FAC Explorer

Audit 41629

FY End
2022-06-30
Total Expended
$1.42M
Findings
6
Programs
3
Organization: The Jewish Theological Seminary of America (NY)
Year: 2022 Accepted: 2023-03-26
Auditor: Cohnreznick LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
47555 2022-002 Significant Deficiency Yes N
47556 2022-003 Significant Deficiency - C
47557 2022-003 Significant Deficiency - C
623997 2022-002 Significant Deficiency Yes N
623998 2022-003 Significant Deficiency - C
623999 2022-003 Significant Deficiency - C

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $1.15M Yes 1
84.425 Education Stabilization Fund $136,820 Yes 1
84.063 Federal Pell Grant Program $41,155 Yes 0

Contacts

Name Title Type
SK3RG652AR73 Barbara Calissi Auditee
2126788009 Patricia McGowan Auditor
No contacts on file

Notes to SEFA

Title: Loans outstanding Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of The Jewish Theological Seminary of America (the "Seminary") under programs of the federal government for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the "Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of the Seminary, it is not intended to, and does not present the financial position, change in net assets, or cash flows of the Seminary. De Minimis Rate Used: N Rate Explanation: The Seminary has not elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance. The Seminary is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan Program and, accordingly, these loans are not included in the Seminary's basic consolidated financial statements. It is not practical to determine the balance of loans outstanding to students and former students of the Seminary under these programs as of June 30, 2022.

Finding Details

Finding 2022-002
Finding 2022-002: Borrower Data and Reconciliation (Significant Deficiency) U.S. Department of Education 84.268 Federal Direct Student Loans Compliance requirement: Special Tests and Provisions Criteria: Institutions must report all loan disbursements and submit required records to COD within 15 days of disbursement. Each month, COD provides institutions with a School Account Statement ("SAS") data file which consists of a Cash Summary, Cash Detail, and (optional at the request of the institution) Loan Detail records. The institution is required to reconcile these files to the institution?s monthly records. Condition and Context: During our audit procedures we noted that the institution was not formally documenting and maintaining their monthly SAS reconciliations. Cause: The cause appears to be due to administrative oversight. Effect or Potential Effect: Information relating to the School Account Statements may be inaccurate. Identification of repeat finding: Yes. Questioned costs: $0 Recommendation: We recommend that the Seminary add additional procedures to ensure that they are performing and maintaining monthly School Account Statement reconciliations.
Finding 2022-003
Finding 2022-003: Cash management (Significant Deficiency) U.S. Department of Education COVID-19 Education Stabilization Fund 84.425E, 84.425F Compliance requirement: Cash management Criteria: Institutions must disburse the Student Aid Portion (84.425E) within 15 calendar days of the drawdown from ED?s G5 grants system and the Institutional Portion (84.425F) within 3 calendar days of the drawdown from G5. Condition and Context: During our audit procedures we noted that 4 of 8 samples selected were not disbursed within the allowable time under Uniform Guidance requirements. Cause: The cause appears to be due to administrative oversight. Effect or Potential Effect: Disbursements were not made within the allowable time frame. Identification of repeat finding: No. Questioned costs: $0 Recommendation: We recommend that the Seminary add additional procedures to ensure that they are complying with cash management requirements.
Finding 2022-003
Finding 2022-003: Cash management (Significant Deficiency) U.S. Department of Education COVID-19 Education Stabilization Fund 84.425E, 84.425F Compliance requirement: Cash management Criteria: Institutions must disburse the Student Aid Portion (84.425E) within 15 calendar days of the drawdown from ED?s G5 grants system and the Institutional Portion (84.425F) within 3 calendar days of the drawdown from G5. Condition and Context: During our audit procedures we noted that 4 of 8 samples selected were not disbursed within the allowable time under Uniform Guidance requirements. Cause: The cause appears to be due to administrative oversight. Effect or Potential Effect: Disbursements were not made within the allowable time frame. Identification of repeat finding: No. Questioned costs: $0 Recommendation: We recommend that the Seminary add additional procedures to ensure that they are complying with cash management requirements.
Finding 2022-002
Finding 2022-002: Borrower Data and Reconciliation (Significant Deficiency) U.S. Department of Education 84.268 Federal Direct Student Loans Compliance requirement: Special Tests and Provisions Criteria: Institutions must report all loan disbursements and submit required records to COD within 15 days of disbursement. Each month, COD provides institutions with a School Account Statement ("SAS") data file which consists of a Cash Summary, Cash Detail, and (optional at the request of the institution) Loan Detail records. The institution is required to reconcile these files to the institution?s monthly records. Condition and Context: During our audit procedures we noted that the institution was not formally documenting and maintaining their monthly SAS reconciliations. Cause: The cause appears to be due to administrative oversight. Effect or Potential Effect: Information relating to the School Account Statements may be inaccurate. Identification of repeat finding: Yes. Questioned costs: $0 Recommendation: We recommend that the Seminary add additional procedures to ensure that they are performing and maintaining monthly School Account Statement reconciliations.
Finding 2022-003
Finding 2022-003: Cash management (Significant Deficiency) U.S. Department of Education COVID-19 Education Stabilization Fund 84.425E, 84.425F Compliance requirement: Cash management Criteria: Institutions must disburse the Student Aid Portion (84.425E) within 15 calendar days of the drawdown from ED?s G5 grants system and the Institutional Portion (84.425F) within 3 calendar days of the drawdown from G5. Condition and Context: During our audit procedures we noted that 4 of 8 samples selected were not disbursed within the allowable time under Uniform Guidance requirements. Cause: The cause appears to be due to administrative oversight. Effect or Potential Effect: Disbursements were not made within the allowable time frame. Identification of repeat finding: No. Questioned costs: $0 Recommendation: We recommend that the Seminary add additional procedures to ensure that they are complying with cash management requirements.
Finding 2022-003
Finding 2022-003: Cash management (Significant Deficiency) U.S. Department of Education COVID-19 Education Stabilization Fund 84.425E, 84.425F Compliance requirement: Cash management Criteria: Institutions must disburse the Student Aid Portion (84.425E) within 15 calendar days of the drawdown from ED?s G5 grants system and the Institutional Portion (84.425F) within 3 calendar days of the drawdown from G5. Condition and Context: During our audit procedures we noted that 4 of 8 samples selected were not disbursed within the allowable time under Uniform Guidance requirements. Cause: The cause appears to be due to administrative oversight. Effect or Potential Effect: Disbursements were not made within the allowable time frame. Identification of repeat finding: No. Questioned costs: $0 Recommendation: We recommend that the Seminary add additional procedures to ensure that they are complying with cash management requirements.