FAC Explorer

Finding 1089574 (2023-002)

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Requirement
C
Questioned Costs
-
Year
2023
Accepted
2024-12-05
Audit: 331122
Organization: Metropolitan College of New York (NY)
Auditor: Nawrocki Smith LLP

AI Summary

  • Answer: Monthly reconciliations were skipped, causing delays in identifying and returning excess cash.
  • Trend: This issue may lead to ongoing cash management problems if not addressed.
  • List: Ensure monthly reconciliations are completed on time to prevent future delays in cash returns.

Finding Text

Monthly reconciliations were not performed, therefore the identification of excess funds delayed the returning of excess cash.

Categories

Cash Management

Other Findings in this Audit

  • 513131 2023-001
    -
  • 513132 2023-002
    -
  • 513133 2023-002
    -
  • 513134 2023-002
    -
  • 513135 2023-003
    Significant Deficiency
  • 513136 2023-003
    Significant Deficiency
  • 513137 2023-003
    Significant Deficiency
  • 513138 2023-003
    Significant Deficiency
  • 513139 2023-003
    Significant Deficiency
  • 513140 2023-003
    Significant Deficiency
  • 513141 2023-003
    Significant Deficiency
  • 1089573 2023-001
    -
  • 1089575 2023-002
    -
  • 1089576 2023-002
    -
  • 1089577 2023-003
    Significant Deficiency
  • 1089578 2023-003
    Significant Deficiency
  • 1089579 2023-003
    Significant Deficiency
  • 1089580 2023-003
    Significant Deficiency
  • 1089581 2023-003
    Significant Deficiency
  • 1089582 2023-003
    Significant Deficiency
  • 1089583 2023-003
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $10.45M
84.063 Federal Pell Grant Program $1.91M
17.271 Work Opportunity Tax Credit Program (wotc) $803,614
84.031 Higher Education Institutional Aid $216,523
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $158,099
84.007 Federal Supplemental Educational Opportunity Grants $146,094
84.033 Federal Work-Study Program $117,849