Finding Text
Identification of Federal Program(s) – Student Financial Assistance Cluster (ALNs 84.007, 84.033, 84.063, 84.268)
Criteria or Specific Requirement (Including Statutory, Regulatory or Other Citation) – Fiscal Operations Report and Application to Participate (“FISAP”) - An institution is required to submit the FISAP annually by October 1, following the end of the award year, and to accurately complete all required key line items containing critical information (34 CFR 668.24(e)(1)(i)). The deadline for submitting data corrections was December 13, 2024.
Condition – Key line items as identified in the compliance supplement were not accurately reported on the 2023-2024 FISAP.
Cause – Insufficient internal controls and lack of sufficient administrative oversight resulted in data errors reported in the FISAP.
Effect or Potential Effect¬ – The University is not in compliance with special reporting requirements.
Questioned Costs – None.
Context – The University submitted the annual FISAP for the 2023-2024 reporting year by the required deadline; however, errors included in the submission were not corrected by the required deadline. As of the date of our Single Audit report, these errors remain uncorrected.
Identification of Repeat Finding – No similar findings noted in the prior year.
Recommendation¬¬ – We recommend the University enhance its internal controls, policies, and procedures to ensure that the FISAP is completed accurately prior to submission.
Views of Responsible Officials – The University concurs with the finding. The University will make any necessary changes and corrections to ensure that the FISAP is submitted annually by October 1 following the end of the award year. This ensures that all data corrections are submitted on or before the deadline. The Financial aid Office will implement a process to enhance internal controls, policies and procedures, to ensure the FISAP is submitted accurately and timely