Audit 36393

FY End
2022-06-30
Total Expended
$10.58M
Findings
10
Programs
6
Organization: Stephens College (MO)
Year: 2022 Accepted: 2023-03-28

Organization Exclusion Status:

Checking exclusion status...

Findings

ID Ref Severity Repeat Requirement
38286 2022-001 - - N
38287 2022-001 - - N
38288 2022-001 - - N
38289 2022-001 - - N
38290 2022-001 - - N
614728 2022-001 - - N
614729 2022-001 - - N
614730 2022-001 - - N
614731 2022-001 - - N
614732 2022-001 - - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $6.97M Yes 1
84.063 Federal Pell Grant Program $914,270 Yes 1
84.038 Federal Perkins Program $600,334 Yes 1
84.425 Education Stabilization Fund $122,411 Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $49,487 Yes 1
84.033 Federal Work-Study Program $45,064 Yes 1

Contacts

Name Title Type
EBYVJ3MCKDC5 Dane Fuhrman Auditee
5738762364 Amanda Schultz Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: The schedule of expenditures of federal awards includes only the current year federal grant activity of Stephens College 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. Under these standards, Federal Pell Grant Program awards are reported as expenditures, whereas under U.S. generally accepted accounting principles they are not reported in the Colleges statement of activities as expenses or financial aid. New loan advances under the Federal Student Direct Loans Program represent the amount of such loans processed by the College for the year and are not reportable as transactions in the Colleges financial statements under U. S. generally accepted accounting principles. Other amounts presented in this schedule as expenditures may differ from amounts presented in, or used in the preparation of, the basic financial statements, although such differences are not material to the financial statements. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were 6974019.

