Audit 356480

FY End
2024-06-30
Total Expended
$7.38M
Findings
8
Programs
5
Year: 2024 Accepted: 2025-05-16

Organization Exclusion Status:

Checking exclusion status...

Findings

ID Ref Severity Repeat Requirement
560548 2024-001 Material Weakness Yes N
560549 2024-002 Significant Deficiency Yes E
560550 2024-003 Significant Deficiency Yes N
560551 2024-004 Significant Deficiency - N
1136990 2024-001 Material Weakness Yes N
1136991 2024-002 Significant Deficiency Yes E
1136992 2024-003 Significant Deficiency Yes N
1136993 2024-004 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $5.79M Yes 4
84.063 Federal Pell Grant Program $1.35M Yes 0
84.038 Federal Perkins Loan Program $145,055 Yes 0
84.033 Federal Work-Study Program $81,018 Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $14,000 Yes 0

Contacts

Name Title Type
FUPUKB23DQB6 Sean Austin Auditee
6105270200 Andrea Caladie Auditor
No contacts on file

Notes to SEFA

Title: 1. Basis of Presentation Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Rosemont College of the Holy Child Jesus (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. De Minimis Rate Used: N Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Rosemont College of the Holy Child Jesus (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: 2. Summary of Significant Accounting Policies Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Rosemont College of the Holy Child Jesus (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. De Minimis Rate Used: N Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Expenditures reported in the Schedule are reported on the accrual basis of accounting. The Schedule includes the federal grant transactions of the College recorded on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards due to program expenditures exceeding grant or contract budget limitations which are not reported as expenditures in the Schedule.
Title: 3. Federal Perkins Loan Program Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Rosemont College of the Holy Child Jesus (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. De Minimis Rate Used: N Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Federal Perkins Loan Program is administered directly by the College, and balances and transactions relating to this program are included in the College's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2024 was $145,055.
Title: 4. Indirect Cost Rate Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Rosemont College of the Holy Child Jesus (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. De Minimis Rate Used: N Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The College has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.

