FAC Explorer

Audit 354998

FY End
2024-07-31
Total Expended
$1.35M
Findings
4
Programs
2
Organization: Universidad Teologica Del Caribe, Inc. (PR)
Year: 2024 Accepted: 2025-04-30
Auditor: De Angel & Compañia CPA LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
558138 2024-001 Significant Deficiency Yes N
558139 2024-001 Significant Deficiency Yes N
1134580 2024-001 Significant Deficiency Yes N
1134581 2024-001 Significant Deficiency Yes N

Programs

ALN Program Spent Major Findings
84.063 Federal Pell Grant Program $707,725 Yes 1
84.268 Federal Direct Student Loans $638,220 Yes 1

Contacts

Name Title Type
JEH6H293SJM5 Frankie Negron Auditee
7877610640 CPA Carlos De Angel Ramirez Auditor
No contacts on file

Notes to SEFA

Title: SCHEDULE NOT IN AGREEMENT WITH OTHER FEDERAL AWARDS REPORTING Accounting Policies: The accompanying schedule of expenditures of federal award (the “Schedule”) includes the federal awards activity of Universidad Teológica Del Caribe, Inc. (the Institution)) (hereinafter “the Institution”), under programs of the federal government for the year ended July 31,2024. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used, in the preparation of the Institution’s financial statements. Because the Schedule presents only a selected portion of the activities of the Institution, it is not intended to, and does not, present the financial position, changes in net assets, and cash flows of the Institution. Funds received for students’ financial assistance (principally, Federal Grant Programs, and Federal Student Direct Loans) that are awarded directly to students for educational purposes are excluded from revenues and expenses. These grants are applied to the students’ tuition and fees, and any excess is paid to the students. 2. SUMMARY OF SIGNIFICANT 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, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement. a. The Schedule is prepared from the Institution’s accounting records and is not intended to present its financial position or the results of its operations. b. The financial transactions are recorded by the Institution in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America (“USGAAP”). c. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first. d. Expenditures are reported on the Schedule following the cost principles contained in the Uniform Guidance, wherein certain types of expenditure may or may not be allowable or may be limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Institution has elected not to use the 10% minimis indirect cost rate allowed under the Uniform Guidance. The information included in the Schedule may not fully agree with other federal awards reports, submitted directly to federal grantor agencies because, among other reasons, the award report may (a) be prepared for a different fiscal period and (b) include cumulative data (from prior years) rather than data from the current year only.
Title: MAJOR FEDERAL PROGRAMS Accounting Policies: The accompanying schedule of expenditures of federal award (the “Schedule”) includes the federal awards activity of Universidad Teológica Del Caribe, Inc. (the Institution)) (hereinafter “the Institution”), under programs of the federal government for the year ended July 31,2024. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used, in the preparation of the Institution’s financial statements. Because the Schedule presents only a selected portion of the activities of the Institution, it is not intended to, and does not, present the financial position, changes in net assets, and cash flows of the Institution. Funds received for students’ financial assistance (principally, Federal Grant Programs, and Federal Student Direct Loans) that are awarded directly to students for educational purposes are excluded from revenues and expenses. These grants are applied to the students’ tuition and fees, and any excess is paid to the students. 2. SUMMARY OF SIGNIFICANT 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, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement. a. The Schedule is prepared from the Institution’s accounting records and is not intended to present its financial position or the results of its operations. b. The financial transactions are recorded by the Institution in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America (“USGAAP”). c. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first. d. Expenditures are reported on the Schedule following the cost principles contained in the Uniform Guidance, wherein certain types of expenditure may or may not be allowable or may be limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Institution has elected not to use the 10% minimis indirect cost rate allowed under the Uniform Guidance. Major programs are identified in the Summary of Auditors’ Results Section in the Schedule of Findings and Questioned Costs. Federal programs are presented by federal agency.
