FAC Explorer

Audit 352252

FY End
2024-06-30
Total Expended
$8.56M
Findings
2
Programs
8
Organization: Lane College (TN)
Year: 2024 Accepted: 2025-04-01
Auditor: Hoskins & Company

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
553682 2024-002 Significant Deficiency - N
1130124 2024-002 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $3.32M Yes 1
84.031 Higher Education Institutional Aid $707,226 - 0
84.007 Federal Supplemental Educational Opportunity Grants $541,716 Yes 0
84.033 Federal Work-Study Program $447,907 Yes 0
84.063 Federal Pell Grant Program $387,455 Yes 0
11.028 Connecting Minority Communities Pilot Program $170,763 - 0
47.076 Stem Education (formerly Education and Human Resources) $35,210 - 0
81.049 Office of Science Financial Assistance Program $27,578 - 0

Contacts

Name Title Type
XKKGZWEK5Q69 Tangela Poole Auditee
7314267539 Nelson Dixon III Auditor
No contacts on file

Notes to SEFA

Title: NOTE 1---SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Nature of Organization Lane College (the “College”), located in Jackson, Tennessee, is a private, co-educational, church-related institution which provides a liberal arts curriculum leading to baccalaureate degrees in the Arts and Sciences. The College admits persons regardless of color, sex, religion, and/or national origin. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant expenditure activity of the College for the year ended June 30, 2024, and is presented using the accrual basis of accounting. The information on this Schedule is prepared 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. De Minimis Rate Used: Y Rate Explanation: The College did elect to utilize the 10% De Minimis election in the fiscal year June 30, 2024. Nature of Organization Lane College (the “College”), located in Jackson, Tennessee, is a private, co-educational, church-related institution which provides a liberal arts curriculum leading to baccalaureate degrees in the Arts and Sciences. The College admits persons regardless of color, sex, religion, and/or national origin. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant expenditure activity of the College for the year ended June 30, 2024, and is presented using the accrual basis of accounting. The information on this Schedule is prepared 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: NOTE 2---DE MINIMIS ELECTION Accounting Policies: Nature of Organization Lane College (the “College”), located in Jackson, Tennessee, is a private, co-educational, church-related institution which provides a liberal arts curriculum leading to baccalaureate degrees in the Arts and Sciences. The College admits persons regardless of color, sex, religion, and/or national origin. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant expenditure activity of the College for the year ended June 30, 2024, and is presented using the accrual basis of accounting. The information on this Schedule is prepared 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. De Minimis Rate Used: Y Rate Explanation: The College did elect to utilize the 10% De Minimis election in the fiscal year June 30, 2024. The College did elect to utilize the 10% De Minimis election in the fiscal year June 30, 2024.
Title: NOTE 3---FEDERAL DIRECT LOAN PROGRAM Accounting Policies: Nature of Organization Lane College (the “College”), located in Jackson, Tennessee, is a private, co-educational, church-related institution which provides a liberal arts curriculum leading to baccalaureate degrees in the Arts and Sciences. The College admits persons regardless of color, sex, religion, and/or national origin. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant expenditure activity of the College for the year ended June 30, 2024, and is presented using the accrual basis of accounting. The information on this Schedule is prepared 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. De Minimis Rate Used: Y Rate Explanation: The College did elect to utilize the 10% De Minimis election in the fiscal year June 30, 2024. During the year ended June 30, 2024, the College processed $3,401,344 of new loans under the Federal Direct Loan Program, ALN 84.268 (which includes Federal Direct Loans and Federal Graduate PLUS Loans).
Title: NOTE 4---SUBSEQUENT EVENTS Accounting Policies: Nature of Organization Lane College (the “College”), located in Jackson, Tennessee, is a private, co-educational, church-related institution which provides a liberal arts curriculum leading to baccalaureate degrees in the Arts and Sciences. The College admits persons regardless of color, sex, religion, and/or national origin. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant expenditure activity of the College for the year ended June 30, 2024, and is presented using the accrual basis of accounting. The information on this Schedule is prepared 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. De Minimis Rate Used: Y Rate Explanation: The College did elect to utilize the 10% De Minimis election in the fiscal year June 30, 2024. The College has evaluated subsequent events as of March 20, 2025; the date management evaluated such events that require disclosures, March 20, 2025.

Finding Details

Finding 2024-002
Late Reporting to National Student Loan Data System (NSLDS) Federal agency: U.S. Department of Education Federal program title: Federal Direct Student Loan ALN: 84.268 Condition: For 3 of 23 (13%) sampled students the College did not report withdrawal and/or graduation dates to NSLDS within the 60-day requirement. Criteria: According to the compliance supplement and 2 CFR Part 200 (Uniform Guidance), institutions must report enrollment status changes, including withdrawals and graduations, to the NSLDS within 60 days of the change. Cause: The College's enrollment reporting system lacked adequate controls to ensure timely submission of enrollment status changes to the NSLDS. Effect: Delayed reporting of withdrawal, graduation, and half-time status change dates could result in inaccurate student loan records, potential overpayments, and non-compliance with federal regulations. Known and Likely Questioned Costs: None Recommendation: Implement a tracking and reporting system to ensure that all enrollment status changes are reported to the NSLDS within the required 60-day period. Regular training for staff on compliance requirements and periodic audits of the reporting process are also recommended.
Finding 2024-002
Late Reporting to National Student Loan Data System (NSLDS) Federal agency: U.S. Department of Education Federal program title: Federal Direct Student Loan ALN: 84.268 Condition: For 3 of 23 (13%) sampled students the College did not report withdrawal and/or graduation dates to NSLDS within the 60-day requirement. Criteria: According to the compliance supplement and 2 CFR Part 200 (Uniform Guidance), institutions must report enrollment status changes, including withdrawals and graduations, to the NSLDS within 60 days of the change. Cause: The College's enrollment reporting system lacked adequate controls to ensure timely submission of enrollment status changes to the NSLDS. Effect: Delayed reporting of withdrawal, graduation, and half-time status change dates could result in inaccurate student loan records, potential overpayments, and non-compliance with federal regulations. Known and Likely Questioned Costs: None Recommendation: Implement a tracking and reporting system to ensure that all enrollment status changes are reported to the NSLDS within the required 60-day period. Regular training for staff on compliance requirements and periodic audits of the reporting process are also recommended.