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
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
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
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