FAC Explorer

Audit 55512

FY End
2022-06-30
Total Expended
$8.82M
Findings
4
Programs
5
Organization: Emmanuel College (GA)
Year: 2022 Accepted: 2023-01-24
Auditor: Ed K Burton LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
58438 2022-001 - - N
58439 2022-001 - - N
634880 2022-001 - - N
634881 2022-001 - - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $4.43M Yes 1
84.063 Federal Pell Grant Program $1.52M Yes 1
84.425 Education Stabilization Fund $112,066 Yes 0
84.033 Federal Work-Study Program $97,306 Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $52,117 Yes 0

Contacts

Name Title Type
F93NDWMCFDQ6 Donna C Quick Auditee
7062452872 Ed K Burton Auditor
No contacts on file

Notes to SEFA

Title: Federal Direct Student Loans Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Emmanuel College under programs of the federal government for the year ended June 30, 2022. Because Federal Higher Education Emergency Relief Funds are multi-year programs, the lines for those programs also include a column showing the cumulative award amounts and the cumulative amount expended. The information on this Schedule is prepared 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. Basis of Accounting: The Schedule of Expenditures of Federal Awards of Emmanuel College has been prepared 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. The College has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Emmanuel College administers federal direct student loan programs including Stafford, Unsubsidized Stafford and PLUS Loans. During the fiscal year ended June 30, 2022, students received $1,203,045 Stafford, $1,396,520 Unsubsidized Stafford and $1,834,362 PLUS Loans. These loans are federally guaranteed.
Title: FWS Funds Transferred to and Spent in FSEOG Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Emmanuel College under programs of the federal government for the year ended June 30, 2022. Because Federal Higher Education Emergency Relief Funds are multi-year programs, the lines for those programs also include a column showing the cumulative award amounts and the cumulative amount expended. The information on this Schedule is prepared 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. Basis of Accounting: The Schedule of Expenditures of Federal Awards of Emmanuel College has been prepared 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. The College has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. During the fiscal year ended June 30, 2022, the College transferred $24,326 from Federal Work-Study Program to be awarded as Federal Supplemental Educational Opportunity Grant.

