Finding 369319 (2023-005)

- Repeat Finding
Requirement
N
Questioned Costs
-
Year
2023
Accepted
2024-02-15
Audit: 290552
Organization: Cleary University (MI)
Auditor: Capincrouse LLP

AI Summary

  • Core Issue: The University did not perform detailed reconciliations between COD and its student information system on a student-by-student basis.
  • Impacted Requirements: This oversight violates 34CFR 668.164(a), which requires accurate reconciliations.
  • Recommended Follow-Up: Implement monthly procedures to reconcile FDL and Pell disbursements to individual student accounts with those reported to COD.

Finding Text

DEPARTMENT OF EDUCATION ALN #: 84.063 and 84.263 Federal Award Identification #: 2022-2023 Financial Aid Year Condition: Detailed reconciliations between COD and the University student information system were not performed. Criteria: 34CFR 668.164(a) Questioned Costs: $0 Context: Of the three months of reconciliations that were tested, it was noted that the reconciliations between COD and the University student information system were performed on a batch basis and were not on a student-by-student basis. Cause: Oversight by the University. The reconciliations of University records to COD were not completed on a student-by-student basis. Effect: Potential differences between the system and COD resulting in inaccurate student Title IV records. Identification as repeat finding, if applicable: 2022-006 Recommendation: We recommend that the University implement procedures to monthly reconcile FDL and Pell disbursements to individual student accounts with disbursements reported to COD. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.

Categories

Student Financial Aid Internal Control / Segregation of Duties

Other Findings in this Audit

  • 369311 2023-003
    Material Weakness
  • 369312 2023-003
    Material Weakness
  • 369313 2023-003
    Material Weakness
  • 369314 2023-003
    Material Weakness
  • 369315 2023-004
    Material Weakness Repeat
  • 369316 2023-004
    Material Weakness Repeat
  • 369317 2023-004
    Material Weakness Repeat
  • 369318 2023-005
    - Repeat
  • 945753 2023-003
    Material Weakness
  • 945754 2023-003
    Material Weakness
  • 945755 2023-003
    Material Weakness
  • 945756 2023-003
    Material Weakness
  • 945757 2023-004
    Material Weakness Repeat
  • 945758 2023-004
    Material Weakness Repeat
  • 945759 2023-004
    Material Weakness Repeat
  • 945760 2023-005
    - Repeat
  • 945761 2023-005
    - Repeat

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $4.85M
84.063 Federal Pell Grant Program $1.26M
84.007 Federal Supplemental Educational Opportunity Grants $68,262
84.033 Federal Work-Study Program $6,056