Finding Text
Finding 2025-006: Policies and Procedures Related to Reporting (significant deficiency) Statement of Condition: During our testing of the College’s Fiscal Operations Report and Application to Participate (FISAP), we noted that total expenditures reported on the FISAP for certain Title IV programs did not agree to the related current year drawdowns per the U.S. Department of Education’s G5 system or total actual expenditures for the fiscal year. Differences were identified for the Federal Pell Grant, FSEOG, and Federal Work-Study programs. Criteria: In accordance with the FISAP instructions, depending on the program, total expenditures reported for applicable Title IV programs should agree to the current year drawdowns recorded in the G5 system or total actual expenditures for the program. Effect of the Condition: We found three Title IV programs where the total expenditures reported in the FISAP did not agree to the U.S. Department of Education’s G5 system or actual total expenditures. Accurate reporting is important as the FISAP data drives campus-based allocations and is used by the Department of Education for oversight. Cause of Condition: The College does not have a formal reconciliation and review process for the FISAP. Recommendation: We recommend the College develop reconciliation policies and procedures to address this issue. Management’s Response: Management agrees and will submit a Corrective Action Plan to implement these recommendations immediately.