FAC Explorer

Audit 387403

FY End
2025-06-30
Total Expended
$5.80M
Findings
1
Programs
4
Organization: Maine College of Art and Design (ME)
Year: 2025 Accepted: 2026-02-16
Auditor: WIPFLI LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1173694 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
84.268 FEDERAL DIRECT STUDENT LOANS $4.77M Yes 1
84.063 FEDERAL PELL GRANT PROGRAM $858,603 Yes 0
84.007 FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS $95,052 Yes 0
84.033 FEDERAL WORK-STUDY PROGRAM $77,902 Yes 0

Contacts

Name Title Type
N2JCYDNP7KZ8 Elizabeth Elicker Auditee
2076995045 Patrick Nicholas Auditor
No contacts on file

Notes to SEFA

During the fiscal year ended June 30, 2025, the College processed the following amount of new loans under the Federal Direct Student Loans (AL Number 84.268). These amounts are included in the federal expenditures schedule: Federal Stafford Loan: $2,426,879, Federal Plus Loans: $2,346,357.

Finding Details

Finding 2025-001
Finding Number: 2025-001 Repeat Finding: No Major Programs: 84.268 Federal Direct Student Loans Program Federal Agency: Department of Education Award Year: July 1, 2024 to June 30, 2025 Compliance Requirement: Financial reporting Type of Finding: Significant Deficiency in Internal Control over Compliance Description: Common Origination and Disbursement (COD) System Reporting Questioned Costs: None Criteria: The College should maintain procedures to verify the disbursement dates in the recorded in the COD System agree to the date funds are credited to a student’s account in the institution’s general ledger. Condition and Context: During testing of COD reporting it was noted all disbursements made on January 29, 2025 were reported to the COD system with a disbursement date of January 30, 2025. Effect: Students interest accrues based on the disbursement date reported to COD for Direct Loan disbursements, thus interest calculation for loans could be skewed due to the discrepancy in disbursement dates reported. Possible Cause: The College did not update the disbursement date from the expected disbursement date in the COD system. It appears to be a miscommunication matter. Recommendation: We recommend the College implement procedures to properly communicate the actual disbursement date to individuals responsible with updating the COD System. View of Responsible Officials: The College agrees with the finding.