FAC Explorer

Finding 1100133 (2024-004)

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Requirement
L
Questioned Costs
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Year
2024
Accepted
2025-02-19
Audit: 343124
Organization: MacCormac College Dba Generations College (IL)
Auditor: Cherry Bekaert LLP

AI Summary

  • Core Issue: The College is not reporting the actual disbursement dates for Direct Loans and Pell Grants to the COD system.
  • Impacted Requirements: Compliance with reporting standards for financial aid disbursement records.
  • Recommended Follow-Up: Implement a process to ensure accurate capture of student disbursement dates for reporting.

Finding Text

Nonmaterial Noncompliance Findings Finding 2024-004 - Student Financial Aid Cluster, CFDA# 84.063, 84.268 Compliance Requirement: Reporting Criteria: The College is required to submit Direct Loan and Pell Grant origination records and disbursement records to the COD system. The disbursement record reports the actual disbursement date and the amount of the disbursement. Condition: The College does not report the actual disbursement date the student receive the Direct Loan and/or Pell funds to the COD system. Cause: The College uses the date they report the disbursements to the COD system as the disbursement date. The actual disbursement date the student receives the funds does not match the COD system. Context: Of the population tested all the disbursement dates in the COD system did not match student records. Recommendation: The College should put in place a process to accurately capture student disbursement dates to the COD system. Management Response: The College concurs with this finding.

Categories

Student Financial Aid Matching / Level of Effort / Earmarking Reporting

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