FAC Explorer

Audit 7583

FY End
2023-06-30
Total Expended
$17.86M
Findings
6
Programs
6
Organization: Immaculata University (PA)
Year: 2023 Accepted: 2023-12-20
Auditor: Cliftonlarsonallen LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
5661 2023-001 Significant Deficiency - N
5662 2023-001 Significant Deficiency - N
5663 2023-001 Significant Deficiency - N
582103 2023-001 Significant Deficiency - N
582104 2023-001 Significant Deficiency - N
582105 2023-001 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $15.76M Yes 1
84.063 Federal Pell Grant Program $1.61M Yes 1
84.038 Federal Perkins Loan Program $330,533 Yes 0
84.033 Federal Work-Study Program $93,431 Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $69,803 Yes 1
84.027 Special Education_grants to States $2,442 - 0

Contacts

Name Title Type
CCGSSG8K8WS5 Amy Bosio Auditee
4843233050 Sara Doyle Auditor
No contacts on file

Notes to SEFA

Title: FEDERAL PERKINS LOAN PROGRAM (FEDERAL ASSISTANCE LISTING #84.038) Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of Immaculata University (the University) under programs of the federal government for the year ended June 30, 2023. 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, and cash flows of the University. The information in this 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the basic consolidated financial statements. For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the University and agencies or departments of the federal government, and all subawards to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. BASIS OF ACCOUNTING: Expenditures reported on the Schedule are reported using 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 to reimbursement. De Minimis Rate Used: Y Rate Explanation: University has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The University administers and accounts for all aspects of the Federal Perkins Loan Program under its direct student programs. Therefore, the University’s consolidated financial statements include the Federal Perkins Loan Program’s net assets and transactions. The balance of loans outstanding under the Federal Perkins Loan Program is $248,301 as of June 30, 2023. The University did not disburse Federal Perkins Loans for the year ended June 30, 2023. There were no administrative costs claimed for the Federal Perkins Loan Program for the year ended June 30, 2023.
Title: FEDERAL DIRECT LOAN PROGRAM (FEDERAL ASSISTANCE LISTING #84.268) Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of Immaculata University (the University) under programs of the federal government for the year ended June 30, 2023. 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, and cash flows of the University. The information in this 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the basic consolidated financial statements. For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the University and agencies or departments of the federal government, and all subawards to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. BASIS OF ACCOUNTING: Expenditures reported on the Schedule are reported using 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 to reimbursement. De Minimis Rate Used: Y Rate Explanation: University has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. For the Federal Direct Loan Program, the University is responsible only for the performance of certain administrative duties; therefore, the loan balances and transactions for those programs are not included in the University’s consolidated financial statements. However, such amounts are included in the Schedule. The University disbursed the following amounts of new loans under the Federal Direct Loan Program for the year ended June 30, 2023: Federal Direct Subsidized Loans $ 2,390,571 Federal Direct Unsubsidized Loans 9,268,016 PLUS Loans 4,103,758 Total $ 15,762,345