Title: ASSISTANCE LISTING NUMBER (ALN) Accounting Policies: The accompanying schedule of expenditures of federal award (the “Schedule”) includes the federal awards activity of Universidad Teológica Del Caribe, Inc. (the Institution)) (hereinafter “the Institution”), under programs of the federal government for the year ended July 31,2024. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used, in the preparation of the Institution’s financial statements. Because the Schedule presents only a selected portion of the activities of the Institution, it is not intended to, and does not, present the financial position, changes in net assets, and cash flows of the Institution. Funds received for students’ financial assistance (principally, Federal Grant Programs, and Federal Student Direct Loans) that are awarded directly to students for educational purposes are excluded from revenues and expenses. These grants are applied to the students’ tuition and fees, and any excess is paid to the students. 2. SUMMARY OF SIGNIFICANT 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, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement. a. The Schedule is prepared from the Institution’s accounting records and is not intended to present its financial position or the results of its operations. b. The financial transactions are recorded by the Institution in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America (“USGAAP”). c. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first. d. Expenditures are reported on the Schedule following the cost principles contained in the Uniform Guidance, wherein certain types of expenditure may or may not be allowable or may be limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Institution has elected not to use the 10% minimis indirect cost rate allowed under the Uniform Guidance. Assistance Listing Number ("ALN") included in the Schedule are determined based on the program name, review of grant contract information and the public description of federal assistance listings published by the U.S. Government on sam.gov. The first two digits identify the federal department or agency that administers the program, and the last three numbers are assigned by numerical sequence.
Title: RELATIONSHIP TO THE STATEMENT OF ACTIVITIES Accounting Policies: The accompanying schedule of expenditures of federal award (the “Schedule”) includes the federal awards activity of Universidad Teológica Del Caribe, Inc. (the Institution)) (hereinafter “the Institution”), under programs of the federal government for the year ended July 31,2024. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used, in the preparation of the Institution’s financial statements. Because the Schedule presents only a selected portion of the activities of the Institution, it is not intended to, and does not, present the financial position, changes in net assets, and cash flows of the Institution. Funds received for students’ financial assistance (principally, Federal Grant Programs, and Federal Student Direct Loans) that are awarded directly to students for educational purposes are excluded from revenues and expenses. These grants are applied to the students’ tuition and fees, and any excess is paid to the students. 2. SUMMARY OF SIGNIFICANT 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, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement. a. The Schedule is prepared from the Institution’s accounting records and is not intended to present its financial position or the results of its operations. b. The financial transactions are recorded by the Institution in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America (“USGAAP”). c. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first. d. Expenditures are reported on the Schedule following the cost principles contained in the Uniform Guidance, wherein certain types of expenditure may or may not be allowable or may be limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Institution has elected not to use the 10% minimis indirect cost rate allowed under the Uniform Guidance. The reconciliation of expenses in the Statement of Activities and Changes in Net Assets to the total expenditures of federal awards in the Schedule of Expenditures of Federal Awards is as follows: Expenses per Statements of Activities and Changes in Net Assets $ 1,670,620 Less: Unrestricted Funds Expenditures (Non-Federal) (324,675) Total Expenditures of Federal Awards in the Schedule of Expenditures of Federal Awards $ 1,345,945
Title: ACCOUNTING POLICIES FOR LOANS AND LOAN GUARANTEES Accounting Policies: The accompanying schedule of expenditures of federal award (the “Schedule”) includes the federal awards activity of Universidad Teológica Del Caribe, Inc. (the Institution)) (hereinafter “the Institution”), under programs of the federal government for the year ended July 31,2024. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used, in the preparation of the Institution’s financial statements. Because the Schedule presents only a selected portion of the activities of the Institution, it is not intended to, and does not, present the financial position, changes in net assets, and cash flows of the Institution. Funds received for students’ financial assistance (principally, Federal Grant Programs, and Federal Student Direct Loans) that are awarded directly to students for educational purposes are excluded from revenues and expenses. These grants are applied to the students’ tuition and fees, and any excess is paid to the students. 2. SUMMARY OF SIGNIFICANT 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, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement. a. The Schedule is prepared from the Institution’s accounting records and is not intended to present its financial position or the results of its operations. b. The financial transactions are recorded by the Institution in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America (“USGAAP”). c. