Finding 11740 (2023-001)

Significant Deficiency Repeat Finding
Requirement
P
Questioned Costs
-
Year
2023
Accepted
2024-02-05
Audit: 15536
Organization: Bard College (NY)

AI Summary

  • Core Issue: The College's Schedule of Expenditures of Federal Awards (SEFA) was inaccurate and incomplete, missing one program and five Assistance Listing numbers.
  • Impacted Requirements: This finding violates the Uniform Guidance for federal awards, which mandates accurate reporting.
  • Recommended Follow-Up: Assign knowledgeable staff to oversee SEFA preparation and ensure compliance with federal reporting requirements.

Finding Text

2023-001: Accurate and Complete Schedule of Expenditures of Federal Awards Criteria or specific requirement: The College must prepare a Schedule of Expenditures of Federal Awards (SEFA) that is accurate and complete in accordance with Title 2 U.S. Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Condition: The College did not prepare a SEFA that was accurate and complete in accordance with the Uniform Guidance, as there was one program missing from the original SEFA that was provided for audit along with five items that were missing Assistance Listing numbers. Cause: The cause is likely due to limited internal controls related to the preparation and review of the SEFA and understanding of which items should be included. Effect or potential effect: Without adequate internal controls over the SEFA, the College may not identify all the federal awards received and related compliance and reporting requirements applicable to each award. Identification as a repeat finding, if applicable: This is a repeat of finding 2022-003 in the prior year. Recommendations: The College must assign individuals who are experienced and knowledgeable in the compliance requirements of the Uniform Guidance to monitor all federal grants received to ensure the College has met the applicable compliance and reporting requirements of each federal award. View of responsible officials: Refer to the Corrective Action Plan prepared by the College on page 12.

Corrective Action Plan

Bard College’s SEFA incorporates financial transactions initiated through various departments. Going forward, a SEFA review committee will be established representing the Financial Aid, Development, Grants Finance and Finance Departments to ensure proper reporting of expended federal funds. Laura Ramsey, Controller is responsible for this corrective action plan, which will be completed during the year ending June 30, 2024.

Categories

Reporting

Other Findings in this Audit

  • 588182 2023-001
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $14.41M
84.063 Federal Pell Grant Program $3.75M
84.033 Federal Work-Study Program $569,061
84.038 Federal Perkins Loan Program $398,336
84.007 Federal Supplemental Educational Opportunity Grants $350,212
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $323,125
98.012 Usaid Development Partnerships for University Cooperation and Development $312,300
47.074 Biological Sciences $109,055
47.049 Mathematical and Physical Sciences $93,479
19.009 Academic Exchange Programs - Undergraduate Programs $88,400
19.040 Public Diplomacy Programs $75,229
45.149 Promotion of the Humanities_division of Preservation and Access $48,841
45.024 Promotion of the Arts_grants to Organizations and Individuals $48,812
45.169 Promotion of the Humanities_office of Digital Humanities $48,627
42.011 Library of Congress Grants $37,613
47.070 Computer and Information Science and Engineering $14,707
43.001 Science $10,838