FAC Explorer

Audit 375367

FY End
2025-06-30
Total Expended
$12.06M
Findings
1
Programs
8
Organization: University of Sioux Falls (SD)
Year: 2025 Accepted: 2025-12-17
Auditor: EIDE BAILLY LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1165103 2025-002 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
84.268 FEDERAL DIRECT STUDENT LOANS $7.20M Yes 0
84.063 FEDERAL PELL GRANT PROGRAM $2.80M Yes 0
84.031 HIGHER EDUCATION INSTITUTIONAL AID $1.29M Yes 1
84.038 Federal Perkins Loan Program $365,715 Yes 0
84.033 FEDERAL WORK-STUDY PROGRAM $138,688 Yes 0
93.859 BIOMEDICAL RESEARCH AND RESEARCH TRAINING $97,566 Yes 0
84.007 FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS $96,205 Yes 0
84.379 TEACHER EDUCATION ASSISTANCE FOR COLLEGE AND HIGHER EDUCATION GRANTS (TEACH GRANTS) $67,896 Yes 0

Contacts

Name Title Type
T5BRLL4LA7Y3 Michael Vansurksum Auditee
6053315000 Jodi Daugherty Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the University of Sioux Falls (the University) under programs of the federal government for the year ended June 30, 2025. The information 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 University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.
Federal Perkins Loan Program expenditures reported on the schedule consist of the beginning of year outstanding loan balance plus advances made during the year, of which there were none. The outstanding balance as of June 30, 2025, was $365,715. The Federal government allowed the Federal Perkins Loan Program to expire in September 2017. The University is continuing to service existing loans and is remitting the federal portion of the loans to the Department of Education as directed.

Finding Details

Finding 2025-002
Strengthening Institutions Program – Department of Education Federal Financial Assistance Listing #84.031 P031A080196 Reporting Material Weakness in Internal Control over Compliance and Material Noncompliance Criteria: 2 CFR 200.303(a) establishes that the auditee must establish and maintain effective internal control over the federal award that provides assurance that the entity is managing the federal award in compliance with federal statutes, regulations, and conditions of the federal award. 2 CFR 200.328 and 2 CFR 200.329 require the auditee to collect financial information and monitor its activities under federal awards to assure compliance with applicable federal requirements and performance expectations are being achieved and report these items in accordance with the program requirements. Condition: Section 3 of the Title III Endowment Report for the year ending June 30, 2024, was completed materially incorrect for Type of Savings Account Security line items and Total Invested line item. Cause: There was a lapse within the internal control process ensuring the report was completed materially correct. Effect: The annual report was completed materially incorrect and filed with the Department of Education. Questioned Costs: None. Context/Sampling: No sampling was utilized. The only report required to be filed in the fiscal year was tested. Repeat Finding from Prior Years: Yes. Recommendation: The University should review their current internal control process to ensure required reports are completed materially correct. Views of Responsible Officials: Management agrees with the finding.