Finding 1105375 (2022-008)

Material Weakness Repeat Finding
Requirement
N
Questioned Costs
-
Year
2022
Accepted
2025-03-19
Audit: 346905
Organization: Iliff School of Theology (CO)

AI Summary

  • Core Issue: The School lacks written policies for verifying student information as required by federal regulations.
  • Impacted Requirements: Noncompliance with 34 CFR 668.51 through 668.61, leading to a material weakness.
  • Recommended Follow-Up: Establish and document verification procedures to ensure compliance and maintain evidence of adherence.

Finding Text

Assistance Listing Number, Federal Agency, and Program Name - 84.268; U.S. Department of Education; Student Financial Assistance Cluster; Federal Direct Student Loan Program Federal Award Identification Number and Year - June 1, 2021 to May 31, 2022 Finding Type - Material weakness and material noncompliance with laws and regulations Repeat Finding - Yes 2021-012 Criteria - Institutions of higher education are required to establish written policies and procedures that incorporate the provisions of 34 CFR 668.51 through 668.61 for verifying applicant information. Institutions shall require each applicant whose application is selected by the U.S. Department of Education to verify the information required for the Verification Tracking Group to which the applicant is assigned. Condition - The School does not have written policies and procedures that incorporate the provisions of 34 CFR 668.51 through 668.61. Questioned Costs - None Context - During our testing, management noted that the School does not have written verification procedures. Cause and Effect - The School does not have a process in place to ensure that its verification procedures are documented in accordance with federal regulations. The lack of written verification procedures of the School results in noncompliance with federal regulations. Recommendation We recommend the School establish written verification procedures and that contemporaneous evidence of consistent adherence to such procedures be maintained. Views of Responsible Officials and Planned Corrective Actions - There is no disagreement with the audit finding. The Iliff School of Theology has contracted with a professional, third party processing company to administer its student assistance programs. All verification procedures are established, and documentation will be maintained to demonstrate compliance.

Categories

Material Weakness Matching / Level of Effort / Earmarking Special Tests & Provisions

Other Findings in this Audit

  • 528922 2022-003
    Material Weakness Repeat
  • 528923 2022-004
    Material Weakness Repeat
  • 528924 2022-003
    Material Weakness Repeat
  • 528925 2022-004
    Material Weakness Repeat
  • 528926 2022-010
    Significant Deficiency
  • 528927 2022-002
    Material Weakness Repeat
  • 528928 2022-003
    Material Weakness Repeat
  • 528929 2022-004
    Material Weakness Repeat
  • 528930 2022-005
    Material Weakness Repeat
  • 528931 2022-006
    Material Weakness Repeat
  • 528932 2022-007
    Material Weakness Repeat
  • 528933 2022-008
    Material Weakness Repeat
  • 528934 2022-009
    Material Weakness Repeat
  • 1105364 2022-003
    Material Weakness Repeat
  • 1105365 2022-004
    Material Weakness Repeat
  • 1105366 2022-003
    Material Weakness Repeat
  • 1105367 2022-004
    Material Weakness Repeat
  • 1105368 2022-010
    Significant Deficiency
  • 1105369 2022-002
    Material Weakness Repeat
  • 1105370 2022-003
    Material Weakness Repeat
  • 1105371 2022-004
    Material Weakness Repeat
  • 1105372 2022-005
    Material Weakness Repeat
  • 1105373 2022-006
    Material Weakness Repeat
  • 1105374 2022-007
    Material Weakness Repeat
  • 1105376 2022-009
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $1.58M
84.038 Federal Perkins Loan Program_federal Capital Contributions $233,845
84.425 Covid-19 - Education Stabilization Fund $41,581
84.033 Federal Work-Study Program $19,230