Enrollment Reporting Process. Required program-level data includes, but is not limited to: • Program enrollment status; • Program enrollment effective date; • Program begin date; • Published program length and measurement; and, • Classification of Instructional Program (“CIP”) code. When a Direct Loan was made to or on behalf of a student who was enrolled or accepted for enrollment at the institution, and the student ceased to be enrolled on at least a halftime basis or failed to enroll on at least a half-time basis for the period for which the loan was intended; or a student who is enrolled at the institution and who received a loan under Title IV has changed his or her permanent address, the institution must report the change in its next updated Enrollment Reporting Roster file (due within 60 days of the change). Context and Condition: From a selection of forty (40) students tested, we identified the following instance of noncompliance: 1) For two (2) students, the change in status was not submitted timely (within 60 days) to the NSLDS per the student records and internal documentation provided by the University. Cause: For the two (2) students, management entered the incorrect effective date of the respective student’s withdrawal status. The error was identified and corrected by management, however the updated effective date was not certified timely (within 60 days) to the NSLDS. Effect: The enrollment status for two (2) students were not reported timely to the NSLDS. Questioned Costs: None identified. Identified as a Repeat Finding: Yes. Recommendation: The University should implement procedures to ensure that withdrawal dates are reported timely to the NSLDS. Views of Responsible Officials: Molloy University understands the finding and has devised a process to ensure that the correct withdrawal date is recorded National Student Loan Data System (NSLDS) with the 60-day window from the date of determination. In the finding, the withdrawals were reported within the window, but the effective dates reported were incorrect. We identified the issue and made the corrections, but the corrections were made outside the 60-day window. To address this, we will utilize our current practice of relying on error reports to address such errors, but we will run these reports at an increased frequency (bi-weekly) and have an additional staff member review the information. We will keep a file for each student withdrawal to show that our dates align in our system, the National Student Clearinghouse, and NSLDS within the required timeframe.
Finding 2024-001 Special Tests and Provisions - Enrollment Reporting Compliance and Internal Control (Significant Deficiency) U.S. Department of Education - Student Financial Assistance Cluster Federal Direct Student Loans (Assistance Listing #84.268) Federal Award Number: P268K241866 Federal Pell Grant Program (Assistance Listing #84.063) Federal Award Number: P063P231866 Federal Award Year: 2023-2024 Criteria: Under the Federal Pell Grant Program and U.S. Department of Education (“ED”) loan programs, institutions are required to report student enrollment information via the National Student Loan Data System (“NSLDS”) (OMB No. 1845-0035). The administration of the Title IV programs depends heavily on the accuracy and timeliness of the enrollment information reported by institutions. Institutions must review, update, and verify student enrollment statuses, program information, and effective dates that appear on the Enrollment Reporting Roster file or on the Enrollment Maintenance page of the NSLDS Professional Access website. The data on the institution’s Enrollment Reporting Roster, or Enrollment Maintenance page, is what NSLDS maintains as the most recently certified enrollment information. There are two categories of enrollment information; “Campus Level” and “Program Level,” both of which need to be reported accurately and have separate record types. The NSLDS Enrollment Reporting Guide provides the requirements and guidance for reporting enrollment details using the NSLDS Enrollment Reporting Process. Required program-level data includes, but is not limited to: • Program enrollment status; • Program enrollment effective date; • Program begin date; • Published program length and measurement; and, • Classification of Instructional Program (“CIP”) code. When a Direct Loan was made to or on behalf of a student who was enrolled or accepted for enrollment at the institution, and the student ceased to be enrolled on at least a halftime basis or failed to enroll on at least a half-time basis for the period for which the loan was intended; or a student who is enrolled at the institution and who received a loan under Title IV has changed his or her permanent address, the institution must report the change in its next updated Enrollment Reporting Roster file (due within 60 days of the change). Context and Condition: From a selection of forty (40) students tested, we identified the following instance of noncompliance: 1) For two (2) students, the change in status was not submitted timely (within 60 days) to the NSLDS per the student records and internal documentation provided by the University. Cause: For the two (2) students, management entered the incorrect effective date of the respective student’s withdrawal status. The error was identified and corrected by management, however the updated effective date was not certified timely (within 60 days) to the NSLDS. Effect: The enrollment status for two (2) students were not reported timely to the NSLDS. Questioned Costs: None identified. Identified as a Repeat Finding: Yes. Recommendation: The University should implement procedures to ensure that withdrawal dates are reported timely to the NSLDS. Views of Responsible Officials: Molloy University understands the finding and has devised a process to ensure that the correct withdrawal date is recorded National Student Loan Data System (NSLDS) with the 60-day window from the date of determination. In the finding, the withdrawals were reported within the window, but the effective dates reported were incorrect. We identified the issue and made the corrections, but the corrections were made outside the 60-day window. To address this, we will utilize our current practice of relying on error reports to address such errors, but we will run these reports at an increased frequency (bi-weekly) and have an additional staff member review the information. We will keep a file for each student withdrawal to show that our dates align in our system, the National Student Clearinghouse, and NSLDS within the required timeframe.