Audit 40648

FY End
2022-06-30
Total Expended
$12.81M
Findings
12
Programs
7
Organization: Monmouth College (IL)
Year: 2022 Accepted: 2022-10-13
Auditor: Sikich LLP

Organization Exclusion Status:

Checking exclusion status...

Findings

ID Ref Severity Repeat Requirement
45886 2022-002 - - E
45887 2022-002 - - E
45888 2022-002 - - E
45889 2022-002 - - E
45890 2022-002 - - E
45891 2022-002 - - E
622328 2022-002 - - E
622329 2022-002 - - E
622330 2022-002 - - E
622331 2022-002 - - E
622332 2022-002 - - E
622333 2022-002 - - E

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $5.68M Yes 1
84.038 Federal Perkins Loan Program $1.36M Yes 1
84.063 Federal Pell Grant Program $1.18M Yes 1
84.425 Education Stabilization Fund $187,836 Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $182,096 Yes 1
84.033 Federal Work-Study Program $138,199 Yes 1
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $20,746 Yes 1

Contacts

Name Title Type
JXLVJJ9K3KC7 Holly Tharp Auditee
3094572426 Richard Lynch Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: Basis of AccountingThe accompanying Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting. 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). De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Expenditures of the Direct Loan program include the total value of the loans awarded and paid to the Colleges students during the year ended June 30, 2022. The Perkins loans represent the amounts of the federal Perkins loans outstanding at June 30, 2022. The College had the following loan balances outstanding at June 30, 2022. Loans made during the year are included in the schedule of federal expenditures presented in the schedule. FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 757904.
Title: Additional information Accounting Policies: Basis of AccountingThe accompanying Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting. 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). De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. As of and during the year ended June 30, 2022, the College did not receive any noncash federal assistance, federal insurance, or federal loans or loan guarantees. In addition, the College did not pass through any federal grants to sub-recipients.

Finding Details

2022-002 Student Financial Aid Cluster ? (a) Federal Supplemental Educational Opportunity Grant (b) Federal Work Study Program (c) Federal Perkins Loan Program (d) Federal Pell Grant Program (e) Federal Direct Student Loans (f) Teacher Education Assistance for College and Higher Education Grants, Assistance Listing No. (a) 84.007 (b) 84.033 (c) 84.038 (d) 84.063 (e) 84.268 (f) 84.379 ? Year Ended June 30, 2022. Criteria: 34 CFR 685.101 (b)(1) notes, ?an eligible undergraduate student who is enrolled at a school participating in the Direct Loan Program may borrow under the Direct Subsidized Loan and Direct Unsubsidized Loan programs.? The order of dispersing aid requires that grants and subsidized loans be considered first. 34 CFR 685.200(a)(iii) ?In the case of an undergraduate student who seeks a Direct Subsidized Loan or a Direct Unsubsidized Loan at a school that participates in the Federal Pell Grant Program, the student has received a determination of Federal Pell Grant eligibility for the period of enrollment for which the loan is sought.? Condition: In one of the 40 student files tested (2.5%), Subsidized and Unsubsidized Direct loans we not properly awarded. The College under awarded the student $5,500 in Subsidized loans and over awarded the student by $5,500 in Unsubsidized loans. We consider this condition to be an instance of noncompliance relating to the Eligibility compliance requirement and is not a repeated finding. Statistical sampling was not used in making sample selections. see chart/table in the report Questioned Costs: $5,500 Cause and Effect: Without proper review of eligibility of financial aid, students may receive an incorrect amount of Title IV aid. Students should receive the proper amount of aid. Recommendation: We recommend the College evaluate policies and procedures to ensure students receive the proper amount of Title IV aid. Views of Responsible Officials: Management agrees with this Single Audit Finding and response is included in the Corrective Action Plan.
