FAC Explorer

Corrective Action Plans

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Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Corrective action:
Corrective action:
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Effective Fall 2025, the Financial Aid and Student Accounts Offices have jointly implemented a tracking and escalation process to ensure all Title IV credit balances are identified and refunded within the required 14 days.
Effective Fall 2025, the Financial Aid and Student Accounts Offices have jointly implemented a tracking and escalation process to ensure all Title IV credit balances are identified and refunded within the required 14 days.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
A weekly reconciliation report is now generated by Student Accounts and reviewed by the Financial Aid Office to confirm that no credit balances remain unresolved beyond the allowable period.
A weekly reconciliation report is now generated by Student Accounts and reviewed by the Financial Aid Office to confirm that no credit balances remain unresolved beyond the allowable period.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Staff involved in the refund process have received additional training on Title IV requirements, with specific emphasis on the 14-day refund timeline.
Staff involved in the refund process have received additional training on Title IV requirements, with specific emphasis on the 14-day refund timeline.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
The Financial Aid Director (or designee) will conduct quarterly spot checks of student account activity to verify compliance.
The Financial Aid Director (or designee) will conduct quarterly spot checks of student account activity to verify compliance.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Responsible offices: Student Accounts and Financial Aid
Responsible offices: Student Accounts and Financial Aid
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Responsible officials: Student Billing Coordinator and Director of Financial Aid
Responsible officials: Student Billing Coordinator and Director of Financial Aid
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
(1c) Management’s view: We acknowledge the auditor’s finding that documentation of anticipated loan amount and disbursement date notifications was not available for the students selected. During the review period, students were notified of their loan eligibility through award letters and had continu...
(1c) Management’s view: We acknowledge the auditor’s finding that documentation of anticipated loan amount and disbursement date notifications was not available for the students selected. During the review period, students were notified of their loan eligibility through award letters and had continuous access to their loan amounts, scheduled disbursements, and account activity through the secure student portal. However, a separate notification specific to anticipated loan amounts and disbursement dates was not consistently generated and retained as documentation. It is important to note that:
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
All disbursements were made within regulatory timeframes.
All disbursements were made within regulatory timeframes.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
The gap was in documented communication, not in the accuracy or timeliness of disbursements.
The gap was in documented communication, not in the accuracy or timeliness of disbursements.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
The Financial Aid Office is in process of implementing a standardized disbursement notification template that includes loan type, anticipated amount, and disbursement date.
The Financial Aid Office is in process of implementing a standardized disbursement notification template that includes loan type, anticipated amount, and disbursement date.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Notifications are automatically delivered to students via their school email and a copy is retained in the student record.
Notifications are automatically delivered to students via their school email and a copy is retained in the student record.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Staff have been trained on this updated process to ensure notifications are consistently sent and documented.
Staff have been trained on this updated process to ensure notifications are consistently sent and documented.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Compliance spot checks will be conducted each semester by the Financial Aid Director (or designee) to confirm notifications are present in student records.
Compliance spot checks will be conducted each semester by the Financial Aid Director (or designee) to confirm notifications are present in student records.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Estimated effective date: Fall/Winter 2025
Estimated effective date: Fall/Winter 2025
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
(1d) Management’s view: We acknowledge the auditor’s finding of disbursement date discrepancies between the JFKSON’s General Ledger (“GL”) records and the COD system for 8 students in the review sample. The variances of 1–6 days were the result of system posting and timing differences between when d...
(1d) Management’s view: We acknowledge the auditor’s finding of disbursement date discrepancies between the JFKSON’s General Ledger (“GL”) records and the COD system for 8 students in the review sample. The variances of 1–6 days were the result of system posting and timing differences between when disbursements were recorded in our Student Information System/GL and when they were transmitted and accepted by COD. It is important to note that:
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
All disbursements were made within the students’ period of enrollment and in compliance with Title IV requirements.
All disbursements were made within the students’ period of enrollment and in compliance with Title IV requirements.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
No students were negatively impacted, and funds were disbursed accurately and timely.
No students were negatively impacted, and funds were disbursed accurately and timely.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
The discrepancies identified were strictly timing-related and not the result of disbursing outside of allowable regulatory windows.
The discrepancies identified were strictly timing-related and not the result of disbursing outside of allowable regulatory windows.
View Audit 369942
Finding 1157921 (2024-001)
Material Weakness 2024
Hackensack Meridian Health, Inc.
NJ
Effective Fall 2025, the Financial Aid Office and Business Office have implemented a reconciliation alignment process to ensure that posting dates and COD accepted dates are reviewed and matched monthly.
Effective Fall 2025, the Financial Aid Office and Business Office have implemented a reconciliation alignment process to ensure that posting dates and COD accepted dates are reviewed and matched monthly.
View Audit 369942
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
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