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first. d. Expenditures are reported on the Schedule following the cost principles contained in the Uniform Guidance, wherein certain types of expenditure may or may not be allowable or may be limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Institution has elected not to use the 10% minimis indirect cost rate allowed under the Uniform Guidance. The Institution participates in the Federal Direct Student Loans (Direct Loans) Program (ALN 84.268) of the U.S. Department of Education (USDE). Under the Direct Loans program, the Institution is responsible only for certain administrative duties, accordingly, the disbursements under the program and the outstanding loan balances are excluded from the financial statements of the Institution. However, Direct Loans are considered a component of the student financial assistance programs of the Intitution, as such, new loans processed during the year ended July 31, 2024, amounting to $638,220 were included in the Schedule. Federal expenditures for Direct Loans are determined when loans are made to the students, accordingly, the balance of Direct Loans from previous years is not considered federal expenditures of the current year.
Title: PASS-THROUGH Accounting Policies: The accompanying schedule of expenditures of federal award (the “Schedule”) includes the federal awards activity of Universidad Teológica Del Caribe, Inc. (the Institution)) (hereinafter “the Institution”), under programs of the federal government for the year ended July 31,2024. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used, in the preparation of the Institution’s financial statements. Because the Schedule presents only a selected portion of the activities of the Institution, it is not intended to, and does not, present the financial position, changes in net assets, and cash flows of the Institution. Funds received for students’ financial assistance (principally, Federal Grant Programs, and Federal Student Direct Loans) that are awarded directly to students for educational purposes are excluded from revenues and expenses. These grants are applied to the students’ tuition and fees, and any excess is paid to the students. 2. SUMMARY OF SIGNIFICANT 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, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement. a. The Schedule is prepared from the Institution’s accounting records and is not intended to present its financial position or the results of its operations. b. The financial transactions are recorded by the Institution in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America (“USGAAP”). c. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first. d. Expenditures are reported on the Schedule following the cost principles contained in the Uniform Guidance, wherein certain types of expenditure may or may not be allowable or may be limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Institution has elected not to use the 10% minimis indirect cost rate allowed under the Uniform Guidance. No federal grant dollar has been passed through to sub-recipient.
Title: SUBSIQUENT EVENT Accounting Policies: The accompanying schedule of expenditures of federal award (the “Schedule”) includes the federal awards activity of Universidad Teológica Del Caribe, Inc. (the Institution)) (hereinafter “the Institution”), under programs of the federal government for the year ended July 31,2024. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used, in the preparation of the Institution’s financial statements. Because the Schedule presents only a selected portion of the activities of the Institution, it is not intended to, and does not, present the financial position, changes in net assets, and cash flows of the Institution. Funds received for students’ financial assistance (principally, Federal Grant Programs, and Federal Student Direct Loans) that are awarded directly to students for educational purposes are excluded from revenues and expenses. These grants are applied to the students’ tuition and fees, and any excess is paid to the students. 2. SUMMARY OF SIGNIFICANT 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, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited to reimbursement. a. The Schedule is prepared from the Institution’s accounting records and is not intended to present its financial position or the results of its operations. b. The financial transactions are recorded by the Institution in accordance with the terms and conditions of the grants, which are consistent with accounting principles generally accepted in the United States of America (“USGAAP”). c. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first. d. Expenditures are reported on the Schedule following the cost principles contained in the Uniform Guidance, wherein certain types of expenditure may or may not be allowable or may be limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Institution has elected not to use the 10% minimis indirect cost rate allowed under the Uniform Guidance. On January 27, 2025, the OMB of the United States Federal Government instituted a pause (freeze) on the disbursement of federal grant and loan funds, which became effective on January 28, 2025. The extent to which the funding freeze impacts our operations, financial results, and cash flows, both current and future, will depend on future developments, which are highly uncertain and cannot be predicted with any measure of certainty or probability.

