FAC Explorer

Finding 1153132 (2024-001)

Material Weakness Repeat Finding
Requirement
N
Questioned Costs
$1
Year
2024
Accepted
2025-09-16
Audit: 366365
Organization: Career School of Ny, Inc. (NY)
Auditor: Babu Samuel CPA

AI Summary

  • Answer: Monthly reconciliation for Federal Direct Loans and Federal Pell Grants was not properly completed.
  • Trend: This issue may indicate ongoing problems with financial oversight and compliance.
  • List: Recommend implementing a regular review process and training for staff on reconciliation procedures.

Finding Text

The Scool did not adequately complete monthly reconciliation for Federal Direct Loans and Federal Pell Grants

Corrective Action Plan

The School will put additional resources in place to ensure monthly reconciliation going forward. Anticiapted date of completion by November 2025

Categories

Questioned Costs Student Financial Aid Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 1153133 2024-002
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
84.063 Federal Pell Grant Program $751,553
84.268 Federal Direct Loan Program $411,364