FAC Explorer

Finding 1138581 (2024-007)

Material Weakness Repeat Finding
Requirement
C
Questioned Costs
-
Year
2024
Accepted
2025-06-02
Audit: 357766
Organization: Los Angeles Chapter National Tooling & MacHining Association Training Centers Trust (CA)
Auditor: Vasquez & Company LLP

AI Summary

  • Core Issue: The Institution delayed disbursing HEERF Student Aid funds, with payments made 90 to 269 days after the drawdown.
  • Impacted Requirements: Funds must be distributed within 15 calendar days of drawdown; currently, $130,093 remains undistributed.
  • Recommended Follow-up: Implement a process to ensure timely disbursement of funds to comply with regulations.

Finding Text

Cash Management: Late Disbursements of HEERF Student Aid Portion We noted that the one cash drawdown made by the Institution from the HEERF Student Aid Portion on March 17, 2023 amounting to $201,814 was not distributed within 15 calendar days from the date of the drawdown. Disbursements of student aid during the year were made 90 to 269 days from the date of the drawdown. As of February 29, 2024, the HEERF Student Aid Portion fund undistributed amounted to $130,093.

Categories

Cash Management

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.063 Federal Pell Grant Program $832,607
84.268 Federal Direct Student Loans $495,733
84.425 Education Stabilization Fund $330,146