2022-002 Student Financial Aid Cluster ? (a) Federal Supplemental Educational Opportunity Grant (b) Federal Work Study Program (c) Federal Perkins Loan Program (d) Federal Pell Grant Program (e) Federal Direct Student Loans (f) Teacher Education Assistance for College and Higher Education Grants, Assistance Listing No. (a) 84.007 (b) 84.033 (c) 84.038 (d) 84.063 (e) 84.268 (f) 84.379 ? Year Ended June 30, 2022. Criteria: 34 CFR 685.101 (b)(1) notes, ?an eligible undergraduate student who is enrolled at a school participating in the Direct Loan Program may borrow under the Direct Subsidized Loan and Direct Unsubsidized Loan programs.? The order of dispersing aid requires that grants and subsidized loans be considered first. 34 CFR 685.200(a)(iii) ?In the case of an undergraduate student who seeks a Direct Subsidized Loan or a Direct Unsubsidized Loan at a school that participates in the Federal Pell Grant Program, the student has received a determination of Federal Pell Grant eligibility for the period of enrollment for which the loan is sought.? Condition: In one of the 40 student files tested (2.5%), Subsidized and Unsubsidized Direct loans we not properly awarded. The College under awarded the student $5,500 in Subsidized loans and over awarded the student by $5,500 in Unsubsidized loans. We consider this condition to be an instance of noncompliance relating to the Eligibility compliance requirement and is not a repeated finding. Statistical sampling was not used in making sample selections. see chart/table in the report Questioned Costs: $5,500 Cause and Effect: Without proper review of eligibility of financial aid, students may receive an incorrect amount of Title IV aid. Students should receive the proper amount of aid. Recommendation: We recommend the College evaluate policies and procedures to ensure students receive the proper amount of Title IV aid. Views of Responsible Officials: Management agrees with this Single Audit Finding and response is included in the Corrective Action Plan.
2022-002 Student Financial Aid Cluster ? (a) Federal Supplemental Educational Opportunity Grant (b) Federal Work Study Program (c) Federal Perkins Loan Program (d) Federal Pell Grant Program (e) Federal Direct Student Loans (f) Teacher Education Assistance for College and Higher Education Grants, Assistance Listing No. (a) 84.007 (b) 84.033 (c) 84.038 (d) 84.063 (e) 84.268 (f) 84.379 ? Year Ended June 30, 2022. Criteria: 34 CFR 685.101 (b)(1) notes, ?an eligible undergraduate student who is enrolled at a school participating in the Direct Loan Program may borrow under the Direct Subsidized Loan and Direct Unsubsidized Loan programs.? The order of dispersing aid requires that grants and subsidized loans be considered first. 34 CFR 685.200(a)(iii) ?In the case of an undergraduate student who seeks a Direct Subsidized Loan or a Direct Unsubsidized Loan at a school that participates in the Federal Pell Grant Program, the student has received a determination of Federal Pell Grant eligibility for the period of enrollment for which the loan is sought.? Condition: In one of the 40 student files tested (2.5%), Subsidized and Unsubsidized Direct loans we not properly awarded. The College under awarded the student $5,500 in Subsidized loans and over awarded the student by $5,500 in Unsubsidized loans. We consider this condition to be an instance of noncompliance relating to the Eligibility compliance requirement and is not a repeated finding. Statistical sampling was not used in making sample selections. see chart/table in the report Questioned Costs: $5,500 Cause and Effect: Without proper review of eligibility of financial aid, students may receive an incorrect amount of Title IV aid. Students should receive the proper amount of aid. Recommendation: We recommend the College evaluate policies and procedures to ensure students receive the proper amount of Title IV aid. Views of Responsible Officials: Management agrees with this Single Audit Finding and response is included in the Corrective Action Plan.
