Finding 1117137 (2024-001)

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Requirement
N
Questioned Costs
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Year
2024
Accepted
2025-03-30
Audit: 350394
Organization: Wellesley College (MA)
Auditor: Kpmg LLP

AI Summary

  • Core Issue: The College cannot find original promissory notes for nine students with Perkins loans.
  • Impacted Requirements: This affects compliance with loan documentation standards.
  • Recommended Follow-Up: Investigate the missing documents and implement a tracking system for loan paperwork.

Finding Text

Of the forty (40) students with outstanding Perkins loans selected for testwork, we noted three (3) students that the College was not able to locate the original promissory note. Additionally, the College identified an additional six (6) students that they could not locate original promissory notes for a total of nine (9) students out of a total of 367 loans outstanding.

Categories

Student Financial Aid Matching / Level of Effort / Earmarking

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $4.55M
84.063 Federal Pell Grant Program $3.11M
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $1.27M
84.038 Federal Perkins Loan Program_federal Capital Contributions $1.03M
84.007 Federal Supplemental Educational Opportunity Grants $393,488
84.033 Federal Work-Study Program $367,218
84.217 Trio McNair Post-Baccalaureate Achievement $274,583
98.001 Usaid Foreign Assistance for Programs Overseas $226,267
47.075 Social, Behavioral, and Economic Sciences $150,096
93.297 Teenage Pregnancy Prevention Program $147,872
93.855 Allergy and Infectious Diseases Research $143,911
81.049 Office of Science Financial Assistance Program $115,899
93.173 Research Related to Deafness and Communication Disorders $101,532
47.050 Geosciences $100,543
93.310 Trans-Nih Research Support $91,906
47.074 Biological Sciences $67,249
93.859 Biomedical Research and Research Training $38,759
47.041 Engineering $35,264
93.242 Mental Health Research Grants $23,668
93.396 Cancer Biology Research $15,555
45.025 Promotion of the Arts Partnership Agreements $4,500
47.049 Mathematical and Physical Sciences $4,154
47.079 Office of International Science and Engineering $2,884
93.865 Child Health and Human Development Extramural Research $2,442
43.001 Science $344
47.070 Computer and Information Science and Engineering $118