The University acknowledges the auditor’s finding regarding the late submission of the June 30, 2025, Single Audit reporting package. Although the submission exceeded the required federal deadline by only one day, management recognizes that any delay constitutes noncompliance with 2 CFR 200.512(a), ...
The University acknowledges the auditor’s finding regarding the late submission of the June 30, 2025, Single Audit reporting package. Although the submission exceeded the required federal deadline by only one day, management recognizes that any delay constitutes noncompliance with 2 CFR 200.512(a), and we take full responsibility for this timing exception. Over the past six months, the University has undertaken significant steps to strengthen its financial, accounting, and compliance infrastructure. As part of this effort, the University has hired several key leaders and staff members, including a new Vice President & Chief Financial Officer, a Controller, and a Director of Financial Aid, among other critical staff additions. These new appointments have already begun enhancing oversight, accountability, and operational capacity within the Financial Affairs and Student Financial Aid functions. The slight delay in the FY 2025 submission occurred during a period of substantial organizational transition, when newly onboarded leadership was assessing existing workflows and implementing corrective improvements. To ensure that no future deadlines are missed—and to fully eliminate repeat findings—the University has established enhanced internal controls and strengthened reporting processes, including: • Implementing a detailed Single Audit reporting calendar with accelerated internal milestones. • Assigning clear roles, responsibilities, and escalation procedures across all involved departments. • Deploying an automated tracking and reminder system for federal reporting deadlines. • Conducting quarterly compliance and readiness reviews to ensure alignment with Uniform Guidance requirements. Management is committed to ensuring timely and accurate compliance with all federal reporting obligations. With the addition of new, experienced leadership and the implementation of strengthened processes, the University is confident that this issue has been addressed and will not recur.