2022-002 Student Financial Aid Cluster ? (a) Federal Supplemental Educational Opportunity Grant (b) Federal Work Study Program (c) Federal Perkins Loan Program (d) Federal Pell Grant Program (e) Federal Direct Student Loans (f) Teacher Education Assistance for College and Higher Education Grants, Assistance Listing No. (a) 84.007 (b) 84.033 (c) 84.038 (d) 84.063 (e) 84.268 (f) 84.379 ? Year Ended June 30, 2022. Criteria: 34 CFR 685.101 (b)(1) notes, ?an eligible undergraduate student who is enrolled at a school participating in the Direct Loan Program may borrow under the Direct Subsidized Loan and Direct Unsubsidized Loan programs.? The order of dispersing aid requires that grants and subsidized loans be considered first. 34 CFR 685.200(a)(iii) ?In the case of an undergraduate student who seeks a Direct Subsidized Loan or a Direct Unsubsidized Loan at a school that participates in the Federal Pell Grant Program, the student has received a determination of Federal Pell Grant eligibility for the period of enrollment for which the loan is sought.? Condition: In one of the 40 student files tested (2.5%), Subsidized and Unsubsidized Direct loans we not properly awarded. The College under awarded the student $5,500 in Subsidized loans and over awarded the student by $5,500 in Unsubsidized loans. We consider this condition to be an instance of noncompliance relating to the Eligibility compliance requirement and is not a repeated finding. Statistical sampling was not used in making sample selections. see chart/table in the report Questioned Costs: $5,500 Cause and Effect: Without proper review of eligibility of financial aid, students may receive an incorrect amount of Title IV aid. Students should receive the proper amount of aid. Recommendation: We recommend the College evaluate policies and procedures to ensure students receive the proper amount of Title IV aid. Views of Responsible Officials: Management agrees with this Single Audit Finding and response is included in the Corrective Action Plan.
2022-002 Student Financial Aid Cluster ? (a) Federal Supplemental Educational Opportunity Grant (b) Federal Work Study Program (c) Federal Perkins Loan Program (d) Federal Pell Grant Program (e) Federal Direct Student Loans (f) Teacher Education Assistance for College and Higher Education Grants, Assistance Listing No. (a) 84.007 (b) 84.033 (c) 84.038 (d) 84.063 (e) 84.268 (f) 84.379 ? Year Ended June 30, 2022. Criteria: 34 CFR 685.101 (b)(1) notes, ?an eligible undergraduate student who is enrolled at a school participating in the Direct Loan Program may borrow under the Direct Subsidized Loan and Direct Unsubsidized Loan programs.? The order of dispersing aid requires that grants and subsidized loans be considered first. 34 CFR 685.200(a)(iii) ?In the case of an undergraduate student who seeks a Direct Subsidized Loan or a Direct Unsubsidized Loan at a school that participates in the Federal Pell Grant Program, the student has received a determination of Federal Pell Grant eligibility for the period of enrollment for which the loan is sought.? Condition: In one of the 40 student files tested (2.5%), Subsidized and Unsubsidized Direct loans we not properly awarded. The College under awarded the student $5,500 in Subsidized loans and over awarded the student by $5,500 in Unsubsidized loans. We consider this condition to be an instance of noncompliance relating to the Eligibility compliance requirement and is not a repeated finding. Statistical sampling was not used in making sample selections. see chart/table in the report Questioned Costs: $5,500 Cause and Effect: Without proper review of eligibility of financial aid, students may receive an incorrect amount of Title IV aid. Students should receive the proper amount of aid. Recommendation: We recommend the College evaluate policies and procedures to ensure students receive the proper amount of Title IV aid. Views of Responsible Officials: Management agrees with this Single Audit Finding and response is included in the Corrective Action Plan.