Finding Details

Finding 2022-001: Policies and Procedures Related to Withdrawals ? SFA Cluster (significant deficiency) Statement of Condition: From our testing sample of ten (10) students, we found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Criteria: In accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, any changes to a student?s enrollment status are required to be reported within thirty (30) days, or within sixty (60) days if a roster file is expected within that time frame. Also in accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, all students who withdraw and receive Title IV funds should be identified so that return calculations can be performed and any refunds can be made within forty-five (45) days of the school?s determination that the student has withdrawn. Effect of Condition: We found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Cause of Condition: The changes in student status due to withdrawal that were not reported timely were due to the College?s roster file not being updated regularly/timely/upon the College?s determination that the students withdrew. The Title IV funds were not returned correctly or timely due to human error. Recommendation: We recommend the College develop policies and procedures to address these issues. These policies should require that an individual, separate from the reporting of enrollment status changes, review a listing of all students with enrollment status changes on a periodic basis to determine these changes have been properly reported within the allotted time frame as required by the U.S. Department of Education. Management?s Response: Management agrees and will submit a Corrective Action Plan to implement this recommendation.
Finding 2022-001: Policies and Procedures Related to Withdrawals ? SFA Cluster (significant deficiency) Statement of Condition: From our testing sample of ten (10) students, we found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Criteria: In accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, any changes to a student?s enrollment status are required to be reported within thirty (30) days, or within sixty (60) days if a roster file is expected within that time frame. Also in accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, all students who withdraw and receive Title IV funds should be identified so that return calculations can be performed and any refunds can be made within forty-five (45) days of the school?s determination that the student has withdrawn. Effect of Condition: We found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Cause of Condition: The changes in student status due to withdrawal that were not reported timely were due to the College?s roster file not being updated regularly/timely/upon the College?s determination that the students withdrew. The Title IV funds were not returned correctly or timely due to human error. Recommendation: We recommend the College develop policies and procedures to address these issues. These policies should require that an individual, separate from the reporting of enrollment status changes, review a listing of all students with enrollment status changes on a periodic basis to determine these changes have been properly reported within the allotted time frame as required by the U.S. Department of Education. Management?s Response: Management agrees and will submit a Corrective Action Plan to implement this recommendation.
Finding 2022-001: Policies and Procedures Related to Withdrawals ? SFA Cluster (significant deficiency) Statement of Condition: From our testing sample of ten (10) students, we found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Criteria: In accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, any changes to a student?s enrollment status are required to be reported within thirty (30) days, or within sixty (60) days if a roster file is expected within that time frame. Also in accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, all students who withdraw and receive Title IV funds should be identified so that return calculations can be performed and any refunds can be made within forty-five (45) days of the school?s determination that the student has withdrawn. Effect of Condition: We found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Cause of Condition: The changes in student status due to withdrawal that were not reported timely were due to the College?s roster file not being updated regularly/timely/upon the College?s determination that the students withdrew. The Title IV funds were not returned correctly or timely due to human error. Recommendation: We recommend the College develop policies and procedures to address these issues. These policies should require that an individual, separate from the reporting of enrollment status changes, review a listing of all students with enrollment status changes on a periodic basis to determine these changes have been properly reported within the allotted time frame as required by the U.S. Department of Education. Management?s Response: Management agrees and will submit a Corrective Action Plan to implement this recommendation.
Finding 2022-001: Policies and Procedures Related to Withdrawals ? SFA Cluster (significant deficiency) Statement of Condition: From our testing sample of ten (10) students, we found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Criteria: In accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, any changes to a student?s enrollment status are required to be reported within thirty (30) days, or within sixty (60) days if a roster file is expected within that time frame. Also in accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, all students who withdraw and receive Title IV funds should be identified so that return calculations can be performed and any refunds can be made within forty-five (45) days of the school?s determination that the student has withdrawn. Effect of Condition: We found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Cause of Condition: The changes in student status due to withdrawal that were not reported timely were due to the College?s roster file not being updated regularly/timely/upon the College?s determination that the students withdrew. The Title IV funds were not returned correctly or timely due to human error. Recommendation: We recommend the College develop policies and procedures to address these issues. These policies should require that an individual, separate from the reporting of enrollment status changes, review a listing of all students with enrollment status changes on a periodic basis to determine these changes have been properly reported within the allotted time frame as required by the U.S. Department of Education. Management?s Response: Management agrees and will submit a Corrective Action Plan to implement this recommendation.
Finding 2022-001: Policies and Procedures Related to Withdrawals ? SFA Cluster (significant deficiency) Statement of Condition: From our testing sample of ten (10) students, we found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Criteria: In accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, any changes to a student?s enrollment status are required to be reported within thirty (30) days, or within sixty (60) days if a roster file is expected within that time frame. Also in accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, all students who withdraw and receive Title IV funds should be identified so that return calculations can be performed and any refunds can be made within forty-five (45) days of the school?s determination that the student has withdrawn. Effect of Condition: We found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Cause of Condition: The changes in student status due to withdrawal that were not reported timely were due to the College?s roster file not being updated regularly/timely/upon the College?s determination that the students withdrew. The Title IV funds were not returned correctly or timely due to human error. Recommendation: We recommend the College develop policies and procedures to address these issues. These policies should require that an individual, separate from the reporting of enrollment status changes, review a listing of all students with enrollment status changes on a periodic basis to determine these changes have been properly reported within the allotted time frame as required by the U.S. Department of Education. Management?s Response: Management agrees and will submit a Corrective Action Plan to implement this recommendation.
