Finding Text
2024-003: Student Financial Assistance Cluster - Reporting (Significant Deficiency)
Assistance Listing Numbers/Titles: #84.007, Federal Supplemental Educational Opportunity Grants; and #84.033, Federal Work-Study Program
Federal Agency Name: U.S. Department of Education
Award Number: N/A
Award Year: July 1, 2023 - June 30, 2024
Criteria: Per 34 CFR 675.19(b)(3) and 676.19(b)(3), each year, an institution shall submit a Fiscal Operations Report plus other information the Secretary requires. The institution shall ensure that the information reported is accurate and shall submit it on the form and at the time specified by the Secretary.
Condition/context: The College was unable to provide documentation that supported the information reported in Part II, Section D, Line 7(a) and Part II, Section E, Line 22.
Cause: The College does not have controls in place to retain all documentation utilized in preparation of the Fiscal Operations Report and Application to Participate (FISAP).
Effect: If the College fails to comply with the terms and conditions of a Federal award, the Federal awarding agency may impose additional conditions, as described in 2 CFR 200.208, or implement other remedies for noncompliance, as described in 2 CFR 200.339.
Additionally, incorrect reporting in the FISAP may result in incorrect award calculations by the Department of Education. The school may be required to return funds to which it is not entitled.
Questioned costs: None.
Identification as a repeat finding: No.
Recommendation: The College should implement controls to ensure that all reports, queries, etc. utilized in the preparation of the FISAP are retained.
Views of responsible officials and planned corrective actions: Management concurs with the finding. See Exhibit I.