2022-002 Student Financial Aid Cluster ? (a) Federal Supplemental Educational Opportunity Grant (b) Federal Work Study Program (c) Federal Perkins Loan Program (d) Federal Pell Grant Program (e) Federal Direct Student Loans (f) Teacher Education Assistance for College and Higher Education Grants, Assistance Listing No. (a) 84.007 (b) 84.033 (c) 84.038 (d) 84.063 (e) 84.268 (f) 84.379 ? Year Ended June 30, 2022. Criteria: 34 CFR 685.101 (b)(1) notes, ?an eligible undergraduate student who is enrolled at a school participating in the Direct Loan Program may borrow under the Direct Subsidized Loan and Direct Unsubsidized Loan programs.? The order of dispersing aid requires that grants and subsidized loans be considered first. 34 CFR 685.200(a)(iii) ?In the case of an undergraduate student who seeks a Direct Subsidized Loan or a Direct Unsubsidized Loan at a school that participates in the Federal Pell Grant Program, the student has received a determination of Federal Pell Grant eligibility for the period of enrollment for which the loan is sought.? Condition: In one of the 40 student files tested (2.5%), Subsidized and Unsubsidized Direct loans we not properly awarded. The College under awarded the student $5,500 in Subsidized loans and over awarded the student by $5,500 in Unsubsidized loans. We consider this condition to be an instance of noncompliance relating to the Eligibility compliance requirement and is not a repeated finding. Statistical sampling was not used in making sample selections. see chart/table in the report Questioned Costs: $5,500 Cause and Effect: Without proper review of eligibility of financial aid, students may receive an incorrect amount of Title IV aid. Students should receive the proper amount of aid. Recommendation: We recommend the College evaluate policies and procedures to ensure students receive the proper amount of Title IV aid. Views of Responsible Officials: Management agrees with this Single Audit Finding and response is included in the Corrective Action Plan.
2022-002 Student Financial Aid Cluster ? (a) Federal Supplemental Educational Opportunity Grant (b) Federal Work Study Program (c) Federal Perkins Loan Program (d) Federal Pell Grant Program (e) Federal Direct Student Loans (f) Teacher Education Assistance for College and Higher Education Grants, Assistance Listing No. (a) 84.007 (b) 84.033 (c) 84.038 (d) 84.063 (e) 84.268 (f) 84.379 ? Year Ended June 30, 2022. Criteria: 34 CFR 685.101 (b)(1) notes, ?an eligible undergraduate student who is enrolled at a school participating in the Direct Loan Program may borrow under the Direct Subsidized Loan and Direct Unsubsidized Loan programs.? The order of dispersing aid requires that grants and subsidized loans be considered first. 34 CFR 685.200(a)(iii) ?In the case of an undergraduate student who seeks a Direct Subsidized Loan or a Direct Unsubsidized Loan at a school that participates in the Federal Pell Grant Program, the student has received a determination of Federal Pell Grant eligibility for the period of enrollment for which the loan is sought.? Condition: In one of the 40 student files tested (2.5%), Subsidized and Unsubsidized Direct loans we not properly awarded. The College under awarded the student $5,500 in Subsidized loans and over awarded the student by $5,500 in Unsubsidized loans. We consider this condition to be an instance of noncompliance relating to the Eligibility compliance requirement and is not a repeated finding. Statistical sampling was not used in making sample selections. see chart/table in the report Questioned Costs: $5,500 Cause and Effect: Without proper review of eligibility of financial aid, students may receive an incorrect amount of Title IV aid. Students should receive the proper amount of aid. Recommendation: We recommend the College evaluate policies and procedures to ensure students receive the proper amount of Title IV aid. Views of Responsible Officials: Management agrees with this Single Audit Finding and response is included in the Corrective Action Plan.
2022-002 Student Financial Aid Cluster ? (a) Federal Supplemental Educational Opportunity Grant (b) Federal Work Study Program (c) Federal Perkins Loan Program (d) Federal Pell Grant Program (e) Federal Direct Student Loans (f) Teacher Education Assistance for College and Higher Education Grants, Assistance Listing No. (a) 84.007 (b) 84.033 (c) 84.038 (d) 84.063 (e) 84.268 (f) 84.379 ? Year Ended June 30, 2022. Criteria: 34 CFR 685.101 (b)(1) notes, ?an eligible undergraduate student who is enrolled at a school participating in the Direct Loan Program may borrow under the Direct Subsidized Loan and Direct Unsubsidized Loan programs.? The order of dispersing aid requires that grants and subsidized loans be considered first. 34 CFR 685.200(a)(iii) ?In the case of an undergraduate student who seeks a Direct Subsidized Loan or a Direct Unsubsidized Loan at a school that participates in the Federal Pell Grant Program, the student has received a determination of Federal Pell Grant eligibility for the period of enrollment for which the loan is sought.? Condition: In one of the 40 student files tested (2.5%), Subsidized and Unsubsidized Direct loans we not properly awarded. The College under awarded the student $5,500 in Subsidized loans and over awarded the student by $5,500 in Unsubsidized loans. We consider this condition to be an instance of noncompliance relating to the Eligibility compliance requirement and is not a repeated finding. Statistical sampling was not used in making sample selections. see chart/table in the report Questioned Costs: $5,500 Cause and Effect: Without proper review of eligibility of financial aid, students may receive an incorrect amount of Title IV aid. Students should receive the proper amount of aid. Recommendation: We recommend the College evaluate policies and procedures to ensure students receive the proper amount of Title IV aid. Views of Responsible Officials: Management agrees with this Single Audit Finding and response is included in the Corrective Action Plan.
