Audit 384492

Finding Number: 2025-001 Federal Program: Student Financial Assistance Cluster Federal Award Identification Number and Year: Various, 2024-2025 Assistance Listing Number (ALN): 84.268, 84.038, 93.342, 93.925 Federal Awarding Agency: U.S. Department of Education and U.S. Department of Health & Human Services Pass-through Entity: N/A Repeat Finding: No Significant Deficiency and Noncompliance – Cash Management Criteria: 2 C.F.R. § 200.305 For recipients and subrecipients other than States, payment methods must minimize the time elapsing between the transfer of funds from the Federal agency or the pass-through entity and the disbursement of funds by the recipient or subrecipient regardless of whether the payment is made by electronic funds transfer or by other means. All other Federal funds must be returned to the payment system of the Federal agency. Returns should follow the instructions provided by the Federal agency. Condition: The University operates on a reimbursement basis; however, the University overdrew federal funds and did not return the overdrawn funds in a timely manner. Questioned Costs: None. Identification of How Questioned Costs Were Computed: N/A Context: Through testing of cash management draws during the year, we identified one instance where the University overdrew federal funds in the amount of $210,077. After discussion with personnel in the Bursar office, the University further reported that it overdrew additional funds of $349,952. In addition, the University did not return the funds timely, with return times ranging from three days to thirty days. Cause and Effect: The University experienced turnover in the Bursar office, which resulted in a misunderstanding of the procedures related to cash draws. As a result, three draws were made in a onemonth period that exceeded the cash needed for disbursements to students. Recommendation: We recommend management implement procedures and processes to ensure that all cash draws are for expenses incurred and any overdrawn funds are returned promptly. Views of Responsible Officials and Corrective Action Plan: See corrective action plan.

Finding Number: 2025-002 Federal Program: Student Financial Assistance Cluster Federal Award Identification Number and Year: Various, 2024-2025 Assistance Listing Number (ALN): 84.268, 84.038, 93.342, 93.925 Federal Awarding Agency: U.S. Department of Education and U.S. Department of Health & Human Services Pass-through Entity: N/A Repeat Finding: No Significant Deficiency and Noncompliance – Enrollment Reporting Criteria: 34 C.F.R. § 682.610 Changes in a student’s status are required to be reported to the National Student Loan Data System (NSLDS) within 30 days of the change or included in a Student Status Confirmation Report (SSCR) sent to the NSLDS within 60 days of the status change. Condition: The University did not properly update the National Student Loan Data System (NSLDS) for a student that graduated. Questioned Costs: None. Identification of How Questioned Costs Were Computed: N/A Context: Through testing of enrollment reporting during the year, we identified one instance where a student graduated in the University’s records; however, the University did not update NSLDS and the student still was reported as enrolled. Cause and Effect: The University did not properly review records submitted to NSLDS compared to institutional records, and as a result, a student was incorrectly shown as enrolled in NSLDS in a secondary curriculum even though the student graduated in the primary degree program. As a result, student loan records did not match between the University and NSLDS. Recommendation: We recommend management implement procedures and processes to ensure that student records are properly reported in NSLDS. Views of Responsible Officials and Corrective Action Plan: See corrective action plan.