Cash Management - Excess Cash on Hand Auditor Description of Condition and Effect. During our testing of cash management for campus-based aid, we noted one instance out of six drawdowns tested, that the College drew down Federal Work Study funds that were not needed for immediate disbursement, and was not returned timely. As a result of this condition, the College was not in compliance with the Uniform Guidance cash management principles. Auditor Recommendation. We recommend the College strengthen its cash‑management controls to ensure Title IV drawdowns are limited to immediate disbursement needs, reconciled promptly, and any excess cash is identified and returned within required regulatory timeframes. Corrective Action. The College is enhancing its federal cash management practices by limiting drawdowns for campus‑based programs, including Federal Work‑Study, to immediate disbursement needs. Drawdowns are now based on a documented three‑day cash needs forecast to ensure compliance with federal requirements. A standardized drawdown checklist requires staff to reconcile all G5 activity to the general ledger and subsidiary ledgers on the same day funds are drawn or disbursed. Any excess cash identified through this process is returned to the Department of Education via G5 within one business day. Monthly management reviews monitor drawdown timing, cash balances, and reconciliation trends to ensure continued compliance. Staff have been retrained on updated cash management procedures, and quarterly monitoring reports are produced and retained as evidence of ongoing compliance with federal cash management standards. Responsible Person. Jennifer Stimson, Director of Financial Aid with support from Scott Kemmer-Slater, Director of Accounting. Anticipated Completion Date. June 30, 2026