FAC Explorer

Audit 49098

FY End
2022-06-30
Total Expended
$73.04M
Findings
2
Programs
7
Organization: Colorado Christian University & Ccu Endowment Foundation (CO)
Year: 2022 Accepted: 2022-11-08
Auditor: Forvis

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
52410 2022-001 Significant Deficiency - L
628852 2022-001 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $49.34M Yes 0
84.063 Federal Pell Grant Program $11.67M Yes 0
84.425 Education Stabilization Fund $4.84M Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $566,880 Yes 0
84.033 Federal Work-Study Program $470,056 Yes 0
84.038 Federal Perkins Loan Program $158,659 Yes 0
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $45,736 Yes 0

Contacts

Name Title Type
Y6APC9TMKTN7 David Schull Auditee
3039633283 Jodie Cates Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federalaward activity of the University under programs of the federal government for the year endedJune 30, 2022. The information in this schedule is presented in accordance with the requirementsof Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule 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. Suchexpenditures are 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 shown on the Schedule, if any, represent adjustments or credits made in thenormal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: N Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The federal loan programs listed subsequently are administered directly by the University, and balances and transactions relating to these programs are included in the Universitys consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2022, consists of: FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were $158,659.
Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federalaward activity of the University under programs of the federal government for the year endedJune 30, 2022. The information in this schedule is presented in accordance with the requirementsof Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule 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. Suchexpenditures are 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 shown on the Schedule, if any, represent adjustments or credits made in thenormal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: N Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The federal loan programs listed subsequently are administered directly by the University, and balances and transactions relating to these programs are included in the Universitys consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2022, consists of: FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were $158,659.

Finding Details

Finding 2022-001
Findings Required to be Reported by the Uniform Guidance Reference Number Finding 2022-001 Finding: Report Federal Assistance Listing Number 84.425E ? Higher Education Emergency Relief Fund (HEERF) Student Aid Portion Department of Education Award Number ? P425E201506 ? 20B Award Year - 2021 Criteria: The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020 and appropriated federal funds to provide economic aid to the American people negatively impacted by the COVID-19 pandemic. The Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (CRRSAA), was signed into law on December 27, 2020, and authorized additional funding under the HEERF program (HEERF II). Finally, the American Rescue Plan Act of 2021 (ARP), enacted on March 11, 2021, authorized a third round of funding (HEERF III) in order for higher education institutions to serve students and ensure learning continues during the COVID-19 pandemic. Under the requirements of the HEERF program there are three components to reporting: (1) public reporting on the Student Aid Portion; (2) public reporting on the Institutional Portion, and (3) the annual report. Condition: The University had not posted the Quarterly Student Aid information, which was required to be posted publicly to the University's website during the fiscal year ended June 30, 2022. Questioned Costs: None noted. Context: Four quarterly Student Aid reports for fiscal year 2022 were to be posted on the University's website by the federal due dates to comply with federal regulations. Effect: Federal oversight agencies, including the Department of Education, depend on accurate reports posted to the institution's website to measure program results and compliance with federal requirements and to provide transparency. The University is not in compliance with the requirements of the award. Cause: There was confusion surrounding the required reporting. The information was properly reported in the previous fiscal year and institutional reporting continued as required. A new form was provided by the federal government to be completed and made publicly available but it only included institutional information thereby causing the student information to be inadvertently excluded. Identification as a Repeat Finding: Not applicable. Recommendation: We recommend that the University obtain clarification for any confusing, ambiguous or complex compliance requirements and stay diligent in staying abreast of the specific reporting requirements. Views of Responsible Officials: We agree with the finding. See separate report for planned corrective actions.
Finding 2022-001
Findings Required to be Reported by the Uniform Guidance Reference Number Finding 2022-001 Finding: Report Federal Assistance Listing Number 84.425E ? Higher Education Emergency Relief Fund (HEERF) Student Aid Portion Department of Education Award Number ? P425E201506 ? 20B Award Year - 2021 Criteria: The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020 and appropriated federal funds to provide economic aid to the American people negatively impacted by the COVID-19 pandemic. The Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (CRRSAA), was signed into law on December 27, 2020, and authorized additional funding under the HEERF program (HEERF II). Finally, the American Rescue Plan Act of 2021 (ARP), enacted on March 11, 2021, authorized a third round of funding (HEERF III) in order for higher education institutions to serve students and ensure learning continues during the COVID-19 pandemic. Under the requirements of the HEERF program there are three components to reporting: (1) public reporting on the Student Aid Portion; (2) public reporting on the Institutional Portion, and (3) the annual report. Condition: The University had not posted the Quarterly Student Aid information, which was required to be posted publicly to the University's website during the fiscal year ended June 30, 2022. Questioned Costs: None noted. Context: Four quarterly Student Aid reports for fiscal year 2022 were to be posted on the University's website by the federal due dates to comply with federal regulations. Effect: Federal oversight agencies, including the Department of Education, depend on accurate reports posted to the institution's website to measure program results and compliance with federal requirements and to provide transparency. The University is not in compliance with the requirements of the award. Cause: There was confusion surrounding the required reporting. The information was properly reported in the previous fiscal year and institutional reporting continued as required. A new form was provided by the federal government to be completed and made publicly available but it only included institutional information thereby causing the student information to be inadvertently excluded. Identification as a Repeat Finding: Not applicable. Recommendation: We recommend that the University obtain clarification for any confusing, ambiguous or complex compliance requirements and stay diligent in staying abreast of the specific reporting requirements. Views of Responsible Officials: We agree with the finding. See separate report for planned corrective actions.