Finding Text
FINDING 2022-001: Policies and Procedures Regarding Cash Management ? Material Weakness and Noncompliance US Department of Education AL #84.425E/F ? Higher Education Emergency Relief Fund Criteria: For CRRSAA HEERF II and ARP HEERF III, the Certification and Agreement and/or Supplemental Agreement indicate that Student Aid should be disbursed within fifteen (15) calendar days of the drawdown from ED?s grant management system (G5), while Institutional Aid Portion should be disbursed within three (3) calendar days of the drawdown from G5. Condition: During our testing, we noted that both Student Aid and Institutional Aid Portions were disbursed significantly later than fifteen (15) and three days (3), respectively, within drawdown from G5. Cause: The funds were not disbursed within the required timeframe after drawdown. Effect: Greater Johnstown Area Vocational Technical School did not comply with cash management requirements. Questioned Cost: None noted. Recommendation: We recommend Greater Johnstown Area Vocational Technical School follow the same policies and procedures that are in place with respect to the drawdown procedures used for Federal Student Aid funds, which have similar cash management requirements, to ensure all funds are disbursed within the required timeframe after drawdown.