2022-002 Student Financial Aid Cluster ? (a) Federal Supplemental Educational Opportunity Grant (b) Federal Work Study Program (c) Federal Perkins Loan Program (d) Federal Pell Grant Program (e) Federal Direct Student Loans (f) Teacher Education Assistance for College and Higher Education Grants, Assistance Listing No. (a) 84.007 (b) 84.033 (c) 84.038 (d) 84.063 (e) 84.268 (f) 84.379 ? Year Ended June 30, 2022. Criteria: 34 CFR 685.101 (b)(1) notes, ?an eligible undergraduate student who is enrolled at a school participating in the Direct Loan Program may borrow under the Direct Subsidized Loan and Direct Unsubsidized Loan programs.? The order of dispersing aid requires that grants and subsidized loans be considered first. 34 CFR 685.200(a)(iii) ?In the case of an undergraduate student who seeks a Direct Subsidized Loan or a Direct Unsubsidized Loan at a school that participates in the Federal Pell Grant Program, the student has received a determination of Federal Pell Grant eligibility for the period of enrollment for which the loan is sought.? Condition: In one of the 40 student files tested (2.5%), Subsidized and Unsubsidized Direct loans we not properly awarded. The College under awarded the student $5,500 in Subsidized loans and over awarded the student by $5,500 in Unsubsidized loans. We consider this condition to be an instance of noncompliance relating to the Eligibility compliance requirement and is not a repeated finding. Statistical sampling was not used in making sample selections. see chart/table in the report Questioned Costs: $5,500 Cause and Effect: Without proper review of eligibility of financial aid, students may receive an incorrect amount of Title IV aid. Students should receive the proper amount of aid. Recommendation: We recommend the College evaluate policies and procedures to ensure students receive the proper amount of Title IV aid. Views of Responsible Officials: Management agrees with this Single Audit Finding and response is included in the Corrective Action Plan.
2022-002 Student Financial Aid Cluster ? (a) Federal Supplemental Educational Opportunity Grant (b) Federal Work Study Program (c) Federal Perkins Loan Program (d) Federal Pell Grant Program (e) Federal Direct Student Loans (f) Teacher Education Assistance for College and Higher Education Grants, Assistance Listing No. (a) 84.007 (b) 84.033 (c) 84.038 (d) 84.063 (e) 84.268 (f) 84.379 ? Year Ended June 30, 2022. Criteria: 34 CFR 685.101 (b)(1) notes, ?an eligible undergraduate student who is enrolled at a school participating in the Direct Loan Program may borrow under the Direct Subsidized Loan and Direct Unsubsidized Loan programs.? The order of dispersing aid requires that grants and subsidized loans be considered first. 34 CFR 685.200(a)(iii) ?In the case of an undergraduate student who seeks a Direct Subsidized Loan or a Direct Unsubsidized Loan at a school that participates in the Federal Pell Grant Program, the student has received a determination of Federal Pell Grant eligibility for the period of enrollment for which the loan is sought.? Condition: In one of the 40 student files tested (2.5%), Subsidized and Unsubsidized Direct loans we not properly awarded. The College under awarded the student $5,500 in Subsidized loans and over awarded the student by $5,500 in Unsubsidized loans. We consider this condition to be an instance of noncompliance relating to the Eligibility compliance requirement and is not a repeated finding. Statistical sampling was not used in making sample selections. see chart/table in the report Questioned Costs: $5,500 Cause and Effect: Without proper review of eligibility of financial aid, students may receive an incorrect amount of Title IV aid. Students should receive the proper amount of aid. Recommendation: We recommend the College evaluate policies and procedures to ensure students receive the proper amount of Title IV aid. Views of Responsible Officials: Management agrees with this Single Audit Finding and response is included in the Corrective Action Plan.
