FAC Explorer

Audit 394728

FY End
2025-06-30
Total Expended
$7.46M
Findings
1
Programs
4
Organization: University of Holy Cross (LA)
Year: 2025 Accepted: 2026-03-26
Auditor: EISNERAMPER LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1187016 2025-002 Material Weakness Yes E

Programs

ALN Program Spent Major Findings
84.268 FEDERAL DIRECT STUDENT LOANS $6.15M Yes 1
84.063 FEDERAL PELL GRANT PROGRAM $1.22M Yes 0
84.007 FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS $59,850 Yes 0
84.033 FEDERAL WORK-STUDY PROGRAM $36,241 Yes 0

Contacts

Name Title Type
P2BZGDPNNQ41 Michele Davis Auditee
5043982257 Jennifer Fuselier Auditor
No contacts on file

Notes to SEFA

The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of the federal financial awards program of the University of Holy Cross (the “University”) 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”).
The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 2 to the University’s financial statements for the year ended June 30, 2025.
The University has elected not to use the 10 or 15% de minimis indirect cost rates allowed under the Uniform Guidance.
The University did not pass through any federal funding to subrecipients.

Finding Details

Finding 2025-002
Criteria: In accordance with the U.S. Department of Education’s regulations, awards must be coordinated among the various Title IV programs and with other federal and nonfederal aid (need and non-need based aid) to ensure that total aid awarded is not in excess of the student’s financial need or cost of attendance (“COA”) (34 CFR 668.42, FWS, and FSEOG, 34 CFR 673.5 and 673.6; Direct Loan, 34 CFR 685.301). The determination of need-based student financial aid award amounts is based on financial need. Financial need is defined as the student’s COA minus the student’s student aid index (“SAI”) and other financial assistance. An overaward exists when a student’s financial aid exceeds the student’s need. Universe / Population: The universe / population for Eligibility is 567 student financial aid award recipients for the year ended June 30, 2025. We selected 60 student financial aid award recipients for testing of eligibility compliance requirements applicable to the program. Condition: In our sample of 60 student financial aid award recipients, we identified 1 incidence in which the student received a direct subsidized loan in excess of their financial need as determined by the institution’s COA calculation and the student’s SAI. The student’s total aid package exceeded the allowable financial need by $4,948. Cause: After the University’s initial financial need calculation was completed, the student received a scholarship that reduced their financial need. The University failed to properly update the student’s COA and/or other estimated financial assistance before disbursing the direct subsidized loan funds. Effect: Awarding aid in excess of a student's financial need results in noncompliance with federal regulations governing Title IV programs. The institution may be required to return the overawarded portion of direct subsidized loan funds to the U.S. Department of Education. Continued noncompliance may increase the risk of federal sanctions or additional oversight. Questioned Costs: $4,948 Repeat Finding: No Recommendation: We recommend that management strengthen controls over the financial aid awarding process, including implementing a more robust review of COA, SAI, and other estimated financial assistance prior to finalizing loan disbursements in order to not overaward financial assistance to students.