FAC Explorer

Corrective Action Plans

Browse how organizations respond to audit findings

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Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
A student-level reconciliation log is being maintained to document and resolve any variances greater than 1 business day.
A student-level reconciliation log is being maintained to document and resolve any variances greater than 1 business day.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Staff involved in reconciliation have been retrained on the importance of date alignment for compliance and audit purposes.
Staff involved in reconciliation have been retrained on the importance of date alignment for compliance and audit purposes.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
The Financial Aid Director (or designee) will conduct quarterly reviews of reconciliation reports to confirm that any discrepancies are identified and corrected promptly.
The Financial Aid Director (or designee) will conduct quarterly reviews of reconciliation reports to confirm that any discrepancies are identified and corrected promptly.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Responsible offices: Financial Aid and Business Office
Responsible offices: Financial Aid and Business Office
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Effective Date: Fall 2025
Effective Date: Fall 2025
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Reporting
Reporting
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
(2) Management's view: We acknowledge the auditor’s finding that tuition revenue reported on the FISAP was greater than the actual tuition revenue per the general ledger. This discrepancy occurred because the process for preparing the report did not include a final reconciliation to the official gen...
(2) Management's view: We acknowledge the auditor’s finding that tuition revenue reported on the FISAP was greater than the actual tuition revenue per the general ledger. This discrepancy occurred because the process for preparing the report did not include a final reconciliation to the official general ledger trial balance, leading to the use of an incorrect figure. We recognize the critical importance of ensuring all financial data reported on the FISAP is accurately sourced and reconciled with the general ledger to maintain the integrity of our financial reporting and ensure the correct calculation of the institutional matching share for campus-based aid programs.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
As of Fall 2025, we will concurrently implement a formal, multi-level review and reconciliation process to prevent future inaccuracies and ensure proper segregation of duties.
As of Fall 2025, we will concurrently implement a formal, multi-level review and reconciliation process to prevent future inaccuracies and ensure proper segregation of duties.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
The reconciliation process includes:
The reconciliation process includes:
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
The Director of Financial Aid (or designee) will be responsible for the preparation of the FISAP, utilizing the official general ledger trial balance as the sole source for all required financial data.
The Director of Financial Aid (or designee) will be responsible for the preparation of the FISAP, utilizing the official general ledger trial balance as the sole source for all required financial data.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
The Director of Financial Aid will conduct a comprehensive reconciliation of the prepared report against the source general ledger. This review will be formally documented on a standardized checklist to attest to the report's accuracy and completeness.
The Director of Financial Aid will conduct a comprehensive reconciliation of the prepared report against the source general ledger. This review will be formally documented on a standardized checklist to attest to the report's accuracy and completeness.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
For final validation, an experienced individual from the Financial Reporting team will conduct an independent review of the FISAP and the associated reconciliation to provide a final sign-off before submission.
For final validation, an experienced individual from the Financial Reporting team will conduct an independent review of the FISAP and the associated reconciliation to provide a final sign-off before submission.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
To complete the process, all supporting documentation, including the trial balance, reconciliation worksheets, and signed review checklists, will be archived on a secure, centralized server to ensure a complete audit trail is maintained for all future filings.
To complete the process, all supporting documentation, including the trial balance, reconciliation worksheets, and signed review checklists, will be archived on a secure, centralized server to ensure a complete audit trail is maintained for all future filings.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Responsible offices: Financial Reporting Office and Financial Aid
Responsible offices: Financial Reporting Office and Financial Aid
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Responsible officials: Director of Financial Aid and Site Controller, Academics, Research, and Philanthropy (Financial Reporting)
Responsible officials: Director of Financial Aid and Site Controller, Academics, Research, and Philanthropy (Financial Reporting)
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Cash management
Cash management
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
(3) Management's view: We acknowledge the auditor’s finding that student-level Direct Loan reconciliation was not completed for the students in the review sample. While JFKSON-level reconciliation with COD was being conducted, the required student-level reconciliation was not consistently documented...
(3) Management's view: We acknowledge the auditor’s finding that student-level Direct Loan reconciliation was not completed for the students in the review sample. While JFKSON-level reconciliation with COD was being conducted, the required student-level reconciliation was not consistently documented, resulting in this compliance gap. We recognize the importance of ensuring that each student’s Direct Loan disbursements, returns, and adjustments are fully reconciled with COD to maintain the integrity of loan records.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
As of Fall 2025, the Financial Aid Office will implement a monthly student-level reconciliation process in partnership with COD records and the Business Office.
As of Fall 2025, the Financial Aid Office will implement a monthly student-level reconciliation process in partnership with COD records and the Business Office.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Comparing internal system disbursement records (PeopleSoft) with COD at the student level.
Comparing internal system disbursement records (PeopleSoft) with COD at the student level.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Investigating and resolving all discrepancies (amounts, dates, statuses) within 30 days.
Investigating and resolving all discrepancies (amounts, dates, statuses) within 30 days.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Documenting reconciliation results in a compliance log retained for audit purposes.
Documenting reconciliation results in a compliance log retained for audit purposes.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Staff responsible for reconciliation are being trained on the Department of Education’s reconciliation requirements and COD tools.
Staff responsible for reconciliation are being trained on the Department of Education’s reconciliation requirements and COD tools.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
The Financial Aid Director (or designee) will review reconciliation logs each month to confirm completion and accuracy.
The Financial Aid Director (or designee) will review reconciliation logs each month to confirm completion and accuracy.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
A quarterly compliance audit will be conducted internally to verify that student-level reconciliation is completed and documented consistently.
A quarterly compliance audit will be conducted internally to verify that student-level reconciliation is completed and documented consistently.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Enrollment reporting
Enrollment reporting
View Audit 369942
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