FAC Explorer

Audit 56844

FY End
2022-06-30
Total Expended
$24.73M
Findings
2
Programs
10
Organization: Bard College (NY)
Year: 2022 Accepted: 2023-03-14
Auditor: Bst & CO CPAS LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
61462 2022-003 Significant Deficiency - L
637904 2022-003 Significant Deficiency - L

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $13.15M Yes 0
84.063 Federal Pell Grant Program $3.47M Yes 0
84.425 Education Stabilization Fund $3.06M Yes 0
84.038 Federal Perkins Loan $525,571 Yes 0
84.033 Federal Work-Study Program $481,875 Yes 0
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $471,817 Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $337,572 Yes 0
19.009 Academic Exchange Programs - Undergraduate Programs $39,267 - 0
98.012 Usaid Development Partnerships for University Cooperation and Development $28,361 - 0
47.074 Biological Sciences $2,772 - 0

Contacts

Name Title Type
PCWWUCWEV363 Taun Toay Auditee
8457587426 Ronald Guizor Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) has been prepared inaccordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). The purpose of the Schedule is to present a summary of those activities ofBard College (College) funded by the federal government or pass-through entities for the year endedJune 30, 2022, using the accrual basis of accounting. For purposes of this Schedule, federal awardsinclude assistance provided by a federal agency directly or indirectly in the form of grants, contracts,cooperative agreements, loans and loan guarantees, and other noncash assistance.Negative amounts, if any, on the Schedule represent adjustments made to prior year expenditures inthe normal course of business. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. FEDERAL PERKINS LOAN (84.038) - Balances outstanding at the end of the audit period were 525,571.

Finding Details

Finding 2022-003
Criteria or specific requirement: The College must prepare a Schedule of Expenditures of Federal Awards (SEFA) that is accurate and complete in accordance with Title 2 U.S. Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Condition: The College did not prepare a SEFA that was accurate and complete in accordance with the Uniform Guidance as there were two programs missing from the original SEFA that was provided for audit. In addition, the federal expenditures for the Higher Education Emergency Relief Fund were not accurate. Cause: The cause is likely due to limited internal controls related to the preparation and review of the SEFA and understanding of which items should be included. Effect or potential effect: Without adequate internal controls over the SEFA, the College may not identify all the federal awards received and related compliance and reporting requirements applicable to each award. Recommendations: The College must assign individuals who are experienced and knowledgeable in the compliance requirements of the Uniform Guidance to monitor all federal grants received to ensure the College has met the applicable compliance and reporting requirements of each federal award.
Finding 2022-003
Criteria or specific requirement: The College must prepare a Schedule of Expenditures of Federal Awards (SEFA) that is accurate and complete in accordance with Title 2 U.S. Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Condition: The College did not prepare a SEFA that was accurate and complete in accordance with the Uniform Guidance as there were two programs missing from the original SEFA that was provided for audit. In addition, the federal expenditures for the Higher Education Emergency Relief Fund were not accurate. Cause: The cause is likely due to limited internal controls related to the preparation and review of the SEFA and understanding of which items should be included. Effect or potential effect: Without adequate internal controls over the SEFA, the College may not identify all the federal awards received and related compliance and reporting requirements applicable to each award. Recommendations: The College must assign individuals who are experienced and knowledgeable in the compliance requirements of the Uniform Guidance to monitor all federal grants received to ensure the College has met the applicable compliance and reporting requirements of each federal award.