2022-002 Student Financial Aid Cluster ? (a) Federal Supplemental Educational Opportunity Grant (b) Federal Work Study Program (c) Federal Perkins Loan Program (d) Federal Pell Grant Program (e) Federal Direct Student Loans (f) Teacher Education Assistance for College and Higher Education Grants, Assistance Listing No. (a) 84.007 (b) 84.033 (c) 84.038 (d) 84.063 (e) 84.268 (f) 84.379 ? Year Ended June 30, 2022. Criteria: 34 CFR 685.101 (b)(1) notes, ?an eligible undergraduate student who is enrolled at a school participating in the Direct Loan Program may borrow under the Direct Subsidized Loan and Direct Unsubsidized Loan programs.? The order of dispersing aid requires that grants and subsidized loans be considered first. 34 CFR 685.200(a)(iii) ?In the case of an undergraduate student who seeks a Direct Subsidized Loan or a Direct Unsubsidized Loan at a school that participates in the Federal Pell Grant Program, the student has received a determination of Federal Pell Grant eligibility for the period of enrollment for which the loan is sought.? Condition: In one of the 40 student files tested (2.5%), Subsidized and Unsubsidized Direct loans we not properly awarded. The College under awarded the student $5,500 in Subsidized loans and over awarded the student by $5,500 in Unsubsidized loans. We consider this condition to be an instance of noncompliance relating to the Eligibility compliance requirement and is not a repeated finding. Statistical sampling was not used in making sample selections. see chart/table in the report Questioned Costs: $5,500 Cause and Effect: Without proper review of eligibility of financial aid, students may receive an incorrect amount of Title IV aid. Students should receive the proper amount of aid. Recommendation: We recommend the College evaluate policies and procedures to ensure students receive the proper amount of Title IV aid. Views of Responsible Officials: Management agrees with this Single Audit Finding and response is included in the Corrective Action Plan.
2022-002 Student Financial Aid Cluster ? (a) Federal Supplemental Educational Opportunity Grant (b) Federal Work Study Program (c) Federal Perkins Loan Program (d) Federal Pell Grant Program (e) Federal Direct Student Loans (f) Teacher Education Assistance for College and Higher Education Grants, Assistance Listing No. (a) 84.007 (b) 84.033 (c) 84.038 (d) 84.063 (e) 84.268 (f) 84.379 ? Year Ended June 30, 2022. Criteria: 34 CFR 685.101 (b)(1) notes, ?an eligible undergraduate student who is enrolled at a school participating in the Direct Loan Program may borrow under the Direct Subsidized Loan and Direct Unsubsidized Loan programs.? The order of dispersing aid requires that grants and subsidized loans be considered first. 34 CFR 685.200(a)(iii) ?In the case of an undergraduate student who seeks a Direct Subsidized Loan or a Direct Unsubsidized Loan at a school that participates in the Federal Pell Grant Program, the student has received a determination of Federal Pell Grant eligibility for the period of enrollment for which the loan is sought.? Condition: In one of the 40 student files tested (2.5%), Subsidized and Unsubsidized Direct loans we not properly awarded. The College under awarded the student $5,500 in Subsidized loans and over awarded the student by $5,500 in Unsubsidized loans. We consider this condition to be an instance of noncompliance relating to the Eligibility compliance requirement and is not a repeated finding. Statistical sampling was not used in making sample selections. see chart/table in the report Questioned Costs: $5,500 Cause and Effect: Without proper review of eligibility of financial aid, students may receive an incorrect amount of Title IV aid. Students should receive the proper amount of aid. Recommendation: We recommend the College evaluate policies and procedures to ensure students receive the proper amount of Title IV aid. Views of Responsible Officials: Management agrees with this Single Audit Finding and response is included in the Corrective Action Plan.