Finding Details

Finding 2023-001
Outstanding Student Refund Checks Federal Agency: U.S. Department of Education Federal Program Name: Student Financial Assistance Cluster Assistance Listing Numbers: 84.007, 84.063, 84.268 Award Period: 7/1/2022 – 6/30/2023 Type of Finding: Significant Deficiency in Internal Control Over Compliance, Other Matters Criteria or Specific Requirement: The Code of Federal Regulations, 34 CFR 668.164(h)(2) states that an institution that attempts to disburse funds by check and the check is not cashed, the institution must return the funds to the Department of Education (ED) no later than 240 days after the date it issued that check. Condition: Title IV checks outstanding for 240 days were not returned to ED as of June 30, 2023. Questioned Costs: $3,753 Context: During our testing, we noted 10 out of 10 Title IV checks older than 240 days which were not returned to the ED. Cause: Management did have a process in place to return Title IV checks that were outstanding for 240 days or more. However, the University did not ensure this process was being followed during the year and verify the funds had been properly returned. Effect: The University is not in compliance with requirements to return Title IV refund checks outstanding more than 240 days to the ED. Repeat Finding: No.Auditors’ Recommendation: We recommend the University develop a process to ensure that all Title IV outstanding checks are returned back to the ED within the required timeframe and verify on a regular basis the process has been followed. Views of Responsible Officials: There is no disagreement with the finding.
Finding 2023-001
Outstanding Student Refund Checks Federal Agency: U.S. Department of Education Federal Program Name: Student Financial Assistance Cluster Assistance Listing Numbers: 84.007, 84.063, 84.268 Award Period: 7/1/2022 – 6/30/2023 Type of Finding: Significant Deficiency in Internal Control Over Compliance, Other Matters Criteria or Specific Requirement: The Code of Federal Regulations, 34 CFR 668.164(h)(2) states that an institution that attempts to disburse funds by check and the check is not cashed, the institution must return the funds to the Department of Education (ED) no later than 240 days after the date it issued that check. Condition: Title IV checks outstanding for 240 days were not returned to ED as of June 30, 2023. Questioned Costs: $3,753 Context: During our testing, we noted 10 out of 10 Title IV checks older than 240 days which were not returned to the ED. Cause: Management did have a process in place to return Title IV checks that were outstanding for 240 days or more. However, the University did not ensure this process was being followed during the year and verify the funds had been properly returned. Effect: The University is not in compliance with requirements to return Title IV refund checks outstanding more than 240 days to the ED. Repeat Finding: No.Auditors’ Recommendation: We recommend the University develop a process to ensure that all Title IV outstanding checks are returned back to the ED within the required timeframe and verify on a regular basis the process has been followed. Views of Responsible Officials: There is no disagreement with the finding.
Finding 2023-001
Outstanding Student Refund Checks Federal Agency: U.S. Department of Education Federal Program Name: Student Financial Assistance Cluster Assistance Listing Numbers: 84.007, 84.063, 84.268 Award Period: 7/1/2022 – 6/30/2023 Type of Finding: Significant Deficiency in Internal Control Over Compliance, Other Matters Criteria or Specific Requirement: The Code of Federal Regulations, 34 CFR 668.164(h)(2) states that an institution that attempts to disburse funds by check and the check is not cashed, the institution must return the funds to the Department of Education (ED) no later than 240 days after the date it issued that check. Condition: Title IV checks outstanding for 240 days were not returned to ED as of June 30, 2023. Questioned Costs: $3,753 Context: During our testing, we noted 10 out of 10 Title IV checks older than 240 days which were not returned to the ED. Cause: Management did have a process in place to return Title IV checks that were outstanding for 240 days or more. However, the University did not ensure this process was being followed during the year and verify the funds had been properly returned. Effect: The University is not in compliance with requirements to return Title IV refund checks outstanding more than 240 days to the ED. Repeat Finding: No.Auditors’ Recommendation: We recommend the University develop a process to ensure that all Title IV outstanding checks are returned back to the ED within the required timeframe and verify on a regular basis the process has been followed. Views of Responsible Officials: There is no disagreement with the finding.
Finding 2023-001
Outstanding Student Refund Checks Federal Agency: U.S. Department of Education Federal Program Name: Student Financial Assistance Cluster Assistance Listing Numbers: 84.007, 84.063, 84.268 Award Period: 7/1/2022 – 6/30/2023 Type of Finding: Significant Deficiency in Internal Control Over Compliance, Other Matters Criteria or Specific Requirement: The Code of Federal Regulations, 34 CFR 668.164(h)(2) states that an institution that attempts to disburse funds by check and the check is not cashed, the institution must return the funds to the Department of Education (ED) no later than 240 days after the date it issued that check. Condition: Title IV checks outstanding for 240 days were not returned to ED as of June 30, 2023. Questioned Costs: $3,753 Context: During our testing, we noted 10 out of 10 Title IV checks older than 240 days which were not returned to the ED. Cause: Management did have a process in place to return Title IV checks that were outstanding for 240 days or more. However, the University did not ensure this process was being followed during the year and verify the funds had been properly returned. Effect: The University is not in compliance with requirements to return Title IV refund checks outstanding more than 240 days to the ED. Repeat Finding: No.Auditors’ Recommendation: We recommend the University develop a process to ensure that all Title IV outstanding checks are returned back to the ED within the required timeframe and verify on a regular basis the process has been followed. Views of Responsible Officials: There is no disagreement with the finding.
Finding 2023-001
Outstanding Student Refund Checks Federal Agency: U.S. Department of Education Federal Program Name: Student Financial Assistance Cluster Assistance Listing Numbers: 84.007, 84.063, 84.268 Award Period: 7/1/2022 – 6/30/2023 Type of Finding: Significant Deficiency in Internal Control Over Compliance, Other Matters Criteria or Specific Requirement: The Code of Federal Regulations, 34 CFR 668.164(h)(2) states that an institution that attempts to disburse funds by check and the check is not cashed, the institution must return the funds to the Department of Education (ED) no later than 240 days after the date it issued that check. Condition: Title IV checks outstanding for 240 days were not returned to ED as of June 30, 2023. Questioned Costs: $3,753 Context: During our testing, we noted 10 out of 10 Title IV checks older than 240 days which were not returned to the ED. Cause: Management did have a process in place to return Title IV checks that were outstanding for 240 days or more. However, the University did not ensure this process was being followed during the year and verify the funds had been properly returned. Effect: The University is not in compliance with requirements to return Title IV refund checks outstanding more than 240 days to the ED. Repeat Finding: No.Auditors’ Recommendation: We recommend the University develop a process to ensure that all Title IV outstanding checks are returned back to the ED within the required timeframe and verify on a regular basis the process has been followed. Views of Responsible Officials: There is no disagreement with the finding.
Finding 2023-001
Outstanding Student Refund Checks Federal Agency: U.S. Department of Education Federal Program Name: Student Financial Assistance Cluster Assistance Listing Numbers: 84.007, 84.063, 84.268 Award Period: 7/1/2022 – 6/30/2023 Type of Finding: Significant Deficiency in Internal Control Over Compliance, Other Matters Criteria or Specific Requirement: The Code of Federal Regulations, 34 CFR 668.164(h)(2) states that an institution that attempts to disburse funds by check and the check is not cashed, the institution must return the funds to the Department of Education (ED) no later than 240 days after the date it issued that check. Condition: Title IV checks outstanding for 240 days were not returned to ED as of June 30, 2023. Questioned Costs: $3,753 Context: During our testing, we noted 10 out of 10 Title IV checks older than 240 days which were not returned to the ED. Cause: Management did have a process in place to return Title IV checks that were outstanding for 240 days or more. However, the University did not ensure this process was being followed during the year and verify the funds had been properly returned. Effect: The University is not in compliance with requirements to return Title IV refund checks outstanding more than 240 days to the ED. Repeat Finding: No.Auditors’ Recommendation: We recommend the University develop a process to ensure that all Title IV outstanding checks are returned back to the ED within the required timeframe and verify on a regular basis the process has been followed. Views of Responsible Officials: There is no disagreement with the finding.