Finding Details

Finding 2024-001
Federal Program Federal Direct Student Loan Program (DL) CFDA No. 84.268 Name of Federal Agency U.S. Department of Education (USDE) Pass-through Entity N/A Criteria 34 CFR 685.309 (b)(2)(ii) states that unless it expects to submit its next updated enrollment report to the Secretary within the next sixty (60) days, a school must notify the Secretary within thirty (30) days after the date the school discovers that; 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 school, 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 a student who is enrolled at the school and who received a loan under title IV of the Act has changed his or her permanent address. Condition As part of our testing of nine (9) students who graduated and/or withdrew during fiscal year 2024, we noted the following instances of non-compliance: 1. Three (3) students for which the University did not report to the National Student Loan Data System the student status changes. 2. Two (2) students for which the University did not report to the National Student Loan Data System the student status changes within the required 60 days’ period. Cause Late submissions were mainly caused due to lack of internal controls and procedures in the process of information submission to National Student Loan Data System. Effect As a result of this condition, the USDE was prevented from the use of accurate reporting data, which is critical for the effective administration of the Direct Loan Program and for USDE budgetary policy analysis.-40- Questioned Cost None Context Of the forty-one (41) status changes for 2024, we selected nine (9) students for testing and noted five (5) instances in which the University did not comply with the enrollment reporting requirements. Identification of a Repeat Finding This is a repeat finding from the immediate previous year’s audit (Finding No. 2023-002). Views of Responsible Officials and Planned Corrective Actions The University management agrees with this finding. Responsible Official Francisco Ortiz, President (787) 761-0640. Please refer to the corrective action plan on pages 42-43. Recommendation Management should reassess the process and timeframe in which the University submits the information to the National Student Loan Data System and monitoring to ensure they comply with the reporting timeframe. The University should enhance both electronic and manual procedures to ensure enrollment status changes are timely and accurately reported to the National Student Loan Data System.
Finding 2024-001
Federal Program Federal Direct Student Loan Program (DL) CFDA No. 84.268 Name of Federal Agency U.S. Department of Education (USDE) Pass-through Entity N/A Criteria 34 CFR 685.309 (b)(2)(ii) states that unless it expects to submit its next updated enrollment report to the Secretary within the next sixty (60) days, a school must notify the Secretary within thirty (30) days after the date the school discovers that; 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 school, 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 a student who is enrolled at the school and who received a loan under title IV of the Act has changed his or her permanent address. Condition As part of our testing of nine (9) students who graduated and/or withdrew during fiscal year 2024, we noted the following instances of non-compliance: 1. Three (3) students for which the University did not report to the National Student Loan Data System the student status changes. 2. Two (2) students for which the University did not report to the National Student Loan Data System the student status changes within the required 60 days’ period. Cause Late submissions were mainly caused due to lack of internal controls and procedures in the process of information submission to National Student Loan Data System. Effect As a result of this condition, the USDE was prevented from the use of accurate reporting data, which is critical for the effective administration of the Direct Loan Program and for USDE budgetary policy analysis.-40- Questioned Cost None Context Of the forty-one (41) status changes for 2024, we selected nine (9) students for testing and noted five (5) instances in which the University did not comply with the enrollment reporting requirements. Identification of a Repeat Finding This is a repeat finding from the immediate previous year’s audit (Finding No. 2023-002). Views of Responsible Officials and Planned Corrective Actions The University management agrees with this finding. Responsible Official Francisco Ortiz, President (787) 761-0640. Please refer to the corrective action plan on pages 42-43. Recommendation Management should reassess the process and timeframe in which the University submits the information to the National Student Loan Data System and monitoring to ensure they comply with the reporting timeframe. The University should enhance both electronic and manual procedures to ensure enrollment status changes are timely and accurately reported to the National Student Loan Data System.