Finding 2022-001: Policies and Procedures Related to Withdrawals ? SFA Cluster (significant deficiency) Statement of Condition: From our testing sample of ten (10) students, we found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Criteria: In accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, any changes to a student?s enrollment status are required to be reported within thirty (30) days, or within sixty (60) days if a roster file is expected within that time frame. Also in accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, all students who withdraw and receive Title IV funds should be identified so that return calculations can be performed and any refunds can be made within forty-five (45) days of the school?s determination that the student has withdrawn. Effect of Condition: We found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Cause of Condition: The changes in student status due to withdrawal that were not reported timely were due to the College?s roster file not being updated regularly/timely/upon the College?s determination that the students withdrew. The Title IV funds were not returned correctly or timely due to human error. Recommendation: We recommend the College develop policies and procedures to address these issues. These policies should require that an individual, separate from the reporting of enrollment status changes, review a listing of all students with enrollment status changes on a periodic basis to determine these changes have been properly reported within the allotted time frame as required by the U.S. Department of Education. Management?s Response: Management agrees and will submit a Corrective Action Plan to implement this recommendation.
Finding 2022-001: Policies and Procedures Related to Withdrawals ? SFA Cluster (significant deficiency) Statement of Condition: From our testing sample of ten (10) students, we found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Criteria: In accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, any changes to a student?s enrollment status are required to be reported within thirty (30) days, or within sixty (60) days if a roster file is expected within that time frame. Also in accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, all students who withdraw and receive Title IV funds should be identified so that return calculations can be performed and any refunds can be made within forty-five (45) days of the school?s determination that the student has withdrawn. Effect of Condition: We found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Cause of Condition: The changes in student status due to withdrawal that were not reported timely were due to the College?s roster file not being updated regularly/timely/upon the College?s determination that the students withdrew. The Title IV funds were not returned correctly or timely due to human error. Recommendation: We recommend the College develop policies and procedures to address these issues. These policies should require that an individual, separate from the reporting of enrollment status changes, review a listing of all students with enrollment status changes on a periodic basis to determine these changes have been properly reported within the allotted time frame as required by the U.S. Department of Education. Management?s Response: Management agrees and will submit a Corrective Action Plan to implement this recommendation.
Finding 2022-001: Policies and Procedures Related to Withdrawals ? SFA Cluster (significant deficiency) Statement of Condition: From our testing sample of ten (10) students, we found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Criteria: In accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, any changes to a student?s enrollment status are required to be reported within thirty (30) days, or within sixty (60) days if a roster file is expected within that time frame. Also in accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, all students who withdraw and receive Title IV funds should be identified so that return calculations can be performed and any refunds can be made within forty-five (45) days of the school?s determination that the student has withdrawn. Effect of Condition: We found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Cause of Condition: The changes in student status due to withdrawal that were not reported timely were due to the College?s roster file not being updated regularly/timely/upon the College?s determination that the students withdrew. The Title IV funds were not returned correctly or timely due to human error. Recommendation: We recommend the College develop policies and procedures to address these issues. These policies should require that an individual, separate from the reporting of enrollment status changes, review a listing of all students with enrollment status changes on a periodic basis to determine these changes have been properly reported within the allotted time frame as required by the U.S. Department of Education. Management?s Response: Management agrees and will submit a Corrective Action Plan to implement this recommendation.
Finding 2022-001: Policies and Procedures Related to Withdrawals ? SFA Cluster (significant deficiency) Statement of Condition: From our testing sample of ten (10) students, we found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Criteria: In accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, any changes to a student?s enrollment status are required to be reported within thirty (30) days, or within sixty (60) days if a roster file is expected within that time frame. Also in accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, all students who withdraw and receive Title IV funds should be identified so that return calculations can be performed and any refunds can be made within forty-five (45) days of the school?s determination that the student has withdrawn. Effect of Condition: We found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Cause of Condition: The changes in student status due to withdrawal that were not reported timely were due to the College?s roster file not being updated regularly/timely/upon the College?s determination that the students withdrew. The Title IV funds were not returned correctly or timely due to human error. Recommendation: We recommend the College develop policies and procedures to address these issues. These policies should require that an individual, separate from the reporting of enrollment status changes, review a listing of all students with enrollment status changes on a periodic basis to determine these changes have been properly reported within the allotted time frame as required by the U.S. Department of Education. Management?s Response: Management agrees and will submit a Corrective Action Plan to implement this recommendation.
Finding 2022-001: Policies and Procedures Related to Withdrawals ? SFA Cluster (significant deficiency) Statement of Condition: From our testing sample of ten (10) students, we found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Criteria: In accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, any changes to a student?s enrollment status are required to be reported within thirty (30) days, or within sixty (60) days if a roster file is expected within that time frame. Also in accordance with 34 CFR 668.22, Treatment of Title IV Funds When a Student Withdrawals, all students who withdraw and receive Title IV funds should be identified so that return calculations can be performed and any refunds can be made within forty-five (45) days of the school?s determination that the student has withdrawn. Effect of Condition: We found three (3) instances where changes in student status due to withdrawal were not reported timely and two (2) instances where the Title IV funds were not returned correctly or timely. Cause of Condition: The changes in student status due to withdrawal that were not reported timely were due to the College?s roster file not being updated regularly/timely/upon the College?s determination that the students withdrew. The Title IV funds were not returned correctly or timely due to human error. Recommendation: We recommend the College develop policies and procedures to address these issues. These policies should require that an individual, separate from the reporting of enrollment status changes, review a listing of all students with enrollment status changes on a periodic basis to determine these changes have been properly reported within the allotted time frame as required by the U.S. Department of Education. Management?s Response: Management agrees and will submit a Corrective Action Plan to implement this recommendation.