FAC Explorer

Finding 1140108 (2024-002)

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Requirement
L
Questioned Costs
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Year
2024
Accepted
2025-06-03
Audit: 357971
Organization: California Institute of Technology (CA)
Auditor: Pricewaterhousecoopers LLP

AI Summary

  • Core Issue: One out of 25 student disbursements was reported late to the COD system, missing the 15-day deadline by 5 days.
  • Impacted Requirements: Timely reporting is crucial for compliance and efficient reconciliation of federal funds.
  • Recommended Follow-Up: Implement a checklist or process to ensure all disbursements are reported to the COD on time.

Finding Text

Finding 2024-002: Common Origination and Disbursement (COD) Reporting Cluster Name: Student Financial Assistance Federal Awarding Agency: Department of Education Award Name: Federal Pell Grant Program, Federal Direct Loans Award Number: Various Award Year: 10/1/2023-9/30/2024 Assistance Listing Title: Federal Pell Grant Program, Federal Direct Student Loans Assistance Listing Number: 84.063, 84.268 Pass-Through Entities: Not applicable Criteria Student disbursements are required to be reported in the COD system within 15 days of disbursing the federal funds to the student. Condition Through our testing of 25 selections, we noted that 1 of the 25 selections was not reported to the COD within 15 calendar days of the disbursement to the student. The noted disbursement was reported 5 calendar days late. Cause Management performs a reconciliation between the COD system and the internal financial aid system on a monthly basis. The selected student was identified by management as part of this reconciliation and subsequently reported within the COD system. However, due to the timing of the monthly reconciliation, the reporting was not completed within the 15-day requirement. Through discussions with the Institute, we understand there were additional instances of late reporting as a result of this issue. Effect Late reporting to the COD could lead to not identifying an error in a disbursement, reconciliations not being able to be completed efficiently, and other federal compliance issues. Questioned Costs None noted. Recommendation We recommend the Institute establish a process, such as a checklist to report disbursements on a prescribed basis to the COD, to ensure timely transmission and error identification within the disbursement reporting. Management’s Views and Corrective Action Plan Management’s views and corrective action plan are included at the end of this report.

Categories

Student Financial Aid Reporting Matching / Level of Effort / Earmarking

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
93.859 Biomedical Research and Research Training $10.98M
93.865 Child Health and Human Development Extramural Research $5.01M
93.279 Drug Use and Addiction Research Programs $1.60M
93.867 Vision Research $1.38M
84.268 Federal Direct Student Loans $1.35M
97.036 Covid-19 - Disaster Grants - Public Assistance (presidentially Declared Disasters) $1.23M
84.063 Federal Pell Grant Program $1.07M
93.121 Oral Diseases and Disorders Research $1.04M
84.038 Federal Perkins Loan Program $826,139
43.003 Exploration $680,010
93.855 Allergy and Infectious Diseases Research $562,616
93.879 Medical Library Assistance $550,185
12.800 Air Force Defense Research Sciences Program $548,657
12.RD Not Available $512,713
84.007 Federal Supplemental Educational Opportunity Grants $421,725
93.394 Cancer Detection and Diagnosis Research $405,517
81.135 Advanced Research Projects Agency - Energy $353,624
15.229 Wild Horse and Burro Resource Management $337,963
12.910 Research and Technology Development $322,666
93.173 Research Related to Deafness and Communication Disorders $312,020
93.RD Not Available $286,309
93.172 Human Genome Research $273,230
97.RD Not Available $272,074
15.RD Not Available $269,075
47.RD Not Available $265,124
81.049 Office of Science Financial Assistance Program $262,808
84.033 Federal Work-Study Program $241,825
47.074 Biological Sciences $226,097
47.084 Nsf Technology, Innovation, and Partnerships $212,982
47.083 Integrative Activities $205,064
81.086 Conservation Research and Development $204,383
93.213 Research and Training in Complementary and Integrative Health $196,213
93.351 Research Infrastructure Programs $194,880
12.431 Basic Scientific Research $159,487
81.RD Not Available $151,679
93.837 Cardiovascular Diseases Research $149,161
47.070 Computer and Information Science and Engineering $144,493
93.396 Cancer Biology Research $142,716
12.351 Scientific Research - Combating Weapons of Mass Destruction $115,952
47.049 Mathematical and Physical Sciences $108,399
43.008 Office of Stem Engagement (ostem) $107,183
12.420 Military Medical Research and Development $104,858
47.078 Not Available $104,358
93.838 Lung Diseases Research $103,699
45.161 Promotion of the Humanities Research $100,931
93.310 Trans-Nih Research Support $91,811
81.112 Stewardship Science Grant Program $91,411
93.433 Acl National Institute on Disability, Independent Living, and Rehabilitation Research $88,433
16.575 Crime Victim Assistance $84,432
47.041 Engineering $79,253
93.286 Discovery and Applied Research for Technological Innovations to Improve Human Health $72,868
47.084 Not Available $69,660
93.866 Aging Research $69,459
20.109 Air Transportation Centers of Excellence $69,037
47.075 Social, Behavioral, and Economic Sciences $53,694
43.012 Space Technology $46,998
47.078 Polar Programs $40,443
47.076 Stem Education (formerly Education and Human Resources) $40,179
93.847 Diabetes, Digestive, and Kidney Diseases Extramural Research $39,536
93.398 Cancer Research Manpower $37,236
16.588 Violence Against Women Formula Grants $33,704
43.001 Science $31,015
15.807 Earthquake Hazards Program Assistance $27,864
10.310 Agriculture and Food Research Initiative (afri) $25,375
93.497 Family Violence Prevention and Services/ Sexual Assault/rape Crisis Services and Supports $25,000
47.050 Geosciences $21,730
43.RD Not Available $21,416
15.808 U.s. Geological Survey Research and Data Collection $19,555
93.242 Mental Health Research Grants $18,176
93.103 Food and Drug Administration Research $11,815
93.846 Arthritis, Musculoskeletal and Skin Diseases Research $5,528
11.431 Climate and Atmospheric Research $1,440
93.853 Extramural Research Programs in the Neurosciences and Neurological Disorders $1,106
93.395 Cancer Treatment Research $-4,789
12.300 Basic and Applied Scientific Research $-5,914
81.087 Renewable Energy Research and Development $-10,000
81.089 Fossil Energy Research and Development $-17,754