Finding Details

Finding 2024-001: Enrollment Reporting - Material Weakness Repeat Finding: 2023-001 ALN: 84.268 Federal Direct Loan Program, 84.063 Federal Pell Grant Program Award Year: July 1, 2023 - June 30, 2024 Federal Agency: U.S. Department of Education Pass-Through Entity: Not applicable Criteria: Institutions are required to report enrollment information under the Pell grant and the Direct loan programs via the National Student Loan Data System (NSLDS) (OMB No. 1845-0035). Institutions must review, update, and certify 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 (NSLDSFAP) website. Condition: For one withdrawn student, the College erroneously reported the effective date of the withdrawal. For one withdrawn student, there was no record found on NSLDS and the withdrawn status was not reported. For two graduated students, the status was reported incorrectly and not corrected in subsequent reporting files. For three students, the college did not report their status to NSLDS within the 60 day threshold. The sample, which consisted of 25 students, was not a statistically valid sample. Cause: The College noted the discrepancies in reporting of the withdrawn students to be human error. The College noted the inaccurate reporting of the students in the 5-year program and nonstandard terms to be an issue with their reporting policy in place for this particular program and will update the policy moving forward. Effect: The accuracy of Title IV student loan records depends heavily on the accuracy of the enrollment information reported by the schools. If an institution does not review, update, and verifystudent enrollment statuses, effective dates of the enrollment status, and other information, then the Title IV student loan records will be inaccurate, which impacts student loan repayments. Questioned Costs: None. Recommendation: It is recommended that the College review policies and procedures in place to resolve reporting issues in a timely manner to facilitate compliance with Title IV regulations. Management Response: The College acknowledges and concurs with the finding. The College is in the process of implementing changes to the student information systems and related process to accommodate both the internal enrollment polices and required reporting statuses, and enhances monitoring processes to ensure the integrity and punctuality of data reported to the NSLDS.
Finding 2024-002: Eligibility - Satisfactory Academic Progress - Significant Deficiency Repeat Finding: 2023-002 ALN: 84.268 Federal Direct Loan Program; 84.063 Federal Pell Grant Program, 84.033 Federal Work Study Program, 84.007 Federal Supplemental Education Opportunity Grant; 84.038 Federal Perkins Loan Program Award Year: July 1, 2023 - June 30, 2024 Federal Agency: U.S. Department of Education Pass-Through Entity: Not applicable Criteria: To begin and to continue to participate in any Title IV, the Higher Education Act of 1965 (HEA) program, an institution shall demonstrate to the Secretary that the institution is capable of adequately administering that program under each of the standards established under 34 CFR 668.16. One of these standards states that for purposes of determining student eligibility for assistance under a Title IV, HEA program, the institution must establish, publish, and apply reasonable standards for measuring whether an otherwise eligible student is maintaining satisfactory academic progress in his or her educational program. Condition: Of the sixty students tested for eligibility, three students did not meet satisfactory academic progress. The College was not able to provide the academic probation warning or Academic Action Plan that was sent to these students in line with the College's policy. The sample was not a statistically valid sample. Cause: The College had turnover in staffing within the financial aid department causing these procedures to be missed. Effect: If the College is not following their policies and procedures for determining student eligibility of Title IV aid, there could be unallowable aid disbursed which could affect the College's ability to continue participating in the Title IV program. Questioned Costs: None. Recommendation: It is recommended that the school designate an employee within the financial aid department to be responsible for monitoring academic progress and following the procedures stated within the College's Academic Progress Policy when a student does not meet the minimum standards. Management Response: The College concurs with the finding and is in the process of implementing a policy when satisfactory academic progress is run, students will be notified via mail or email of their academic standing. Students who are suspended will have an opportunity to appeal their suspension. If the appeal of suspension is approved, students will meet with their academic advisor to be placed on an academic plan. The academic plan must be signed by both the student and advisor. The academic plan must be submitted to the Office of Financial Aid via the teams. A financial aid hold will be placed on the student's account until the signed academic plan is received. Once received, the Office of Financial Aid will remove the hold so the student can be awarded.
Finding 2024-003: Return of Title IV Funds - Significant Deficiency Repeat Finding: 2023-003 ALN: 84.268 Federal Direct Loan Program; 84.063 Federal Pell Grant Program Award Year: July 1, 2023 - June 30, 2024 Federal Agency: U.S. Department of Education Pass-Through Entity: Not applicable Criteria: 34 CFR 668.22 requires that when a recipient of Title IV grant or loan assistance withdraws from an institution during a payment period or period of enrollment in which the recipient began attendance, the institution must determine the amount of Title IV grant or loan assistance that the student earned as of the student's withdrawal date in accordance with Federal regulations and return the unearned portion of the grant or loan funds to the Title IV programs as soon as possible but no later than 45 days after the withdrawal date. Condition: For one student selected for testing, the return of Title IV funding was not returned within 45 days of the date that it was determined that the student withdrew. For one student tested, the semester parameters utilized by the College were inaccurate. The College originally determined that the student had completed less than 60% of the semester and a refund was required. However, a return was not required based on the student's actual semester length. Cause: The College had turnover in staffing within the financial aid department causing these procedures to be missed. Effect: The amounts refunded to the