FAC Explorer

Audit 45944

FY End
2022-06-30
Total Expended
$223.21M
Findings
4
Programs
42
Organization: Fordham University (NY)
Year: 2022 Accepted: 2023-03-27
Auditor: Kpmg LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
49517 2022-001 - - N
49518 2022-001 - - N
625959 2022-001 - - N
625960 2022-001 - - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $174.09M Yes 1
84.063 Federal Pell Grant Program $11.62M Yes 1
84.425 Education Stabilization Fund $10.64M Yes 0
84.038 Federal Perkins Loan Program $4.22M Yes 0
84.033 Federal Work-Study Program $2.58M Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $2.16M Yes 0
12.902 Information Security Grants $786,254 - 0
93.732 Mental and Behavioral Health Education and Training Grants $410,086 - 0
84.044 Trio_talent Search $325,522 - 0
84.325 Special Education - Personnel Development to Improve Services and Results for Children with Disabilities $283,104 - 0
47.049 Mathematical and Physical Sciences $239,172 - 0
93.658 Foster Care_title IV-E $236,015 - 0
12.000 Haverford College Synergistic Discover and Design (sd2) Program $232,847 - 0
16.839 Stop School Violence $149,672 - 0
93.867 Vision Research $125,675 - 0
21.008 Low Income Taxpayer Clinics $100,000 - 0
12.420 Military Medical Research and Development $77,711 - 0
19.345 International Programs to Support Democracy, Human Rights and Labor $62,148 - 0
47.076 Education and Human Resources $43,167 - 0
81.049 Office of Science Financial Assistance Program $39,999 - 0
47.075 Social, Behavioral, and Economic Sciences $38,923 - 0
10.310 Agriculture and Food Research Initiative (afri) $37,167 - 0
93.242 Mental Health Research Grants $34,300 - 0
93.243 Substance Abuse and Mental Health Services_projects of Regional and National Significance $30,792 - 0
93.307 Minority Health and Health Disparities Research $29,860 - 0
45.312 National Leadership Grants $29,804 - 0
47.070 Computer and Information Science and Engineering $27,000 - 0
81.000 Argonne National Laboratory - Epiphytic and MacRophyte Interactions in Glen Canyon $26,127 - 0
93.865 Child Health and Human Development Extramural Research $24,098 - 0
93.855 Allergy, Immunology and Transplantation Research $22,130 - 0
93.121 Oral Diseases and Disorders Research $18,614 - 0
93.846 Arthritis, Musculoskeletal and Skin Diseases Research $17,591 - 0
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $15,038 Yes 0
93.866 Aging Research $13,640 - 0
93.084 Prevention of Disease, Disability, and Death by Infectious Diseases $12,683 - 0
93.279 Drug Abuse and Addiction Research Programs $7,966 - 0
47.074 Biological Sciences $7,768 - 0
93.397 Cancer Centers Support Grants $5,000 - 0
12.355 Pest Management and Vector Control Research $3,973 - 0
47.041 Engineering $2,255 - 0
45.160 Promotion of the Humanities_fellowships and Stipends $1,635 - 0
93.361 Nursing Research $775 - 0

Contacts

Name Title Type
ECESTN2SSVH1 Anthony Grono Auditee
7188174970 Edward N. Lee Auditor
No contacts on file

Notes to SEFA

Title: Federal Direct Student Loan Program Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Fordham University (the University) 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 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 University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University. Expenditures reported on the Schedule are reported on the accrual basis of accounting and 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. De Minimis Rate Used: N Rate Explanation: The University has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The University is only responsible for the performance of certain administrative duties in connection withthe Federal Direct Student Loan Program. Accordingly, the Universitys financial statements do not includethe lending and collection activities associated with this program. The Schedule includes the amountsawarded to students during the year ended June 30, 2022. It is not practical to determine the balances ofloans outstanding to students of the University under this program.
Title: Federal Perkins Loan Program (ALN 84.038) Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Fordham University (the University) 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 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 University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University. Expenditures reported on the Schedule are reported on the accrual basis of accounting and 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. De Minimis Rate Used: N Rate Explanation: The University has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The University extended loans through a revolving federal loan program which ended in fiscal year 2018.The expenditures on the Schedule related to the Federal Perkins Loan Program represent the beginning of year (July 1, 2021) balance of $4,219,128. Perkins loans outstanding at June 30, 2022 were $3,558,732.The University returned $758,820 to the U.S. Department of Education in fiscal 2022.

