Finding 1352 (2022-001)

Material Weakness
Requirement
L
Questioned Costs
-
Year
2022
Accepted
2023-11-07
Audit: 2545
Organization: Goddard College Corporation (VT)

AI Summary

  • Core Issue: The College missed the deadline for submitting the Single Audit report to the Federal Audit Clearinghouse.
  • Impacted Requirements: This failure violates the submission timeline set by Title 2 U.S. Code of Federal Regulations Part 200.
  • Recommended Follow-Up: The College should create formal internal control procedures to ensure timely audit preparation and compliance with grant audit requirements.

Finding Text

Criteria: Formally documented internal control procedures ensure schedules are ready for a Single Audit on a timely basis. This ensures submission of the Single Audit report as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Condition: The College failed to submit the Single Audit report to the Federal Audit Clearinghouse by the required deadline. Questioned Costs: None noted. Context: The College was required to submit the June 30, 2022, Single Audit report to the Federal Audit Clearinghouse within nine months of the College’s year-end. The College did not submit this report in the required period. Effect: The lack of formal process to provide timely audit support could result in the late submission of the Single Audit report. Cause: The College did not submit the audit in a timely manner. Recommendation: The College should develop formally documented internal control procedures to outline a process to review grant agreements for audit requirements. Additionally, the College should develop formally documented internal control procedures that allow sufficient time to properly conduct a Single Audit. View of Responsible Officials and Planned Corrective Actions: See accompanying Corrective Action Plan as prepared by management.

Corrective Action Plan

Finding: 2022-001 Reporting Person Responsible for Corrective Action: Chief Financial Officer Corrective Action Plan: During the period under review, Goddard underwent transitions in both its audit firm and with the financial leadership. The new financial leadership and auditors have put together procedures to ensure timely compliance with filing requirements. Anticipated Completion Date: Complete

Categories

Allowable Costs / Cost Principles Internal Control / Segregation of Duties

Other Findings in this Audit

  • 1353 2022-001
    Material Weakness
  • 1354 2022-001
    Material Weakness
  • 1355 2022-001
    Material Weakness
  • 1356 2022-001
    Material Weakness
  • 1357 2022-001
    Material Weakness
  • 1358 2022-002
    Material Weakness
  • 1359 2022-002
    Material Weakness
  • 1360 2022-002
    Material Weakness
  • 1361 2022-002
    Material Weakness
  • 1362 2022-002
    Material Weakness
  • 1363 2022-002
    Material Weakness
  • 577794 2022-001
    Material Weakness
  • 577795 2022-001
    Material Weakness
  • 577796 2022-001
    Material Weakness
  • 577797 2022-001
    Material Weakness
  • 577798 2022-001
    Material Weakness
  • 577799 2022-001
    Material Weakness
  • 577800 2022-002
    Material Weakness
  • 577801 2022-002
    Material Weakness
  • 577802 2022-002
    Material Weakness
  • 577803 2022-002
    Material Weakness
  • 577804 2022-002
    Material Weakness
  • 577805 2022-002
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $5.00M
84.425F Covid-19 Education Stabilization Fund $529,823
84.425E Covid-19 Education Stabilization Fund $439,997
84.063 Federal Pell Grant Program $390,448
84.038 Federal Perkins Loan Program $217,558
84.007 Federal Supplemental Educational Opportunity Grants $61,854