Finding Text
Student Financial Assistance Program Cluster – Department of Education
Federal Financial Assistance Listing #84.038 Federal Perkins Loan Program
Federal Financial Assistance Listing #84.033 Work‐Study Program ‐ 2022/2023 P063P201430
Reporting
Significant Deficiency in Internal Control over Compliance
Criteria: 34 CFR 673.3 requires institutions complete the Fiscal Operations Report and Application to Participate (FISAP) to participate in the Federal Perkins Loan Program. The Fiscal Operations Report includes the University’s financial information from the previous award year.
Condition: Certain amounts within the FISAP filed during fiscal year 2022 FISAP were reported incorrectly in Part III, Section B, Line 13 and in Part VI, Section A, Lines 1‐23, columns e and f.
Cause: The University recorded the first line noted above as the cumulative total instead of only the amount that related to the year ended May 31, 2022. The federal work‐study numbers included other student workers paid with nonfederal funds.
Effect: Information reported on the FISAP was incorrect.
Questioned Costs: None
Context/Sampling: Key line items within the FISAP report were tested as required by the OMB Compliance Supplement. No statistical sampling was performed.
Repeat Finding from Prior Years: Yes
Recommendation: The University should review current processes to ensure that line items reported are accurate. The FISAP review process should include a detail review by an individual independent from the preparer to verify the numbers reported.
Views of Responsible Officials: Management agrees. Management’s complete response can be found in the separately issued corrective action plan.