Finding Text
SECTION III Federal Award Findings and Questioned Costs Finding 2022-001: Special Reporting Federal Program: Student Financial Aid Cluster Federal Agency: Department of Education CFDA Number: 84.007, 84.063, 84.268, 84.033 Criteria: The Academy is required to submit the Fiscal Operations Report and Application to Participate(FISAP) annually to receive funds for the campus-based programs. Condition: The Academy incorrectly reported the Federal Supplemental Educational Opportunity Grant, Federal Work Study awards and information on enrollment in the FISAP submitted to the Department of Education. Additionally, several required sections of the FISAP were not completed. Questioned Costs: None Cause: During the current fiscal year, the financial aid office had turnover of key employees responsible for preparing the reports used to generate FISAP reporting. As noted below, procedures are being established to comply with the reporting requirements going forward. Effect: The Academy did not operate in accordance with the special reporting compliance requirement. Perspective Information: We consider the audit finding to be an isolated instance. The Academy has a strong history of compliance with the reporting requirements of the Student Financial Aid Cluster of programs. Identification of Repeat Findings: This is not a repeat finding. Recommendation: The Academy should develop procedures to have the financial aid and financial accounting information systems reconciled on a monthly basis. These reconciliation will ensure accurate reporting during periods of turnover of key personnel. Views of Responsible Officials and Planned Corrective Actions: We agree with the finding. As of January 2023, we have incorporated and communicated the updates to our policy and procedures to ensure both information systems are reconciled monthly, as well as maintaining appropriate documentation as assigned to both the Finance Department and the Financial Aid Manager.