Finding Text
MATERIAL WEAKNESS 2022-008 Education Stabilization Fund ? Higher Education Emergency Relief Fund ? 84.425 ? Cash Management Criteria or specific requirement Per the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA) for Higher Education Emergency Relief Fund (HEERF) II and the American Rescue Plan (ARP) for Higher Education Emergency Relief Fund (HEERF) III, the Student Aid Portion should be disbursed within 15 calendar days of the drawdown from G5, and the Institutional Aid Portion should be disbursed within 3 calendar days of the drawdown from G5. Condition During testing, it was discovered that funding was drawn down and not disbursed within the required timeframes. Cause The College was not aware of the cash management requirements associated with the program. Effect Funds were not disbursed timely. Context As of February 15, 2022, all HEERF Student portion awards had been drawn down, and the $313,928 HEERF III award amount was not disbursed to students until March 14, 2022. As of June 15, 2022, all HEERF Institutional and Strengthening Institutions Program (SIP) portion awards had been drawn down, and $98,532 remained to be disbursed as of year-end. Recommendation We recommend that the College review its reconciliation process and implement controls to ensure that funding is disbursed within the correct timeframe after being drawn down. Views of responsible officials and planned corrective actions See corrective action plan.