Audit 8211

FY End
2023-06-30
Total Expended
$68.48M
Findings
8
Programs
20
Organization: Yeshiva University (NY)
Year: 2023 Accepted: 2023-12-21

Organization Exclusion Status:

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Contacts

Name Title Type
CSSJGCRUZ9F3 Joseph Dandic Auditee
6465924003 Michael George Auditor
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Notes to SEFA

Title: Basis of Presentation and Summary of Significant Accounting Policies Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of Yeshiva University and its subsidiaries (the “University” or “Yeshiva”) under programs of the federal government for the year ended June 30, 2023. The information presented in the Schedule is presented on the accrual basis of accounting, which is in accordance with 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 the federal award activity 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. Negative amounts represent adjustments to amounts reported in prior years in the normal course of business. The Uniform Guidance provides for a 10% de minimus indirect cost rate election; however, the University did not make this election and uses a negotiated indirect cost rate when charging indirect costs to federal awards. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and agencies and departments of the federal government and all sub-awards to the University by non-federal organizations pursuant to federal grants, contracts and similar agreements. All Assistance Listing Numbers and passthrough awards’ numbers are presented where available and applicable. De Minimis Rate Used: N Rate Explanation: The University did not make this election and uses a negotiated indirect cost rate when charging indirect costs to federal awards. The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of Yeshiva University and its subsidiaries (the “University” or “Yeshiva”) under programs of the federal government for the year ended June 30, 2023. The information presented in the Schedule is presented on the accrual basis of accounting, which is in accordance with 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 the federal award activity 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. Negative amounts represent adjustments to amounts reported in prior years in the normal course of business. The Uniform Guidance provides for a 10% de minimus indirect cost rate election; however, the University did not make this election and uses a negotiated indirect cost rate when charging indirect costs to federal awards. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and agencies and departments of the federal government and all sub-awards to the University by non-federal organizations pursuant to federal grants, contracts and similar agreements. All Assistance Listing Numbers and passthrough awards’ numbers are presented where available and applicable.
Title: Federal Student Financial Assistance Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of Yeshiva University and its subsidiaries (the “University” or “Yeshiva”) under programs of the federal government for the year ended June 30, 2023. The information presented in the Schedule is presented on the accrual basis of accounting, which is in accordance with 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 the federal award activity 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. Negative amounts represent adjustments to amounts reported in prior years in the normal course of business. The Uniform Guidance provides for a 10% de minimus indirect cost rate election; however, the University did not make this election and uses a negotiated indirect cost rate when charging indirect costs to federal awards. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and agencies and departments of the federal government and all sub-awards to the University by non-federal organizations pursuant to federal grants, contracts and similar agreements. All Assistance Listing Numbers and passthrough awards’ numbers are presented where available and applicable. De Minimis Rate Used: N Rate Explanation: The University did not make this election and uses a negotiated indirect cost rate when charging indirect costs to federal awards. Campus Based Loan Program The Federal Perkins Loan Program is administered directly by the University and balances and transactions relating to this program are included in the University’s consolidated financial statements. At June 30, 2023, the amount of the Federal Perkins Loan Program (Assistance Listing Number 84.038) outstanding is $2,492,586. The University did not issue new loans under Federal Perkins Loan during fiscal year 2023. Loans outstanding at the beginning of the fiscal year 2023 are included in the federal expenditures presented in the Schedule. With respect to the Federal Direct Lending Program, the University is only responsible for the performance of certain administrative functions; therefore, the transactions and the balances of loans outstanding related to this program are not included in the University’s consolidated financial statements. The Schedule includes the amounts loaned to students under this program during the year ended June 30, 2023. It is not practical to estimate the outstanding balance of loans under this program.

