Finding Text
2022-006 ? Review of Reconciliations Finding Type. Immaterial Noncompliance/Significant Deficiency in Internal Control over Compliance (Special Tests and Provisions). Program. Student Financial Aid Cluster; CFDA Numbers 84.007, 84.033, 84.063, 84.268. Criteria. The Uniform Guidance Compliance Supplement provides guidance that the University is required each month to reconcile the School Account Statements data file provided by the Common Origination & Disbursement (COD) to the University's financial records. Condition. We noted a variance for Pell disbursements between the University's financial records and the COD. Cause. This condition appears to have been caused by cash refunds not being considered and reconciliations not being subject to independent review. Effect. As a result of this condition, the University initially overstated Pell disbursements on its SEFA by $44,941 and an adjustment was required to be made. Questioned Costs. No costs have been questioned as a result of this finding inasmuch as no unallowable costs have been identified. Recommendation. We recommend that the University implement procedures to review monthly reconciliations for accuracy. View of Responsible Officials. Management agrees with the finding. See corrective action plan.