FAC Explorer

Audit 7807

FY End
2023-06-30
Total Expended
$13.93M
Findings
2
Programs
11
Organization: Marietta College (OH)
Year: 2023 Accepted: 2023-12-20
Auditor: Forvis LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
5737 2023-002 - - N
582179 2023-002 - - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $10.66M Yes 0
84.063 Federal Pell Grant Program $1.65M Yes 0
84.033 Federal Work-Study Program $387,466 Yes 0
84.038 Federal Perkins Loan Program $376,271 Yes 1
84.027 Special Education_grants to States $208,207 - 0
84.007 Federal Supplemental Educational Opportunity Grants $198,098 Yes 0
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $141,787 - 0
84.425 Education Stabilization Fund $126,745 - 0
21.027 Coronavirus State and Local Fiscal Recovery Funds $86,251 - 0
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $50,922 Yes 0
45.025 Promotion of the Arts_partnership Agreements $2,745 - 0

Contacts

Name Title Type
JWD1G65BD2L5 Mike Bruce Auditee
7403764720 Daniel Waninger Auditor
No contacts on file

Notes to SEFA

Title: FEDERAL LOAN PROGRAMS Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Marietta College (College) under programs of the federal government for the year ended June 30, 2023. 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). Because the Schedule presents only a selected portion of the operations of Marietta College, it is not intended to and does not present the financial position, changes in net assets or cash flows of Marietta College. Expenditures 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: N Rate Explanation: Marietta College has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The College also participates in the Federal Direct Loan Program. The dollar amounts are listed in the schedule of federal awards although the College is not the recipient of the funds. Such programs are considered a component of the student financial assistance cluster. New loans processed for students during the year ended June 30, 2023 were as follows: 84.268 Subsidized $2,124,921, 84.268 Unsubsidized $4,283,419, 84.268 PLUS $4,253,161, Total $10,661,501. During the fiscal year ended June 30, 2023, the College processed no new loans under the Perkins Loan Program (CFDA Number 84.038). At June 30, 2023, loans outstanding under the Perkins Loan Program were $248,436.

Finding Details

Finding 2023-002
Federal Program Name: Student Financial Assistance Cluster Federal Agency: U.S. Department of Education Federal Assistance Listing Title and Number: Student Financial Assistance Cluster, 84.038 Award Year: July 1, 2022 – June 30, 2023 Criteria or Specific Requirement: Special Tests and Provisions – Perkins Loan Record Keeping and Record Retention Condition: The College did not maintain Perkins loan records in the manner set forth in 34 CFR 674.19.(e). (Other Instance of Noncompliance) Question Costs: None Context: During testing of Perkins loan record keeping and record retention, 2 out of 22 outstanding loan selections and 2 our of 16 retired/assign loan selections did not have records of the related master promissory note (MPN). From a population of 217 outstanding loans 22 were selected for outstanding loan testing. Errors consisted of 2 students for which the College did not have records of their MPN. Additionally from a population of 155 retired/assigned loans 16 were selected for retired/assign loan testing. Errors consisted of 2 students for which the College did not have records of their MPN. Our sample selection was not, and was not intended to be statistically valid. Effect: The College does not have documentation of MPNs for the errors identified. Cause: The MPNs for these students were not able to be located in Perkins loan files. Repeat Finding: No Recommendation: The College should revisit the record retention for student related files, particularly those that relate to federal compliance requirements. Views of Responsible Officials and Planned Corrective Action: The College agrees with the comment and has developed a plan to correct the finding. The College will examine the document destruction date on student related files related to federal compliance requirements to ensure accuracy of the document destruction date and accuracy of student files.
Finding 2023-002
Federal Program Name: Student Financial Assistance Cluster Federal Agency: U.S. Department of Education Federal Assistance Listing Title and Number: Student Financial Assistance Cluster, 84.038 Award Year: July 1, 2022 – June 30, 2023 Criteria or Specific Requirement: Special Tests and Provisions – Perkins Loan Record Keeping and Record Retention Condition: The College did not maintain Perkins loan records in the manner set forth in 34 CFR 674.19.(e). (Other Instance of Noncompliance) Question Costs: None Context: During testing of Perkins loan record keeping and record retention, 2 out of 22 outstanding loan selections and 2 our of 16 retired/assign loan selections did not have records of the related master promissory note (MPN). From a population of 217 outstanding loans 22 were selected for outstanding loan testing. Errors consisted of 2 students for which the College did not have records of their MPN. Additionally from a population of 155 retired/assigned loans 16 were selected for retired/assign loan testing. Errors consisted of 2 students for which the College did not have records of their MPN. Our sample selection was not, and was not intended to be statistically valid. Effect: The College does not have documentation of MPNs for the errors identified. Cause: The MPNs for these students were not able to be located in Perkins loan files. Repeat Finding: No Recommendation: The College should revisit the record retention for student related files, particularly those that relate to federal compliance requirements. Views of Responsible Officials and Planned Corrective Action: The College agrees with the comment and has developed a plan to correct the finding. The College will examine the document destruction date on student related files related to federal compliance requirements to ensure accuracy of the document destruction date and accuracy of student files.