Finding 1353 (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.

Categories

Allowable Costs / Cost Principles Internal Control / Segregation of Duties

Other Findings in this Audit

  • 1352 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