Finding Details

Finding 2022-001
Federal Grant Numbers: P063P181847 and P0268K19847 Statistically Valid Sample: No and it was not intended to be. Prior Year Finding: None. This is not a repeat finding. Finding Type: Other noncompliance Criteria: Views of Management The accurate reporting of campus-level OPEID is required by federal regulation for Title IV students and although the reporting provides data on Title IV programs but does not prompt repayment on loans or have any impact on a student's federal aid eligibility. Pursuant to a root-cause analysis conducted by the University, it was determined (and ultimately acknowledged) by the servicer that it had failed to follow established protocols prior to transmitting this information to NSLDS, which led to this finding. The information provided by the University was accurate and consistent with the methodology we use regularly to transmit information to this servicer. The U.S. Department of Education requires independent compliance audits for third-party servicers that help colleges and universities administer Title IV programs and, as part of our on-going due diligence, we reviewed the attestation opinion issued by the independent auditor, who noted no issues with respect to this particular compliance requirement or the servicer?s ability to comply with it. The University has discussed with the third-party servicer its process for submitting Campus-Level information to the NSLDS, and changes are being made by the servicer to ensure its own compliance with the methodology for transmitting data to the NSLDS. The University is also undertaking a detailed review of this servicer?s performance to mitigate the risk of recurrence.
Finding 2022-001
Federal Grant Numbers: P063P181847 and P0268K19847 Statistically Valid Sample: No and it was not intended to be. Prior Year Finding: None. This is not a repeat finding. Finding Type: Other noncompliance Criteria: Views of Management The accurate reporting of campus-level OPEID is required by federal regulation for Title IV students and although the reporting provides data on Title IV programs but does not prompt repayment on loans or have any impact on a student's federal aid eligibility. Pursuant to a root-cause analysis conducted by the University, it was determined (and ultimately acknowledged) by the servicer that it had failed to follow established protocols prior to transmitting this information to NSLDS, which led to this finding. The information provided by the University was accurate and consistent with the methodology we use regularly to transmit information to this servicer. The U.S. Department of Education requires independent compliance audits for third-party servicers that help colleges and universities administer Title IV programs and, as part of our on-going due diligence, we reviewed the attestation opinion issued by the independent auditor, who noted no issues with respect to this particular compliance requirement or the servicer?s ability to comply with it. The University has discussed with the third-party servicer its process for submitting Campus-Level information to the NSLDS, and changes are being made by the servicer to ensure its own compliance with the methodology for transmitting data to the NSLDS. The University is also undertaking a detailed review of this servicer?s performance to mitigate the risk of recurrence.
Finding 2022-001
Federal Grant Numbers: P063P181847 and P0268K19847 Statistically Valid Sample: No and it was not intended to be. Prior Year Finding: None. This is not a repeat finding. Finding Type: Other noncompliance Criteria: Views of Management The accurate reporting of campus-level OPEID is required by federal regulation for Title IV students and although the reporting provides data on Title IV programs but does not prompt repayment on loans or have any impact on a student's federal aid eligibility. Pursuant to a root-cause analysis conducted by the University, it was determined (and ultimately acknowledged) by the servicer that it had failed to follow established protocols prior to transmitting this information to NSLDS, which led to this finding. The information provided by the University was accurate and consistent with the methodology we use regularly to transmit information to this servicer. The U.S. Department of Education requires independent compliance audits for third-party servicers that help colleges and universities administer Title IV programs and, as part of our on-going due diligence, we reviewed the attestation opinion issued by the independent auditor, who noted no issues with respect to this particular compliance requirement or the servicer?s ability to comply with it. The University has discussed with the third-party servicer its process for submitting Campus-Level information to the NSLDS, and changes are being made by the servicer to ensure its own compliance with the methodology for transmitting data to the NSLDS. The University is also undertaking a detailed review of this servicer?s performance to mitigate the risk of recurrence.
Finding 2022-001
Federal Grant Numbers: P063P181847 and P0268K19847 Statistically Valid Sample: No and it was not intended to be. Prior Year Finding: None. This is not a repeat finding. Finding Type: Other noncompliance Criteria: Views of Management The accurate reporting of campus-level OPEID is required by federal regulation for Title IV students and although the reporting provides data on Title IV programs but does not prompt repayment on loans or have any impact on a student's federal aid eligibility. Pursuant to a root-cause analysis conducted by the University, it was determined (and ultimately acknowledged) by the servicer that it had failed to follow established protocols prior to transmitting this information to NSLDS, which led to this finding. The information provided by the University was accurate and consistent with the methodology we use regularly to transmit information to this servicer. The U.S. Department of Education requires independent compliance audits for third-party servicers that help colleges and universities administer Title IV programs and, as part of our on-going due diligence, we reviewed the attestation opinion issued by the independent auditor, who noted no issues with respect to this particular compliance requirement or the servicer?s ability to comply with it. The University has discussed with the third-party servicer its process for submitting Campus-Level information to the NSLDS, and changes are being made by the servicer to ensure its own compliance with the methodology for transmitting data to the NSLDS. The University is also undertaking a detailed review of this servicer?s performance to mitigate the risk of recurrence.