FAC Explorer

Finding 369039 (2023-003)

Significant Deficiency
Requirement
N
Questioned Costs
-
Year
2023
Accepted
2024-02-14
Audit: 290458
Organization: Connors State College (OK)
Auditor: Cliftonlarsonallen (cla) LLP

AI Summary

  • Core Issue: One out of 40 Pell and Direct Loan disbursements was reported to COD more than 15 days late.
  • Impacted Requirements: This violates Department of Education regulations requiring timely reporting of disbursement dates and amounts.
  • Recommended Follow-Up: The Student Financial Aid Office should implement a process to ensure all disbursements are reported within the 15-day timeframe.

Finding Text

Criteria or specific requirement: The Department of Education requires institutions to report the disbursement dates and amounts to the Common Origination and Disbursement (COD) system within 15 days of disbursing Pell (34 CFR 690.83(b)(2) and Direct Loan (34 CFR 685.309) funds to a student. The Code of Federal Regulations, 2 CFR 200.303, required that entities must establish and maintain internal controls which provide reasonable assurance that federal award expenditures are in compliance with Federal statutes, regulations, and the terms and conditions of the Federal Award. Condition: We noted 1 out of 40 COD disbursements tested, were not reported within the required 15 days to COD. Context: 1 of the 40 COD disbursements had applied dates greater than 15 days from the disbursement dates. Questioned costs: N/A Cause: The Student Financial Aid Office does not have a process in place to ensure all disbursements are reported within 15 days to COD. Effect: Student interest accrues based on disbursement date reported to COD, thus interest calculation could be misstated due to the discrepancy in disbursement dates reported. Repeat finding: No Recommendation: We recommend that the student financial aid department work to ensure disbursements are reported to COD within 15 days of the disbursement date. Views of responsible officials: Management agrees with the finding and has developed a plan to correct the finding.

Corrective Action Plan

Federal Program Title: Student Financial Aid Cluster (SFA), COD posting and reconciling. ALN Number: 84.007, 84.033, 84.063, 84.268 Condition: We noted 1 out of 40 COD disbursements tested, were not reported within the required 15 days to COD. Context: 1 of the 40 COD disbursements had applied dates greater than 15 days from the disbursement dates. Recommendation: We recommend that the student financial aid department works to ensure disbursements are reported to COD within 15 days of the disbursement date. Explanation if disagreement with audit finding: There is no disagreement with the audit finding. Action planned/taken in response to finding: Students identified in the weekly reconciliation that have not posted to COD will be highlighted. In the subsequent reconciliation if student still has not been posted in COD the Financial Aid Director will manually post the student to COD as well as fix any errors so that if can be posted. Name(s) of the contact person(s) responsible for corrective action: Mattie Keys, mattie.keys@connorsstate.edu Planned completion date for corrective action plan: Dec 31, 2023

Categories

Student Financial Aid Matching / Level of Effort / Earmarking Internal Control / Segregation of Duties

Other Findings in this Audit

  • 369035 2023-002
    Significant Deficiency
  • 369036 2023-002
    Significant Deficiency
  • 369037 2023-002
    Significant Deficiency
  • 369038 2023-002
    Significant Deficiency
  • 369040 2023-003
    Significant Deficiency
  • 369041 2023-003
    Significant Deficiency
  • 369042 2023-003
    Significant Deficiency
  • 369043 2023-004
    Significant Deficiency
  • 369044 2023-004
    Significant Deficiency
  • 369045 2023-004
    Significant Deficiency
  • 369046 2023-004
    Significant Deficiency
  • 369047 2023-005
    Significant Deficiency
  • 369048 2023-005
    Significant Deficiency
  • 369049 2023-005
    Significant Deficiency
  • 369050 2023-005
    Significant Deficiency
  • 945477 2023-002
    Significant Deficiency
  • 945478 2023-002
    Significant Deficiency
  • 945479 2023-002
    Significant Deficiency
  • 945480 2023-002
    Significant Deficiency
  • 945481 2023-003
    Significant Deficiency
  • 945482 2023-003
    Significant Deficiency
  • 945483 2023-003
    Significant Deficiency
  • 945484 2023-003
    Significant Deficiency
  • 945485 2023-004
    Significant Deficiency
  • 945486 2023-004
    Significant Deficiency
  • 945487 2023-004
    Significant Deficiency
  • 945488 2023-004
    Significant Deficiency
  • 945489 2023-005
    Significant Deficiency
  • 945490 2023-005
    Significant Deficiency
  • 945491 2023-005
    Significant Deficiency
  • 945492 2023-005
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.063 Federal Pell Grant Program $4.37M
84.268 Federal Direct Student Loans $3.47M
84.042 Trio_student Support Services $318,567
84.031 Higher Education_institutional Aid $277,857
84.007 Federal Supplemental Educational Opportunity Grants $161,181
93.558 Temporary Assistance for Needy Families $97,341
84.033 Federal Work-Study Program $87,252
93.575 Child Care and Development Block Grant $71,505
84.048 Career and Technical Education -- Basic Grants to States $5,244