Finding Text
Finding 2024-010 – L. Special Reporting – Fiscal Operations Report and Application to Participate (“FISAP”)
Information on Federal Program(s) - Student Financial Assistance Cluster (ALN’s 84.007, 84.033, 84.038, 84.063, 84.268, 84.379)
Criteria or Specific Requirement - An institution is required to submit the FISAP annually by October 1st, following the end of the award year, and to accurately complete all required key line items containing critical information. The deadline for submitting data corrections is December 15th of the year in which a school submits its FISAP.
Condition – The University submitted the 2023-2024 FISAP with errors and data corrections were not submitted by the required deadline.
Cause - Administrative oversight and insufficient internal controls.
Effect or Potential Effect – Noncompliance with reporting requirements.
Questioned Costs – None.
Context – The University submitted the annual FISAP for the 2023-2024 reporting year by the required deadline; however, total tuition and fees as well as Perkins cash on hand reported did not agree to the audited financial statements. The window to correct the 2023-2024 FISAP has closed; as of the date of our Single Audit report, these errors remain uncorrected as of the date of this report.
Indication of Repeat Finding - This is a repeat of prior year Finding 2023-010.
Recommendation – We recommend that the University enhance its procedures and internal controls over compliance to ensure that the FISAP is accurately completed prior to submission.
Views of Responsible Officials – The University acknowledges the FISAP report was filed with incorrect data and not amended in a timely manner. The University has developed a series of internal controls and procedures to ensure that the data provided for the FISAP will be accurate going forward. All balance sheet accounts will be reconciled on a monthly basis and all revenue will be recorded on the ledger in the time period that it is earned. A monthly income statement and balance sheet will be generated to determine how much federal aid revenue has been reported throughout the year. The accounting software has a built-in process that will be run on a regular basis to make sure all entries are properly posted. This will ensure accurate reporting in the future.