Department of Education may be incorrect. The College was also in possession of funds belonging to the federal government longer than allowed. Questioned Costs: $1,967 Context: There were a total of 19 students who withdrew during the year that received Title IV aid. There was only one student that the College determined to require a return of Title IV funds. There was also one student who was noted to not have a return of funds who did require a return of funds based on testing, resulting in questioned costs. The sample was not considered statistically valid. Recommendation: The College should modify its procedures for refunding awards to ensure proper date computations, as well as disbursing refunds in a timely manner. Management Response: Going forward, all students who withdraw from the College will be forwarded to the financial aid team to review whether a student is still eligible for the full funding of the specific semester in question or whether funding needs to be returned based on the withdrawal date. If it is deemed that funds need to be returned, the Bursar will provide the financial aid team with a copy of the student charges for that period and the Registrar will provide proof of the withdrawal date and the financial aid team will determine the amount of funding that needs to be returned. Financial aid will then complete the return through the student's account and notify the Controller and VP of Finance and Administration to process the return to G5.
Finding 2024-004: Disbursements to Students - Significant Deficiency ALN: 84.268 Federal Direct Loan Program Award Year: July 1, 2023 - June 30, 2024 Federal Agency: U.S. Department of Education Pass-Through Entity: Not applicable Criteria: 34 CFR 668.164 requires that institutions must ensure that disbursements reported to the Common Origination and Disbursement (COD) system accurately reflect the amounts posted to students' accounts. Regular reconciliation between the COD system and institutional financial records is required to identify and correct discrepancies, thereby maintaining compliance with federal regulations. Failure to perform these reconciliations can lead to inaccurate financial reporting and potential noncompliance with Title IV requirements. Condition: Of the forty disbursements to students tested, one disbursement tested had a difference when reconciling the student account statement to the COD system. The sample was not a statistically valid sample. Cause: The College had turnover in staffing within the financial aid department causing these procedures to be missed. Effect: The potential exists that an error could occur in the financial records and not be detected within a timely manner resulting in variances between the College's records and the Department of Education records. Questioned Costs: $494 Recommendation: The College should perform monthly reconciliations of the College’s financial records compared to the Direct Loan system records on a timely basis and they should be reviewed and approved by someone other than the original preparer who would be knowledgeable enough to identify and correct all errors to ensure compliance with federal regulations. Management Response: Management concurs with the finding and will reconcile the College’s disbursement records with the federal COD system and correct all errors on a monthly basis.
Finding 2024-001: Enrollment Reporting - Material Weakness Repeat Finding: 2023-001 ALN: 84.268 Federal Direct Loan Program, 84.063 Federal Pell Grant Program Award Year: July 1, 2023 - June 30, 2024 Federal Agency: U.S. Department of Education Pass-Through Entity: Not applicable Criteria: Institutions are required to report enrollment information under the Pell grant and the Direct loan programs via the National Student Loan Data System (NSLDS) (OMB No. 1845-0035). Institutions must review, update, and certify 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 (NSLDSFAP) website. Condition: For one withdrawn student, the College erroneously reported the effective date of the withdrawal. For one withdrawn student, there was no record found on NSLDS and the withdrawn status was not reported. For two graduated students, the status was reported incorrectly and not corrected in subsequent reporting files. For three students, the college did not report their status to NSLDS within the 60 day threshold. The sample, which consisted of 25 students, was not a statistically valid sample. Cause: The College noted the discrepancies in reporting of the withdrawn students to be human error. The College noted the inaccurate reporting of the students in the 5-year program and nonstandard terms to be an issue with their reporting policy in place for this particular program and will update the policy moving forward. Effect: The accuracy of Title IV student loan records depends heavily on the accuracy of the enrollment information reported by the schools. If an institution does not review, update, and verifystudent enrollment statuses, effective dates of the enrollment status, and other information, then the Title IV student loan records will be inaccurate, which impacts student loan repayments. Questioned Costs: None. Recommendation: It is recommended that the College review policies and procedures in place to resolve reporting issues in a timely manner to facilitate compliance with Title IV regulations. Management Response: The College acknowledges and concurs with the finding. The College is in the process of implementing changes to the student information systems and related process to accommodate both the internal enrollment polices and required reporting statuses, and enhances monitoring processes to ensure the integrity and punctuality of data reported to the NSLDS.