Finding Details

2023-001 - Inaccurate submission of Accurate Student Enrollment Change to the National Student Loan Data System (NSLDS) Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Pell Grant Program and Federal Direct Loan Program Award Year: 7/1/2022 - 6/30/2023 Award Number: Not applicable Assistance Listing Numbers: 84.063 and 84.268 Criteria: In accordance with 34 CFR 690.83(b)(2) and 685.309, institutions are required to report enrollment information under the Federal Pell Grant and Federal Direct Loan programs through NSLDS. The enrollment information, inclusive of Campus Level and Program Level data, must be reviewed, updated and validated by the institution in a timely manner. Furthermore, specific to the Federal Direct Loan program, for a student that received a Direct Loan and was enrolled or accepted for enrollment at the institution, and the student had ceased to be enrolled on at least a half-time basis or failed to enroll on at least a half-time basis for the period for which the loan was intended, the institution must report the change within 60 days from which the change was identified. Condition: We reviewed a sample of twenty-five students enrolled at the University who received either Pell and/or Direct Loans and had a change of enrollment status during the fiscal year. Of the twenty-five students tested, one student was reported to NSLDS with an inaccurate enrollment status. Questioned Costs: None Cause: The root cause for the improper reporting was insufficient training resulting in the clerical error and related improper reporting. Effect: A student’s enrollment status determines eligibility for in-school status, deferment, and grace periods, as well as for the payment of interest subsidies all of which are impacted by inaccurate. reporting. Recommendation: We recommend the University perform the following: ● Update the enrollment status for this particular student ● Ensure all individuals involved in processing student enrollment changes are aware of the University’s policies and procedures to process that change accurately and timely and ● Update the data included in the roster detail that is submitted to NSC and ultimately to NSLDS to ensure enrollment reporting changes are accurately reported.
2023-001 - Inaccurate submission of Accurate Student Enrollment Change to the National Student Loan Data System (NSLDS) Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Pell Grant Program and Federal Direct Loan Program Award Year: 7/1/2022 - 6/30/2023 Award Number: Not applicable Assistance Listing Numbers: 84.063 and 84.268 Criteria: In accordance with 34 CFR 690.83(b)(2) and 685.309, institutions are required to report enrollment information under the Federal Pell Grant and Federal Direct Loan programs through NSLDS. The enrollment information, inclusive of Campus Level and Program Level data, must be reviewed, updated and validated by the institution in a timely manner. Furthermore, specific to the Federal Direct Loan program, for a student that received a Direct Loan and was enrolled or accepted for enrollment at the institution, and the student had ceased to be enrolled on at least a half-time basis or failed to enroll on at least a half-time basis for the period for which the loan was intended, the institution must report the change within 60 days from which the change was identified. Condition: We reviewed a sample of twenty-five students enrolled at the University who received either Pell and/or Direct Loans and had a change of enrollment status during the fiscal year. Of the twenty-five students tested, one student was reported to NSLDS with an inaccurate enrollment status. Questioned Costs: None Cause: The root cause for the improper reporting was insufficient training resulting in the clerical error and related improper reporting. Effect: A student’s enrollment status determines eligibility for in-school status, deferment, and grace periods, as well as for the payment of interest subsidies all of which are impacted by inaccurate. reporting. Recommendation: We recommend the University perform the following: ● Update the enrollment status for this particular student ● Ensure all individuals involved in processing student enrollment changes are aware of the University’s policies and procedures to process that change accurately and timely and ● Update the data included in the roster detail that is submitted to NSC and ultimately to NSLDS to ensure enrollment reporting changes are accurately reported.
2023-001 - Inaccurate submission of Accurate Student Enrollment Change to the National Student Loan Data System (NSLDS) Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Pell Grant Program and Federal Direct Loan Program Award Year: 7/1/2022 - 6/30/2023 Award Number: Not applicable Assistance Listing Numbers: 84.063 and 84.268 Criteria: In accordance with 34 CFR 690.83(b)(2) and 685.309, institutions are required to report enrollment information under the Federal Pell Grant and Federal Direct Loan programs through NSLDS. The enrollment information, inclusive of Campus Level and Program Level data, must be reviewed, updated and validated by the institution in a timely manner. Furthermore, specific to the Federal Direct Loan program, for a student that received a Direct Loan and was enrolled or accepted for enrollment at the institution, and the student had ceased to be enrolled on at least a half-time basis or failed to enroll on at least a half-time basis for the period for which the loan was intended, the institution must report the change within 60 days from which the change was identified. Condition: We reviewed a sample of twenty-five students enrolled at the University who received either Pell and/or Direct Loans and had a change of enrollment status during the fiscal year. Of the twenty-five students tested, one student was reported to NSLDS with an inaccurate enrollment status. Questioned Costs: None Cause: The root cause for the improper reporting was insufficient training resulting in the clerical error and related improper reporting. Effect: A student’s enrollment status determines eligibility for in-school status, deferment, and grace periods, as well as for the payment of interest subsidies all of which are impacted by inaccurate. reporting. Recommendation: We recommend the University perform the following: ● Update the enrollment status for this particular student ● Ensure all individuals involved in processing student enrollment changes are aware of the University’s policies and procedures to process that change accurately and timely and ● Update the data included in the roster detail that is submitted to NSC and ultimately to NSLDS to ensure enrollment reporting changes are accurately reported.
