Finding Text
Assistance Listing, Federal Agency, and Program Name - 84.268 Federal Direct Student Loans 84.007 Federal Supplemental Educational Opportunity Grants 84.033 Federal Work Study Program 84.038 Federal Perkins Loan Program 84.379 Teacher Education Assistance for College and Higher Education Grants (TEACH Grants) 84.063 Federal Pell Grant Program 84.042 TRIO Student Support Services 84.044 TRIO Talent Search 84.047 TRIO Upward Bound Federal Award Identification Number and Year - Various Pass through Entity - N/A Finding Type - Significant deficiency Repeat Finding - No Criteria - The entity should have established written procedures to implement the requirements of 2 CFR 200.305, as required by 2 CFR 200.305(b)(6), for cash management. Condition - The College did not have established written cash management procedures. Questioned Costs - None If questioned costs are not determinable, description of why known questioned costs were undetermined or otherwise could not be reported - N/A Identification of How Questioned Costs Were Computed - N/A Context - The College does not have written cash management procedures documented. Cause and Effect - A lack of documented cash management procedures could lead to not meeting the cash management regulations. Recommendation - We recommend cash management procedures be written to reflect the requirements of the regulations. Views of Responsible Officials and Planned Corrective Actions - The College agrees with the finding. Although the College has processes in place to ensure appropriateness of draws and review of expenditures both individually and in aggregate, the process and procedures are not documented. The College will document cash management procedures and related internal controls.