FAC Explorer

Audit 88494

FY End
2022-06-30
Total Expended
$9.19M
Findings
4
Programs
8
Organization: Trinity Christian College (IL)
Year: 2022 Accepted: 2023-03-27
Auditor: Forvis LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
84269 2022-001 Significant Deficiency - C
84270 2022-001 Significant Deficiency - C
660711 2022-001 Significant Deficiency - C
660712 2022-001 Significant Deficiency - C

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $4.47M Yes 0
84.425 Education Stabilization Fund $1.60M Yes 1
84.063 Federal Pell Grant Program $1.43M Yes 0
84.038 Federal Perkins Loan Program $474,440 Yes 0
93.364 Nursing Student Loans $76,820 Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $75,614 Yes 0
84.033 Federal Work-Study Program $58,359 Yes 0
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $1,886 Yes 0

Contacts

Name Title Type
ENNLG4N75LG5 Ashleigh Velasquez Auditee
7082934624 Jackson Magdy 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) includes the federal award activity of Trinity Christian College under programs of the federal government for the year ended June 30, 2022. The accompanying notes are an integral part of this Schedule. 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 Trinity Christian College, it is not intended to and does not present the financial position, changes in net assets or cash flows of Trinity Christian 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. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The federal loan programs listed subsequently are administered directly by Trinity Christian College, and balances and transactions relating to these programs are included in Trinity Christian Colleges financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 372049. NURSING STUDENT LOANS (93.364) - Balances outstanding at the end of the audit period were 68774.
Title: Note 4 Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Trinity Christian College under programs of the federal government for the year ended June 30, 2022. The accompanying notes are an integral part of this Schedule. 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 Trinity Christian College, it is not intended to and does not present the financial position, changes in net assets or cash flows of Trinity Christian 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. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The College provided no federal awards to subrecipients.