2023-001 - Inaccurate submission of Accurate Student Enrollment Change to the National Student Loan Data System (NSLDS) Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Pell Grant Program and Federal Direct Loan Program Award Year: 7/1/2022 - 6/30/2023 Award Number: Not applicable Assistance Listing Numbers: 84.063 and 84.268 Criteria: In accordance with 34 CFR 690.83(b)(2) and 685.309, institutions are required to report enrollment information under the Federal Pell Grant and Federal Direct Loan programs through NSLDS. The enrollment information, inclusive of Campus Level and Program Level data, must be reviewed, updated and validated by the institution in a timely manner. Furthermore, specific to the Federal Direct Loan program, for a student that received a Direct Loan and was enrolled or accepted for enrollment at the institution, and the student had ceased to be enrolled on at least a half-time basis or failed to enroll on at least a half-time basis for the period for which the loan was intended, the institution must report the change within 60 days from which the change was identified. Condition: We reviewed a sample of twenty-five students enrolled at the University who received either Pell and/or Direct Loans and had a change of enrollment status during the fiscal year. Of the twenty-five students tested, one student was reported to NSLDS with an inaccurate enrollment status. Questioned Costs: None Cause: The root cause for the improper reporting was insufficient training resulting in the clerical error and related improper reporting. Effect: A student’s enrollment status determines eligibility for in-school status, deferment, and grace periods, as well as for the payment of interest subsidies all of which are impacted by inaccurate. reporting. Recommendation: We recommend the University perform the following: ● Update the enrollment status for this particular student ● Ensure all individuals involved in processing student enrollment changes are aware of the University’s policies and procedures to process that change accurately and timely and ● Update the data included in the roster detail that is submitted to NSC and ultimately to NSLDS to ensure enrollment reporting changes are accurately reported.
2023-001 - Inaccurate submission of Accurate Student Enrollment Change to the National Student Loan Data System (NSLDS) Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Pell Grant Program and Federal Direct Loan Program Award Year: 7/1/2022 - 6/30/2023 Award Number: Not applicable Assistance Listing Numbers: 84.063 and 84.268 Criteria: In accordance with 34 CFR 690.83(b)(2) and 685.309, institutions are required to report enrollment information under the Federal Pell Grant and Federal Direct Loan programs through NSLDS. The enrollment information, inclusive of Campus Level and Program Level data, must be reviewed, updated and validated by the institution in a timely manner. Furthermore, specific to the Federal Direct Loan program, for a student that received a Direct Loan and was enrolled or accepted for enrollment at the institution, and the student had ceased to be enrolled on at least a half-time basis or failed to enroll on at least a half-time basis for the period for which the loan was intended, the institution must report the change within 60 days from which the change was identified. Condition: We reviewed a sample of twenty-five students enrolled at the University who received either Pell and/or Direct Loans and had a change of enrollment status during the fiscal year. Of the twenty-five students tested, one student was reported to NSLDS with an inaccurate enrollment status. Questioned Costs: None Cause: The root cause for the improper reporting was insufficient training resulting in the clerical error and related improper reporting. Effect: A student’s enrollment status determines eligibility for in-school status, deferment, and grace periods, as well as for the payment of interest subsidies all of which are impacted by inaccurate. reporting. Recommendation: We recommend the University perform the following: ● Update the enrollment status for this particular student ● Ensure all individuals involved in processing student enrollment changes are aware of the University’s policies and procedures to process that change accurately and timely and ● Update the data included in the roster detail that is submitted to NSC and ultimately to NSLDS to ensure enrollment reporting changes are accurately reported.
