Finding Text
Finding 2022-003 - U.S. Department of Education (USDE), Title 111a1n d TRIO Programs: Information on the federal programs - Federal Title Ill Program, Strengthening Historically Black Colleges and Universities, CFDA No. 84.031B, June 30, 2022, Student Aid and Fiscal Responsibility Act (SAFRA), CFDA No. 84.0318, June 30, 2022, Upward Bound, CFDA No. 84.047A, June 30, 2022, Student Support Services, CFDA No. 84.042A, June 30, 2022. Criteria - Federal regulations regarding cash management. Condition - Non-compliances sere noted, as more fully described in the context below. Context - The College had excess cash in the Title Ill Program, and the TRIO Programs of Upward Bound, and Student Support Services at June 30, 2022 as follows: Programs Title Ill Upward Bound Student Support Services Excess Cash $1,482,097 $ 51,010 $ 253,195 Cause - Prior year excess cash and mismanagement has not been repaid or resolved. Effect - The College's participation in the federal programs could be subject to USDE sanctions, as applicable. Repeat Finding- Yes. Auditor's Recommendation - The College should repay the excess cash or draw down less cash in the upcoming future years to eliminate the excess cash balances.