Finding 1100124 (2024-001)

Significant Deficiency
Requirement
E
Questioned Costs
-
Year
2024
Accepted
2025-02-19

AI Summary

  • Core Issue: The College struggles to retrieve all student financial aid records and lacks proper documentation for reviews and approvals.
  • Impacted Requirements: Compliance with laws and regulations, including Governmental Auditing Standards and Uniform Grant Guidance, is at risk due to inadequate internal controls.
  • Recommended Follow-Up: Focus on improving systems and processes to ensure accurate retention of student records and proper documentation of compliance reviews.

Finding Text

Significant Deficiency Finding 2024-001 – Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Criteria: The College’s system of financial aid and internal controls should be designed to accurately retrieve records so that the College can comply with laws and regulations and be audited under Governmental Auditing Standards and Uniform Grant Guidance. The College’s system of internal controls must appropriately document reviews and approvals of all department of education compliance requirements. Condition: The College could not timely retrieve all student records and show documentation of reviews and approvals. Cause: The College changed their system for financial aid and did not appropriately backup historical records. Although they were able to provide all the latest ISIR records, they were not able to provide original ISIR records if a student amended their ISIR. Recommendation: Particular attention should be placed on systems and process improvements necessary to ensure accurate retention of student records and documentation of reviews and approvals. Context: Of our population tested the College had 1 record unable to be retrieved out of 40 and the whole population missing support or review and approvals for various requirements. Effect: The College cannot show appropriate documentation for all records and controls. Management Response: The College concurs with this finding. Corrective Action Plan: See attached management’s corrective action plan.

Categories

Reporting Significant Deficiency Internal Control / Segregation of Duties

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.063 Federal Pell Grant Program $2.84M
84.268 Federal Direct Student Loans $1.10M
84.007 Federal Supplemental Educational Opportunity Grants $71,096
84.033 Federal Work-Study Program $11,628