Finding Details

Finding 2022-001
Finding: Item 2022-001 ? Special Tests and Provisions: Return of Title IV Funds Federal Program ? Federal Direct Student Loans Federal Agency ? Department of Education CFDA Number 84.268 Federal Award Number ? P268K221302 Federal Award Year ? June 30, 2022 Pass-Through Entity ? Not Applicable Criteria: Returns of Title IV funds are required to be deposited or transferred into the SFA account or electronic fund transfers initiated to ED as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew per 34 CFR 668.173(b). Condition: Out of a sample of 108 students there were 20 who withdrew. We decided to test all 20 of those students as it related to return of Title IV funds. Return of funds were sent in by the required date except for two instances. One was late due to the Thanksgiving Holiday. The school was closed on that Thursday and Friday, so the funds were not submitted until the following Monday. This was not a big deal; however, the other instance was simply late by 4 days and no Holidays were involved. Cause: Simply an oversight in which the date simply slipped by them. Effect: The Department of Education received the transferred return of funds 4 days later than they were required to be deposited into the SFA account. Recommendation: College management should design and implement procedures to ensure that there are checks and balances to make sure that when a student withdraws and the return of funds are calculated that the required return date is flagged and sent to whomever is responsible for submitting those funds to the SFA account. Management?s Response and Corrective Action Plan: Financial Aid personnel will utilize a built in Return to Title IV feature of the financial aid software, PowerFaids, to function as a quality assurance measure for Accounting Office staff. The PowerFaids function archives the date of withdrawal and calculates the deadline for return of funds. This feature will allow for quality assurance reports to be pulled no less than a week before the deadline so that Financial Aid staff can serve as an accountability partner for Accounting staff in ensuring funds are returned in a timely fashion and in compliance with all federal guidelines.
Finding 2022-001
Finding: Item 2022-001 ? Special Tests and Provisions: Return of Title IV Funds Federal Program ? Federal Direct Student Loans Federal Agency ? Department of Education CFDA Number 84.268 Federal Award Number ? P268K221302 Federal Award Year ? June 30, 2022 Pass-Through Entity ? Not Applicable Criteria: Returns of Title IV funds are required to be deposited or transferred into the SFA account or electronic fund transfers initiated to ED as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew per 34 CFR 668.173(b). Condition: Out of a sample of 108 students there were 20 who withdrew. We decided to test all 20 of those students as it related to return of Title IV funds. Return of funds were sent in by the required date except for two instances. One was late due to the Thanksgiving Holiday. The school was closed on that Thursday and Friday, so the funds were not submitted until the following Monday. This was not a big deal; however, the other instance was simply late by 4 days and no Holidays were involved. Cause: Simply an oversight in which the date simply slipped by them. Effect: The Department of Education received the transferred return of funds 4 days later than they were required to be deposited into the SFA account. Recommendation: College management should design and implement procedures to ensure that there are checks and balances to make sure that when a student withdraws and the return of funds are calculated that the required return date is flagged and sent to whomever is responsible for submitting those funds to the SFA account. Management?s Response and Corrective Action Plan: Financial Aid personnel will utilize a built in Return to Title IV feature of the financial aid software, PowerFaids, to function as a quality assurance measure for Accounting Office staff. The PowerFaids function archives the date of withdrawal and calculates the deadline for return of funds. This feature will allow for quality assurance reports to be pulled no less than a week before the deadline so that Financial Aid staff can serve as an accountability partner for Accounting staff in ensuring funds are returned in a timely fashion and in compliance with all federal guidelines.
Finding 2022-001
Finding: Item 2022-001 ? Special Tests and Provisions: Return of Title IV Funds Federal Program ? Federal Direct Student Loans Federal Agency ? Department of Education CFDA Number 84.268 Federal Award Number ? P268K221302 Federal Award Year ? June 30, 2022 Pass-Through Entity ? Not Applicable Criteria: Returns of Title IV funds are required to be deposited or transferred into the SFA account or electronic fund transfers initiated to ED as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew per 34 CFR 668.173(b). Condition: Out of a sample of 108 students there were 20 who withdrew. We decided to test all 20 of those students as it related to return of Title IV funds. Return of funds were sent in by the required date except for two instances. One was late due to the Thanksgiving Holiday. The school was closed on that Thursday and Friday, so the funds were not submitted until the following Monday. This was not a big deal; however, the other instance was simply late by 4 days and no Holidays were involved. Cause: Simply an oversight in which the date simply slipped by them. Effect: The Department of Education received the transferred return of funds 4 days later than they were required to be deposited into the SFA account. Recommendation: College management should design and implement procedures to ensure that there are checks and balances to make sure that when a student withdraws and the return of funds are calculated that the required return date is flagged and sent to whomever is responsible for submitting those funds to the SFA account. Management?s Response and Corrective Action Plan: Financial Aid personnel will utilize a built in Return to Title IV feature of the financial aid software, PowerFaids, to function as a quality assurance measure for Accounting Office staff. The PowerFaids function archives the date of withdrawal and calculates the deadline for return of funds. This feature will allow for quality assurance reports to be pulled no less than a week before the deadline so that Financial Aid staff can serve as an accountability partner for Accounting staff in ensuring funds are returned in a timely fashion and in compliance with all federal guidelines.
Finding 2022-001
Finding: Item 2022-001 ? Special Tests and Provisions: Return of Title IV Funds Federal Program ? Federal Direct Student Loans Federal Agency ? Department of Education CFDA Number 84.268 Federal Award Number ? P268K221302 Federal Award Year ? June 30, 2022 Pass-Through Entity ? Not Applicable Criteria: Returns of Title IV funds are required to be deposited or transferred into the SFA account or electronic fund transfers initiated to ED as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew per 34 CFR 668.173(b). Condition: Out of a sample of 108 students there were 20 who withdrew. We decided to test all 20 of those students as it related to return of Title IV funds. Return of funds were sent in by the required date except for two instances. One was late due to the Thanksgiving Holiday. The school was closed on that Thursday and Friday, so the funds were not submitted until the following Monday. This was not a big deal; however, the other instance was simply late by 4 days and no Holidays were involved. Cause: Simply an oversight in which the date simply slipped by them. Effect: The Department of Education received the transferred return of funds 4 days later than they were required to be deposited into the SFA account. Recommendation: College management should design and implement procedures to ensure that there are checks and balances to make sure that when a student withdraws and the return of funds are calculated that the required return date is flagged and sent to whomever is responsible for submitting those funds to the SFA account. Management?s Response and Corrective Action Plan: Financial Aid personnel will utilize a built in Return to Title IV feature of the financial aid software, PowerFaids, to function as a quality assurance measure for Accounting Office staff. The PowerFaids function archives the date of withdrawal and calculates the deadline for return of funds. This feature will allow for quality assurance reports to be pulled no less than a week before the deadline so that Financial Aid staff can serve as an accountability partner for Accounting staff in ensuring funds are returned in a timely fashion and in compliance with all federal guidelines.