FAC Explorer

Audit 382222

FY End
2025-06-30
Total Expended
$57.98M
Findings
2
Programs
8
Organization: Point Loma Nazarene University and Subsidiary (CA)
Year: 2025 Accepted: 2026-01-16
Auditor: CAPINCROUSE LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1169258 2025-001 Material Weakness Yes C
1169259 2025-001 Material Weakness Yes C

Programs

ALN Program Spent Major Findings
84.268 FEDERAL DIRECT STUDENT LOANS $50.07M Yes 0
84.063 FEDERAL PELL GRANT PROGRAM $5.25M Yes 0
84.038 FEDERAL PERKINS LOAN PROGRAM $1.02M Yes 0
84.033 FEDERAL WORK-STUDY PROGRAM $487,500 Yes 1
84.007 FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS $423,238 Yes 1
84.379 TEACHER EDUCATION ASSISTANCE FOR COLLEGE AND HIGHER EDUCATION GRANTS (TEACH GRANTS) $307,286 Yes 0
93.264 NURSE FACULTY LOAN PROGRAM (NFLP) $280,434 Yes 0
93.364 NURSING STUDENT LOANS $148,227 Yes 0

Contacts

Name Title Type
H534D2GJMQD3 Daniel Reed Auditee
6198492200 Nathan Salsbery, CPA Auditor
No contacts on file

Notes to SEFA

See the notes to the SEFA for chart/table.
The University did not provide any federal funds to subrecipients nor did they receive any federal non-cash assistance, insurance, loans, or loan guarantees.
See the notes to the SEFA for chart/table.
See the notes to the SEFA for chart/table.
See the notes to the SEFA for chart/table.

Finding Details

Finding 2025-001
Cash Management Significant Deficiency DEPARTMENT OF EDUCATION ALN #: 84.007 Federal Supplemental Educational Opportunity Grant Program and 84.033 Federal Work-Study Program Federal Award Identification #: 2024-2025 Financial Aid Year Condition: The University drew the full 2024-2025 authorization for federal supplemental educational opportunity grants (FSEOG) funds and federal work study (FWS) in July 2024 prior to disbursing the funds to students. Criteria: 34 CFR 668.162(a), 34 CFR 668.162(c) Questioned Costs: $0 Context: Excess cash on hand from the FSEOG and FWS programs ranged from approximately $131,000 to $913,000 per month during the fiscal year. Cause: Oversight by the University Effect: Non-compliance with cash management requirements to minimize the time between drawing the Title IV funds and disbursement of those funds to students. Cash on hand in excess of allowable levels and time frames may result in interest owed back to the Department of Education on excess cash. Identification as repeat finding, if applicable: Not applicable Recommendation: We recommend the University review student disbursements reports generated to ensure compliance with cash management requirements to disburse aid first before drawing FSEOG and FWS. We also recommend the University determine the amount of interest to be returned on the excess cash and return amounts greater than $500 to the Department of Education. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.