Finding Details

Finding 2022-001
Information on the federal program ? Education Stabilization Fund (Higher Education Emergency Relief Funds), 84.425E and 84.425F Criteria or specific requirement ? The College is responsible for minimizing the time elapsed between the transfer of funds from the Department of Education (ED) and disbursement of those funds for program costs. (2 CFR Section 200.305(b)). The Certification and Funding Agreements require that the Student Aid Portion (84.425E) should be disbursed within fifteen calendar days of the drawdown and the Institutional Aid Portion (84.425F) should be disbursed within three calendar days from drawdown. Condition ? The College drew down funding for the Student Aid Portion in November 2021. The majority of funds were disbursed timely, in November 2021, but a portion of the funds were not disbursed until November 2022. Questioned costs ? None ? nonmonetary finding. Context ? Based on testing of drawdowns and disbursements, the Student Aid Portion was not disbursed within the fifteen-day requirement. Effect ? The College did not disburse funds timely. Cause ? For the portion of funds not disbursed timely, the College had established a plan for students to request Higher Education Emergency Relief Funds. In anticipation of many requests that would result in disbursing all amounts timely, the College drew down the entire amount of the student portion of the Higher Education Emergency Relief Funds awarded under the American Rescue Plan. The number of students requesting funds was less than the College anticipated and the College did not have enough time to create a plan to disburse the remaining funds timely. Identification as a repeat finding, if applicable ? N/A Recommendation ? We recommend the College adopt the reimbursement method of cash management for all federal funding.
Finding 2022-001
Information on the federal program ? Education Stabilization Fund (Higher Education Emergency Relief Funds), 84.425E and 84.425F Criteria or specific requirement ? The College is responsible for minimizing the time elapsed between the transfer of funds from the Department of Education (ED) and disbursement of those funds for program costs. (2 CFR Section 200.305(b)). The Certification and Funding Agreements require that the Student Aid Portion (84.425E) should be disbursed within fifteen calendar days of the drawdown and the Institutional Aid Portion (84.425F) should be disbursed within three calendar days from drawdown. Condition ? The College drew down funding for the Student Aid Portion in November 2021. The majority of funds were disbursed timely, in November 2021, but a portion of the funds were not disbursed until November 2022. Questioned costs ? None ? nonmonetary finding. Context ? Based on testing of drawdowns and disbursements, the Student Aid Portion was not disbursed within the fifteen-day requirement. Effect ? The College did not disburse funds timely. Cause ? For the portion of funds not disbursed timely, the College had established a plan for students to request Higher Education Emergency Relief Funds. In anticipation of many requests that would result in disbursing all amounts timely, the College drew down the entire amount of the student portion of the Higher Education Emergency Relief Funds awarded under the American Rescue Plan. The number of students requesting funds was less than the College anticipated and the College did not have enough time to create a plan to disburse the remaining funds timely. Identification as a repeat finding, if applicable ? N/A Recommendation ? We recommend the College adopt the reimbursement method of cash management for all federal funding.
Finding 2022-001
Information on the federal program ? Education Stabilization Fund (Higher Education Emergency Relief Funds), 84.425E and 84.425F Criteria or specific requirement ? The College is responsible for minimizing the time elapsed between the transfer of funds from the Department of Education (ED) and disbursement of those funds for program costs. (2 CFR Section 200.305(b)). The Certification and Funding Agreements require that the Student Aid Portion (84.425E) should be disbursed within fifteen calendar days of the drawdown and the Institutional Aid Portion (84.425F) should be disbursed within three calendar days from drawdown. Condition ? The College drew down funding for the Student Aid Portion in November 2021. The majority of funds were disbursed timely, in November 2021, but a portion of the funds were not disbursed until November 2022. Questioned costs ? None ? nonmonetary finding. Context ? Based on testing of drawdowns and disbursements, the Student Aid Portion was not disbursed within the fifteen-day requirement. Effect ? The College did not disburse funds timely. Cause ? For the portion of funds not disbursed timely, the College had established a plan for students to request Higher Education Emergency Relief Funds. In anticipation of many requests that would result in disbursing all amounts timely, the College drew down the entire amount of the student portion of the Higher Education Emergency Relief Funds awarded under the American Rescue Plan. The number of students requesting funds was less than the College anticipated and the College did not have enough time to create a plan to disburse the remaining funds timely. Identification as a repeat finding, if applicable ? N/A Recommendation ? We recommend the College adopt the reimbursement method of cash management for all federal funding.
Finding 2022-001
Information on the federal program ? Education Stabilization Fund (Higher Education Emergency Relief Funds), 84.425E and 84.425F Criteria or specific requirement ? The College is responsible for minimizing the time elapsed between the transfer of funds from the Department of Education (ED) and disbursement of those funds for program costs. (2 CFR Section 200.305(b)). The Certification and Funding Agreements require that the Student Aid Portion (84.425E) should be disbursed within fifteen calendar days of the drawdown and the Institutional Aid Portion (84.425F) should be disbursed within three calendar days from drawdown. Condition ? The College drew down funding for the Student Aid Portion in November 2021. The majority of funds were disbursed timely, in November 2021, but a portion of the funds were not disbursed until November 2022. Questioned costs ? None ? nonmonetary finding. Context ? Based on testing of drawdowns and disbursements, the Student Aid Portion was not disbursed within the fifteen-day requirement. Effect ? The College did not disburse funds timely. Cause ? For the portion of funds not disbursed timely, the College had established a plan for students to request Higher Education Emergency Relief Funds. In anticipation of many requests that would result in disbursing all amounts timely, the College drew down the entire amount of the student portion of the Higher Education Emergency Relief Funds awarded under the American Rescue Plan. The number of students requesting funds was less than the College anticipated and the College did not have enough time to create a plan to disburse the remaining funds timely. Identification as a repeat finding, if applicable ? N/A Recommendation ? We recommend the College adopt the reimbursement method of cash management for all federal funding.