FAC Explorer

Audit 381647

FY End
2025-06-30
Total Expended
$11.30M
Findings
6
Programs
10
Organization: Converse University (SC)
Year: 2025 Accepted: 2026-01-14
Auditor: CHERRY BEKAERT LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1168972 2025-001 Material Weakness Yes N
1168973 2025-001 Material Weakness Yes N
1168974 2025-001 Material Weakness Yes N
1168975 2025-001 Material Weakness Yes N
1168976 2025-001 Material Weakness Yes N
1168977 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
84.268 FEDERAL DIRECT STUDENT LOANS $8.02M Yes 1
84.063 FEDERAL PELL GRANT PROGRAM $2.41M Yes 1
84.026 MEDIA AND CAPTIONING SERVICES FOR INDIVIDUALS WITH DISABILITIES $272,997 Yes 0
84.038 FEDERAL PERKINS LOAN PROGRAM_FEDERAL CAPITAL CONTRIBUTIONS $236,274 Yes 1
93.859 BIOMEDICAL RESEARCH AND RESEARCH TRAINING $95,851 Yes 0
47.074 BIOLOGICAL SCIENCES $86,463 Yes 0
84.033 FEDERAL WORK-STUDY PROGRAM $65,840 Yes 1
84.379 TEACHER EDUCATION ASSISTANCE FOR COLLEGE AND HIGHER EDUCATION GRANTS (TEACH GRANTS) $65,067 Yes 1
84.007 FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS $47,962 Yes 1
94.006 AMERICORPS STATE AND NATIONAL 94.006 $5,459 Yes 0

Contacts

Name Title Type
PTL2BNQE4JL8 Kristin Lacey Auditee
8645969031 Roselle Bonnoitt Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Converse University (the “University”) under programs of the federal government for the year ended June 30, 2025. 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 University, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the University.
The University administers the Federal Perkins Loan Program to provide financial aid to the students and balances and transactions relating to this program are included in the University’s financial statements. The loan balance outstanding and funds advanced by the University during the year ended June 30, 2025 under the Federal Perkins Loan program can be summarized as follows: See Notes to the SEFA for Chart/Table.
Federal Direct Student Loans, amounting to $8,016,430, were made to students of the University during the year ended June 30, 2025. Parent Loans for Undergraduate Studies, amounting to $1,883,412, were made to parents of students of the University during the year ended June 30, 2025.
The University received a waiver of institutional share requirements for the Federal Work-Study Program and the Federal Supplemental Educational Opportunity Grants from the United States Department of Education for the 2024-2025 award year

Finding Details

Finding 2025-001
Reference No. 2025-001 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.038, 84.063, 84.268, 84.379 Compliance Requirement: Special Test and Provisions – Enrollment Reporting Criteria: Institutions are required to report enrollment information under the Federal Pell Grant Program and Federal Direct Student Loans via the National Student Loan Data System (“NSLDS”). Institutions must report changes to enrollment information within 60 days of the change. Condition: The University did not consistently report changes in attendance levels, graduated, withdrawn, dropped out, or enrolled changes to the NSLDS within 60 days of the change. Cause: One student included in the sample withdrew in December 2024, and the student’s status change was not reported until February 2025. One student included in the sample graduated in May 2025, and the student’s status change was not reported until the first reporting date for the following Fall 2025 semester. Effect: The University did not report status changes to the NSLDS accurately or timely. Questioned Costs: None. Context: The University submitted status changes to the NLSDS for two students who withdrew after 60 days. Identification as a Repeat Finding: Repeat of prior year finding 2024-002. Recommendation: The University should put in place a process to accurately and timely capture student changes so that they can be reported to the NSLDS. Views of Responsible Officials: The University concurs with this finding. See enclosed management’s corrective action plan.