Finding 2024-001
Federal Program Federal Direct Student Loan Program (DL) CFDA No. 84.268 Name of Federal Agency U.S. Department of Education (USDE) Pass-through Entity N/A Criteria 34 CFR 685.309 (b)(2)(ii) states that unless it expects to submit its next updated enrollment report to the Secretary within the next sixty (60) days, a school must notify the Secretary within thirty (30) days after the date the school discovers that; 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 school, 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 a student who is enrolled at the school and who received a loan under title IV of the Act has changed his or her permanent address. Condition As part of our testing of nine (9) students who graduated and/or withdrew during fiscal year 2024, we noted the following instances of non-compliance: 1. Three (3) students for which the University did not report to the National Student Loan Data System the student status changes. 2. Two (2) students for which the University did not report to the National Student Loan Data System the student status changes within the required 60 days’ period. Cause Late submissions were mainly caused due to lack of internal controls and procedures in the process of information submission to National Student Loan Data System. Effect As a result of this condition, the USDE was prevented from the use of accurate reporting data, which is critical for the effective administration of the Direct Loan Program and for USDE budgetary policy analysis.-40- Questioned Cost None Context Of the forty-one (41) status changes for 2024, we selected nine (9) students for testing and noted five (5) instances in which the University did not comply with the enrollment reporting requirements. Identification of a Repeat Finding This is a repeat finding from the immediate previous year’s audit (Finding No. 2023-002). Views of Responsible Officials and Planned Corrective Actions The University management agrees with this finding. Responsible Official Francisco Ortiz, President (787) 761-0640. Please refer to the corrective action plan on pages 42-43. Recommendation Management should reassess the process and timeframe in which the University submits the information to the National Student Loan Data System and monitoring to ensure they comply with the reporting timeframe. The University should enhance both electronic and manual procedures to ensure enrollment status changes are timely and accurately reported to the National Student Loan Data System.
Finding 2024-001
Federal Program Federal Direct Student Loan Program (DL) CFDA No. 84.268 Name of Federal Agency U.S. Department of Education (USDE) Pass-through Entity N/A Criteria 34 CFR 685.309 (b)(2)(ii) states that unless it expects to submit its next updated enrollment report to the Secretary within the next sixty (60) days, a school must notify the Secretary within thirty (30) days after the date the school discovers that; 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 school, 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 a student who is enrolled at the school and who received a loan under title IV of the Act has changed his or her permanent address. Condition As part of our testing of nine (9) students who graduated and/or withdrew during fiscal year 2024, we noted the following instances of non-compliance: 1. Three (3) students for which the University did not report to the National Student Loan Data System the student status changes. 2. Two (2) students for which the University did not report to the National Student Loan Data System the student status changes within the required 60 days’ period. Cause Late submissions were mainly caused due to lack of internal controls and procedures in the process of information submission to National Student Loan Data System. Effect As a result of this condition, the USDE was prevented from the use of accurate reporting data, which is critical for the effective administration of the Direct Loan Program and for USDE budgetary policy analysis.-40- Questioned Cost None Context Of the forty-one (41) status changes for 2024, we selected nine (9) students for testing and noted five (5) instances in which the University did not comply with the enrollment reporting requirements. Identification of a Repeat Finding This is a repeat finding from the immediate previous year’s audit (Finding No. 2023-002). Views of Responsible Officials and Planned Corrective Actions The University management agrees with this finding. Responsible Official Francisco Ortiz, President (787) 761-0640. Please refer to the corrective action plan on pages 42-43. Recommendation Management should reassess the process and timeframe in which the University submits the information to the National Student Loan Data System and monitoring to ensure they comply with the reporting timeframe. The University should enhance both electronic and manual procedures to ensure enrollment status changes are timely and accurately reported to the National Student Loan Data System.