FAC Explorer

Finding 1080791 (2024-001)

Significant Deficiency
Requirement
C
Questioned Costs
-
Year
2024
Accepted
2024-11-01
Audit: 326928
Organization: Mount Saint Mary College (NY)
Auditor: Crowe

AI Summary

  • Answer: The College reconciles JFA and COD monthly but only reconciles G5 quarterly.
  • Trend: This inconsistency may lead to discrepancies in financial reporting.
  • List: Recommend implementing monthly G5 reconciliations to align with other systems.

Finding Text

The College has a monthly reconciliation process in place between its system, Jenzabar Financial Aid (JFA), and COD on a monthly basis but not with the G5 system. Further, the G5 reconciliation is done only on a quarterly basis.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 504349 2024-001
    Significant Deficiency
  • 504350 2024-002
    Significant Deficiency
  • 1080792 2024-002
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $11.55M
84.063 Federal Pell Grant Program $2.37M
93.178 Nursing Workforce Diversity $643,451
84.038 Federal Perkins Loan Program $262,254
84.007 Federal Supplemental Educational Opportunity Grants $146,671
93.364 Nursing Student Loans $124,511
84.033 Federal Work-Study Program $105,385
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $16,974