2023-001 - Inaccurate submission of Accurate Student Enrollment Change to the National Student Loan Data System (NSLDS) Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Pell Grant Program and Federal Direct Loan Program Award Year: 7/1/2022 - 6/30/2023 Award Number: Not applicable Assistance Listing Numbers: 84.063 and 84.268 Criteria: In accordance with 34 CFR 690.83(b)(2) and 685.309, institutions are required to report enrollment information under the Federal Pell Grant and Federal Direct Loan programs through NSLDS. The enrollment information, inclusive of Campus Level and Program Level data, must be reviewed, updated and validated by the institution in a timely manner. Furthermore, specific to the Federal Direct Loan program, for a student that received a Direct Loan and was enrolled or accepted for enrollment at the institution, and the student had ceased to be enrolled on at least a half-time basis or failed to enroll on at least a half-time basis for the period for which the loan was intended, the institution must report the change within 60 days from which the change was identified. Condition: We reviewed a sample of twenty-five students enrolled at the University who received either Pell and/or Direct Loans and had a change of enrollment status during the fiscal year. Of the twenty-five students tested, one student was reported to NSLDS with an inaccurate enrollment status. Questioned Costs: None Cause: The root cause for the improper reporting was insufficient training resulting in the clerical error and related improper reporting. Effect: A student’s enrollment status determines eligibility for in-school status, deferment, and grace periods, as well as for the payment of interest subsidies all of which are impacted by inaccurate. reporting. Recommendation: We recommend the University perform the following: ● Update the enrollment status for this particular student ● Ensure all individuals involved in processing student enrollment changes are aware of the University’s policies and procedures to process that change accurately and timely and ● Update the data included in the roster detail that is submitted to NSC and ultimately to NSLDS to ensure enrollment reporting changes are accurately reported.
2023-001 - Inaccurate submission of Accurate Student Enrollment Change to the National Student Loan Data System (NSLDS) Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Pell Grant Program and Federal Direct Loan Program Award Year: 7/1/2022 - 6/30/2023 Award Number: Not applicable Assistance Listing Numbers: 84.063 and 84.268 Criteria: In accordance with 34 CFR 690.83(b)(2) and 685.309, institutions are required to report enrollment information under the Federal Pell Grant and Federal Direct Loan programs through NSLDS. The enrollment information, inclusive of Campus Level and Program Level data, must be reviewed, updated and validated by the institution in a timely manner. Furthermore, specific to the Federal Direct Loan program, for a student that received a Direct Loan and was enrolled or accepted for enrollment at the institution, and the student had ceased to be enrolled on at least a half-time basis or failed to enroll on at least a half-time basis for the period for which the loan was intended, the institution must report the change within 60 days from which the change was identified. Condition: We reviewed a sample of twenty-five students enrolled at the University who received either Pell and/or Direct Loans and had a change of enrollment status during the fiscal year. Of the twenty-five students tested, one student was reported to NSLDS with an inaccurate enrollment status. Questioned Costs: None Cause: The root cause for the improper reporting was insufficient training resulting in the clerical error and related improper reporting. Effect: A student’s enrollment status determines eligibility for in-school status, deferment, and grace periods, as well as for the payment of interest subsidies all of which are impacted by inaccurate. reporting. Recommendation: We recommend the University perform the following: ● Update the enrollment status for this particular student ● Ensure all individuals involved in processing student enrollment changes are aware of the University’s policies and procedures to process that change accurately and timely and ● Update the data included in the roster detail that is submitted to NSC and ultimately to NSLDS to ensure enrollment reporting changes are accurately reported.
2023-001 - Inaccurate submission of Accurate Student Enrollment Change to the National Student Loan Data System (NSLDS) Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Pell Grant Program and Federal Direct Loan Program Award Year: 7/1/2022 - 6/30/2023 Award Number: Not applicable Assistance Listing Numbers: 84.063 and 84.268 Criteria: In accordance with 34 CFR 690.83(b)(2) and 685.309, institutions are required to report enrollment information under the Federal Pell Grant and Federal Direct Loan programs through NSLDS. The enrollment information, inclusive of Campus Level and Program Level data, must be reviewed, updated and validated by the institution in a timely manner. Furthermore, specific to the Federal Direct Loan program, for a student that received a Direct Loan and was enrolled or accepted for enrollment at the institution, and the student had ceased to be enrolled on at least a half-time basis or failed to enroll on at least a half-time basis for the period for which the loan was intended, the institution must report the change within 60 days from which the change was identified. Condition: We reviewed a sample of twenty-five students enrolled at the University who received either Pell and/or Direct Loans and had a change of enrollment status during the fiscal year. Of the twenty-five students tested, one student was reported to NSLDS with an inaccurate enrollment status. Questioned Costs: None Cause: The root cause for the improper reporting was insufficient training resulting in the clerical error and related improper reporting. Effect: A student’s enrollment status determines eligibility for in-school status, deferment, and grace periods, as well as for the payment of interest subsidies all of which are impacted by inaccurate. reporting. Recommendation: We recommend the University perform the following: ● Update the enrollment status for this particular student ● Ensure all individuals involved in processing student enrollment changes are aware of the University’s policies and procedures to process that change accurately and timely and ● Update the data included in the roster detail that is submitted to NSC and ultimately to NSLDS to ensure enrollment reporting changes are accurately reported.