FAC Explorer

Audit 396195

FY End
2025-06-30
Total Expended
$31.76M
Findings
2
Programs
6
Organization: Gardner-Webb University (NC)
Year: 2025 Accepted: 2026-03-30
Auditor: CHERRY BEKAERT LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1202934 2025-001 Material Weakness Yes N
1202935 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
84.268 FEDERAL DIRECT STUDENT LOANS $25.53M Yes 1
84.063 FEDERAL PELL GRANT PROGRAM $5.13M Yes 1
97.036 DISASTER GRANTS - PUBLIC ASSISTANCE (PRESIDENTIALLY DECLARED DISASTERS) $543,627 Yes 0
84.033 FEDERAL WORK-STUDY PROGRAM $373,990 Yes 0
84.007 FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS $149,423 Yes 0
84.425 EDUCATION STABILIZATION FUND $40,409 Yes 0

Contacts

Name Title Type
UBS3G4A9WBH1 Thomas Welch Auditee
7044064282 Matthew Socha Auditor
No contacts on file

Notes to SEFA

During the year ended June 30, 2025, the University completed the liquidation process of its Perkins Loan Program, which was primarily funded by the federal government, with the University providing the required institutional contribution. As a result of completing the liquidation process, the Perkins loans receivable and related liability were $-0- as of June 30, 2025.
During the fiscal year ended June 30, 2025, the University processed $25,530,569 of new loans under the Federal Direct Student Loans program (Assistance Listing #84.268). The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans program and, accordingly, these loans are not included on the University’s financial statements; furthermore, it is not practical to determine the balance of loans outstanding to students and former students of the University under these programs at June 30, 2025.

Finding Details

Finding 2025-001
Finding 2025-001 – Student Financial Aid Cluster, Assistance Listing # 84.063 and 84.268 Compliance Requirement: Special Test and Provisions – NSLDS Reporting Criteria: The University is required to send changes in attendance levels of students, including students who, graduated, withdrew, dropped out, or enrolled changes to the National Student Loan Data System (“NSLDS”) within 60 days of the change. Condition: The University did not send changes in attendance levels of students, including students who graduated, withdrew, dropped out, or enrolled changes to the NSLDS within 60 days of the change. Cause: The University reported status changes of students to the NSLDS as required under the Uniform Grant Guidance after the required 60 day period. Context: The University sent two status changes to the NSLDS after 60 days. Effect: The University did not report status changes to the NSLDS timely. Recommendation: The University should put in place a process to timely capture student changes so they can be reported to the NSLDS. Management Response: The University concurs with this finding. Corrective Action Plan: Repeat finding of prior year finding 2024-001. See attached management’s corrective action plan.