FAC Explorer

Finding 2291 (2023-001)

Significant Deficiency
Requirement
E
Questioned Costs
-
Year
2023
Accepted
2023-11-21
Audit: 3929
Organization: Bellin College, Inc. (WI)
Auditor: Wipfli LLP

AI Summary

  • Core Issue: Two student files showed mismatched disbursement dates between COD and the student ledger.
  • Impacted Requirements: Disbursement dates must align to accurately reflect when interest accrual starts.
  • Recommended Follow-Up: Implement better oversight to ensure COD and student ledger dates match consistently.

Finding Text

Finding 2023-001 Common Origination and Disbursement (COD) Reporting Department of Education Student Financial Aid Cluster - grant period July 1, 2022 through June 30, 2023 Questioned costs: None How the question costs were computed: N/A Condition: The examination disclosed 2 instances, out of 40 student files tested, in which their disbursements dates on COD do not match the student ledger. Fund Source COD Disbursement Date Student Ledger Disbursement Date Student A Unsubsidized 12/29/2022 1/09/2023 Grad PLUS 12/29/2022 1/09/2023 Student B Unsubsidized 12/29/2022 1/09/2023 Criteria: Disbursement dates in the student ledger need to reflect the disbursement dates in COD. Effect: The disbursement dates in COD determines the date interest accrual begins. Cause: An oversight was made by the institution. Recommendation: The institution should implement adequate oversight to ensure the COD disbursement dates and the student ledgers disbursement dates match. View of Responsible We agree with the finding and are committed to a corrective action. Officials:

Corrective Action Plan

Finding 2023-001 Common Origination and Disbursement (COD) Reporting Two instances were found in which the disbursement date on COD did not match the date on the student ledger. Corrective Action Going forward, the Director of Financial Aid (DFA) will provide the Bursar with a report from the COD that reflects the disbursement date. Before posting federal award batches, the Bursar will verify the date on the batch matches the SIS system. Person Responsible for Corrective Action: Ginger Krummen Schraven Timing of Corrective Action: October 2023

Categories

Reporting Internal Control / Segregation of Duties

Other Findings in this Audit

  • 2292 2023-002
    Material Weakness
  • 578733 2023-001
    Significant Deficiency
  • 578734 2023-002
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $939,109
84.063 Federal Pell Grant Program $309,713
84.007 Federal Supplemental Educational Opportunity Grants $15,493
84.033 Federal Work-Study Program $10,150