FAC Explorer

Audit 55290

FY End
2022-05-31
Total Expended
$21.87M
Findings
2
Programs
9
Organization: McDaniel College and Subsidiary (MD)
Year: 2022 Accepted: 2023-02-20
Auditor: Baker Tilly US LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
58465 2022-001 - - L
634907 2022-001 - - L

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $12.53M - 0
84.063 Federal Pell Grant Program $3.06M - 0
84.425 Covid-19 - Education Stabilization Fund - Higher Education Emergency Relief Fund - Institutional Portion $2.22M Yes 1
84.425 Covid-19 - Education Stabilization Fund - Higher Education Emergency Relief Fund - Student Aid Portion $2.21M Yes 0
84.038 Federal Perkins Loan Program $1.29M - 0
84.033 Federal Work-Study Program $269,860 - 0
84.007 Federal Supplemental Educational Opportunity Grants $174,748 - 0
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $85,249 - 0
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $18,860 - 0

Contacts

Name Title Type
N1J2EQWFGAU9 Julie Fisher Auditee
6108572218 John Compton, Jr. Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: 1.Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of McDaniel College and Subsidiary (the College) under programs of the federal government for the year ended May 31, 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 College, it is not intended to and does not present the financial position, changes in net assets or cash flows of the College.2.Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures 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. De Minimis Rate Used: N Rate Explanation: 4.Indirect Cost RateThe College has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 966158. FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were 12527527.

Finding Details

Finding 2022-001
Finding 2022-001 - Reporting Federal Programs: COVID-19 - Education Stabilization Fund - Institutional Portion Federal Agency: U.S. Department of Education Pass-Through Entity: Not Applicable CFDA Numbers: 84.425F Federal Award Year: May 31, 2022 Criteria: Section 18004(e) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), directed institutions receiving funds under Section 18004 of the Act, to submit a new, separate form covering aggregate amounts spent for HEERF I, HEERF II, and HEERF III funds each quarterly reporting period (September 30, December 31, March 31, June 30), concluding after an institution has expended and liquidated all (a)(1) Institutional Portion, (a)(2), and (a)(3) funds and checks the ?final report? box. Additionally the CARES, CRRSAA and ARP institutional quarterly portion reporting requirements involve publicly posting completed forms with accurate information on the institution's website. Condition/Context: The institutional report for the quarter ending March 31, 2022 was not publicly posted to the College's website at the time of our audit. Cause: The College failed to follow HEERF institutional quarterly reporting requirements to ensure information is publicly available on their website. Effect: The College did not provide the public with timely data related to the amount and use of HEERF institutional aid spent during the quarter. Questioned Costs: None. Recommendation: The College should assign an individual to track reporting requirements of federal awards to ensure the College is in compliance. Regular monitoring should be performed to ensure these reports are available to members of the public when public reporting requirements are present. Views of Responsible Officials and Planned Corrective Actions: The Consumer Information section of the College?s web page will be reviewed independently on the required filing dates to ensure that the information is appropriately posted.
Finding 2022-001
Finding 2022-001 - Reporting Federal Programs: COVID-19 - Education Stabilization Fund - Institutional Portion Federal Agency: U.S. Department of Education Pass-Through Entity: Not Applicable CFDA Numbers: 84.425F Federal Award Year: May 31, 2022 Criteria: Section 18004(e) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), directed institutions receiving funds under Section 18004 of the Act, to submit a new, separate form covering aggregate amounts spent for HEERF I, HEERF II, and HEERF III funds each quarterly reporting period (September 30, December 31, March 31, June 30), concluding after an institution has expended and liquidated all (a)(1) Institutional Portion, (a)(2), and (a)(3) funds and checks the ?final report? box. Additionally the CARES, CRRSAA and ARP institutional quarterly portion reporting requirements involve publicly posting completed forms with accurate information on the institution's website. Condition/Context: The institutional report for the quarter ending March 31, 2022 was not publicly posted to the College's website at the time of our audit. Cause: The College failed to follow HEERF institutional quarterly reporting requirements to ensure information is publicly available on their website. Effect: The College did not provide the public with timely data related to the amount and use of HEERF institutional aid spent during the quarter. Questioned Costs: None. Recommendation: The College should assign an individual to track reporting requirements of federal awards to ensure the College is in compliance. Regular monitoring should be performed to ensure these reports are available to members of the public when public reporting requirements are present. Views of Responsible Officials and Planned Corrective Actions: The Consumer Information section of the College?s web page will be reviewed independently on the required filing dates to ensure that the information is appropriately posted.