Finding Text
Cash Management of Education Stabilization Fund DEPARTMENT OF EDUCATION ALN #: 84.425E, 84.425F, and 84.425L Federal Award Identification #: P425E205020, P425F204249, P425L200637 Condition: The University drew down funding in July 2021 and did not disburse funds to students until November and December 2021. Additionally, the University drew down institutional funding in July and August 2021 while the expenses charged were incurred during the period of July 2021 through December 2021. Criteria: For CRRSAA HEERF II and ARP HEERF III, the Certification and Agreements and/or Supplemental Agreements requires that Student Aid Portion (ALN 84.425E) should be disbursed within 15 calendar days of the drawdown from ED?s G5 grants system and Institutional Aid Portion, (a)(2), and (a)(3) funds (all other ALNs) should be disbursed within 3 calendar days of the drawdown from G5. Questioned Costs: $-0- Context: The University drew down funding as it was available and when a plan had been established to use the funding. Cause: The University was not aware of the 3 day and 15 day requirements. Effect: The University could have earned interest on funds that had not yet been used for federal purposes. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend the University adopt the reimbursement method of cash management for all federal funding. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.