Finding 2024-002: Eligibility - Satisfactory Academic Progress - Significant Deficiency Repeat Finding: 2023-002 ALN: 84.268 Federal Direct Loan Program; 84.063 Federal Pell Grant Program, 84.033 Federal Work Study Program, 84.007 Federal Supplemental Education Opportunity Grant; 84.038 Federal Perkins Loan Program Award Year: July 1, 2023 - June 30, 2024 Federal Agency: U.S. Department of Education Pass-Through Entity: Not applicable Criteria: To begin and to continue to participate in any Title IV, the Higher Education Act of 1965 (HEA) program, an institution shall demonstrate to the Secretary that the institution is capable of adequately administering that program under each of the standards established under 34 CFR 668.16. One of these standards states that for purposes of determining student eligibility for assistance under a Title IV, HEA program, the institution must establish, publish, and apply reasonable standards for measuring whether an otherwise eligible student is maintaining satisfactory academic progress in his or her educational program. Condition: Of the sixty students tested for eligibility, three students did not meet satisfactory academic progress. The College was not able to provide the academic probation warning or Academic Action Plan that was sent to these students in line with the College's policy. The sample was not a statistically valid sample. Cause: The College had turnover in staffing within the financial aid department causing these procedures to be missed. Effect: If the College is not following their policies and procedures for determining student eligibility of Title IV aid, there could be unallowable aid disbursed which could affect the College's ability to continue participating in the Title IV program. Questioned Costs: None. Recommendation: It is recommended that the school designate an employee within the financial aid department to be responsible for monitoring academic progress and following the procedures stated within the College's Academic Progress Policy when a student does not meet the minimum standards. Management Response: The College concurs with the finding and is in the process of implementing a policy when satisfactory academic progress is run, students will be notified via mail or email of their academic standing. Students who are suspended will have an opportunity to appeal their suspension. If the appeal of suspension is approved, students will meet with their academic advisor to be placed on an academic plan. The academic plan must be signed by both the student and advisor. The academic plan must be submitted to the Office of Financial Aid via the teams. A financial aid hold will be placed on the student's account until the signed academic plan is received. Once received, the Office of Financial Aid will remove the hold so the student can be awarded.
Finding 2024-003: Return of Title IV Funds - Significant Deficiency Repeat Finding: 2023-003 ALN: 84.268 Federal Direct Loan Program; 84.063 Federal Pell Grant Program Award Year: July 1, 2023 - June 30, 2024 Federal Agency: U.S. Department of Education Pass-Through Entity: Not applicable Criteria: 34 CFR 668.22 requires that when a recipient of Title IV grant or loan assistance withdraws from an institution during a payment period or period of enrollment in which the recipient began attendance, the institution must determine the amount of Title IV grant or loan assistance that the student earned as of the student's withdrawal date in accordance with Federal regulations and return the unearned portion of the grant or loan funds to the Title IV programs as soon as possible but no later than 45 days after the withdrawal date. Condition: For one student selected for testing, the return of Title IV funding was not returned within 45 days of the date that it was determined that the student withdrew. For one student tested, the semester parameters utilized by the College were inaccurate. The College originally determined that the student had completed less than 60% of the semester and a refund was required. However, a return was not required based on the student's actual semester length. Cause: The College had turnover in staffing within the financial aid department causing these procedures to be missed. Effect: The amounts refunded to the Department of Education may be incorrect. The College was also in possession of funds belonging to the federal government longer than allowed. Questioned Costs: $1,967 Context: There were a total of 19 students who withdrew during the year that received Title IV aid. There was only one student that the College determined to require a return of Title IV funds. There was also one student who was noted to not have a return of funds who did require a return of funds based on testing, resulting in questioned costs. The sample was not considered statistically valid. Recommendation: The College should modify its procedures for refunding awards to ensure proper date computations, as well as disbursing refunds in a timely manner. Management Response: Going forward, all students who withdraw from the College will be forwarded to the financial aid team to review whether a student is still eligible for the full funding of the specific semester in question or whether funding needs to be returned based on the withdrawal date. If it is deemed that funds need to be returned, the Bursar will provide the financial aid team with a copy of the student charges for that period and the Registrar will provide proof of the withdrawal date and the financial aid team will determine the amount of funding that needs to be returned. Financial aid will then complete the return through the student's account and notify the Controller and VP of Finance and Administration to process the return to G5.
Finding 2024-004: Disbursements to Students - Significant Deficiency ALN: 84.268 Federal Direct Loan Program Award Year: July 1, 2023 - June 30, 2024 Federal Agency: U.S. Department of Education Pass-Through Entity: Not applicable Criteria: 34 CFR 668.164 requires that institutions must ensure that disbursements reported to the Common Origination and Disbursement (COD) system accurately reflect the amounts posted to students' accounts. Regular reconciliation between the COD system and institutional financial records is required to identify and correct discrepancies, thereby maintaining compliance with federal regulations. Failure to perform these reconciliations can lead to inaccurate financial reporting and potential noncompliance with Title IV requirements. Condition: Of the forty disbursements to students tested, one disbursement tested had a difference when reconciling the student account statement to the COD system. The sample was not a statistically valid sample. Cause: The College had turnover in staffing within the financial aid department causing these procedures to be missed. Effect: The potential exists that an error could occur in the financial records and not be detected within a timely manner resulting in variances between the College's records and the Department of Education records. Questioned Costs: $494 Recommendation: The College should perform monthly reconciliations of the College’s financial records compared to the Direct Loan system records on a timely basis and they should be reviewed and approved by someone other than the original preparer who would be knowledgeable enough to identify and correct all errors to ensure compliance with federal regulations. Management Response: Management concurs with the finding and will reconcile the College’s disbursement records with the federal COD system and correct all errors on a monthly basis.