Corrective Action Plan
Emory University
Office of Financial Aid
Prepared by John Leach, Assoc Ve Prov/Dir, Univ Fin Aid, Office of Financial Aid
Federal Program: Federal Direct Student Loans (ALN 84.268}
CFR 200.303/685.300(b)(S0)
Federal Award Year: September 1, 2023 to August 31, 2024
Federal Agen...
Corrective Action Plan
Emory University
Office of Financial Aid
Prepared by John Leach, Assoc Ve Prov/Dir, Univ Fin Aid, Office of Financial Aid
Federal Program: Federal Direct Student Loans (ALN 84.268}
CFR 200.303/685.300(b)(S0)
Federal Award Year: September 1, 2023 to August 31, 2024
Federal Agency: U.S. Department of Education
Finding 2024-001: Cash Management
The reconciliation between ED's records (School Account Statements) and the school's financial and
business records were prepared timely throughout the year; however, the differences identified in the
reconciliation were not accounted for and no review or segregation of duties was documented as part
of that process.
Management Response and Corrective Action Plan:
The finding was primarily caused by an unforeseen staff shortage. This led to one person being the
preparer and reviewer with no segregation of duties. Although the differences were identified, they
were not documented on the reconciliation form.
To resolve this finding, the Office of Financial Aid {OFA) has hired new employees and implemented a
new process. The Financial Operations Team is now fully staffed with two senior accountants and one
senior director. As part of our ongoing efforts to strengthen internal controls and ensure the integrity
of our processes, we have implemented a segregation of duties framework. This approach will help us
clearly define roles and responsibilities, ensuring that critical tasks are divided among different
individuals. By doing so, we will meet compliance requirements, reduce errors, and promote
accountability within our office. One senior accountant will prepare the monthly reconciliation by the
10th of the following month. The senior director will review the monthly reconciliation by the 15th of
the following month. In the absence of the initial preparer/reviewer, the executive director of OFA will
take on the reviewer role.
We understand that proper documentation is crucial for clarity, tracking, and future troubleshooting.
The differences/discrepancies that are identified in the reconciliation process will be accounted for
through proper documentation on the reconciliation form, which will be reviewed/investigated by a
second reviewer.
The Financial Operations Team within the OFA will continue to create timely and accurate monthly
Federal Direct Student Loan reconciliations that compare OPUS (Emory), General Ledger (Emory),
Student Account Statement-SAS (U.S. Department of Education), and GS (U.S. Department of
Education). Anticipated Completion Date
The corrective action plan was implemented for FY 24-25 (September 1, 2024).
Responsible Department:
Office of Financial Aid
John B. Leach, Associate Vice Provost for Enrollment and University Financial Aid Suite 300 Boisfeuillet Jones Center
200 Dowman Drive
Atlanta, Georgia 30322