FAC Explorer

Audit 393133

FY End
2025-06-30
Total Expended
$8.97M
Findings
5
Programs
9
Organization: Centre College of Kentucky (KY)
Year: 2025 Accepted: 2026-03-21
Auditor: FORVIS MAZARS LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1181844 2025-001 Material Weakness Yes N
1181845 2025-001 Material Weakness Yes N
1181846 2025-001 Material Weakness Yes N
1181847 2025-001 Material Weakness Yes N
1181848 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
84.268 FEDERAL DIRECT STUDENT LOANS $5.67M Yes 1
84.063 FEDERAL PELL GRANT PROGRAM $2.53M Yes 1
84.033 FEDERAL WORK-STUDY PROGRAM $195,213 Yes 1
84.038 FEDERAL PERKINS LOAN PROGRAM_FEDERAL CAPITAL CONTRIBUTIONS $128,897 Yes 1
84.007 FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS $124,483 Yes 1
93.243 SUBSTANCE ABUSE AND MENTAL HEALTH SERVICES PROJECTS OF REGIONAL AND NATIONAL SIGNIFICANCE $98,620 Yes 0
47.049 MATHEMATICAL AND PHYSICAL SCIENCES $61,604 Yes 0
93.859 BIOMEDICAL RESEARCH AND RESEARCH TRAINING $48,277 Yes 0
47.076 STEM EDUCATION (FORMERLY EDUCATION AND HUMAN RESOURCES) $18,376 Yes 0

Contacts

Name Title Type
DDJFJ6UEBEF5 Jacob Emery Auditee
8592385455 Jennifer Williams 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 College 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 College it is not intended to and does not present the financial position, changes in net assets or cash flows of the College.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The College has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan programs listed subsequently are administered directly by the College, and balances and transactions relating to these programs are included in the College’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2025 consists ofAssistance Listing 84.038 - Federal Perkins Loan Program, balance outstanding at 6/30/25 = $114,738

Finding Details

Finding 2025-001
U.S. Department of Education – Student Financial Assistance Cluster Federal Assistance Listing No. 84.007, Federal Supplemental Education Opportunity Grants Federal Assistance Listing No. 84.268, Federal Direct Student Loans Federal Assistance Listing No. 84.063, Federal Pell Grant Program Federal Assistance Listing No. 84.038, Federal Perkins Loan Federal Assistance Listing No. 84.033, Federal Work Study Program year 2024-2025 Criteria or specific requirement – Special tests and provisions – Enrollment Reporting - (Pell, 34 CFR 690.83(b)(2); Direct Loan, 34 CFR 685.309). Condition – Upon a student’s change in attendance levels, graduation, withdrawal, dropped out or enrolled but never attended, the student’s enrollment status and detail should be accurately and timely reported in the campus-level and program - level enrollment detail to be consistent with the student’s academic files and other institutional records. Cause – Students that graduate in December are included in the College’s first spring status change upload file where the status is changed from full-time to withdrawn until the degrees are conferred. However, this file was not submitted within the required timeframes. Effect or potential effect – The information maintained by the institution was not timely submitted to the National Student Loan Data System (NSLDS). Questioned costs – None. Context – Out of a population of 200 students who had a change in status from the College during the year, a sample of 20 students were selected. The College had 5 students’ whose change in status, relating to December graduates, specifically was not submitted timely. Our sampling method was not, and was not intended to be, statistically valid. Identification as a repeat finding – N/A. Recommendation – We recommend the College review their internal control process for the December graduates and consider an additional upload to ensure these are reported timely. Views of responsible officials and planned corrective actions – The College’s management and board agree and have evaluated their process for reporting December graduates and have made changes to ensure timely submission.