Finding 371249 (2023-002)

Significant Deficiency
Requirement
N
Questioned Costs
-
Year
2023
Accepted
2024-02-29
Audit: 292961
Organization: Mount Mercy University (IA)

AI Summary

  • Core Issue: The University failed to document monthly reconciliations of federal funds, violating federal regulations.
  • Impacted Requirements: Compliance with 34 CFR 685.300(b)(5) regarding reconciliation of institutional records with federal funds.
  • Recommended Follow-Up: Provide training and resources to staff to ensure adherence to reconciliation policies and federal requirements.

Finding Text

2023-002 Federal Agency: Department of Education Federal Program Title: Student Financial Assistance Cluster Assistance Listing Number: 84.038, 84.268, 84.033, 84.007, 84.063, 84.268, 93.264 Award Period: July 1, 2022 to June 30, 2023 Type of Finding: Significant Deficiency in Internal Control over Compliance, and Other matter Criteria or Specific Requirement: The Code of Federal Regulations, 34 CFR 685.300(b)(5) requires the University on a monthly basis, to reconcile the institutional records with the federal funds received from the Secretary and the Direct Loan disbursement records submitted to and accepted by the Secretary. Condition: During our testing, we noted there was no documentation of the reconciliations and reviews of a number of federal funds, including direct loans, Pell, SEOG, TEACH, and Perkins funds. Questioned Costs: None reported Context: We noted the proper reviews over reconciliations was not taking place. Cause: We noted there were not the proper policies and controls in place to make sure this review was occurring. Effect: The University is not complying with internal policy and federal requirements to ensure funds are properly reconciled. Repeat Finding: No Recommendation: The University should ensure all necessary employees receive proper training, support, and time to follow the University's policies and federal requirements related to monthly reconciliations. Views of Responsible Officials: There is no disagreement with the audit finding.

Corrective Action Plan

Title: Student Financial Assistance Cluster – Assistance Listing Nos. 84.038, 84.268, 84.033, 84.007, 84.063, 93.264 Recommendation: The University should ensure all necessary employees receive proper training, support, and time to follow the University's policies and federal requirements related to monthly reconciliations. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: A policy has been implemented to have a review of reconciliations. The Director of Financial Aid will perform the reconciliations and the Assistant Director of Financial Aid will review and approve the reconciliation. Name(s) of the contact person(s) responsible for corrective action: Mark Freed Planned completion date for corrective action plan: June 30, 2023

Categories

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

Other Findings in this Audit

  • 371248 2023-001
    Significant Deficiency
  • 371250 2023-003
    Significant Deficiency
  • 371251 2023-004
    Significant Deficiency
  • 371252 2023-005
    Significant Deficiency
  • 371253 2023-006
    Significant Deficiency Repeat
  • 371254 2023-001
    Significant Deficiency
  • 371255 2023-002
    Significant Deficiency
  • 371256 2023-003
    Significant Deficiency
  • 371257 2023-004
    Significant Deficiency
  • 371258 2023-005
    Significant Deficiency
  • 371259 2023-006
    Significant Deficiency Repeat
  • 371260 2023-001
    Significant Deficiency
  • 371261 2023-002
    Significant Deficiency
  • 371262 2023-003
    Significant Deficiency
  • 371263 2023-004
    Significant Deficiency
  • 371264 2023-005
    Significant Deficiency
  • 371265 2023-006
    Significant Deficiency Repeat
  • 371266 2023-001
    Significant Deficiency
  • 371267 2023-002
    Significant Deficiency
  • 371268 2023-003
    Significant Deficiency
  • 371269 2023-004
    Significant Deficiency
  • 371270 2023-005
    Significant Deficiency
  • 371271 2023-006
    Significant Deficiency Repeat
  • 371272 2023-001
    Significant Deficiency
  • 371273 2023-002
    Significant Deficiency
  • 371274 2023-003
    Significant Deficiency
  • 371275 2023-004
    Significant Deficiency
  • 371276 2023-005
    Significant Deficiency
  • 371277 2023-006
    Significant Deficiency Repeat
  • 371278 2023-001
    Significant Deficiency
  • 371279 2023-002
    Significant Deficiency
  • 371280 2023-003
    Significant Deficiency
  • 371281 2023-004
    Significant Deficiency
  • 371282 2023-005
    Significant Deficiency
  • 371283 2023-006
    Significant Deficiency Repeat
  • 371284 2023-001
    Significant Deficiency
  • 371285 2023-002
    Significant Deficiency
  • 371286 2023-003
    Significant Deficiency
  • 371287 2023-004
    Significant Deficiency
  • 371288 2023-005
    Significant Deficiency
  • 371289 2023-006
    Significant Deficiency Repeat
  • 371290 2023-001
    Significant Deficiency
  • 371291 2023-002
    Significant Deficiency
  • 371292 2023-003
    Significant Deficiency
  • 371293 2023-004
    Significant Deficiency
  • 371294 2023-005
    Significant Deficiency
  • 371295 2023-006
    Significant Deficiency Repeat
  • 371296 2023-001
    Significant Deficiency
  • 371297 2023-002
    Significant Deficiency
  • 371298 2023-003
    Significant Deficiency
  • 371299 2023-004
    Significant Deficiency
  • 371300 2023-005
    Significant Deficiency
  • 371301 2023-006
    Significant Deficiency Repeat
  • 947690 2023-001
    Significant Deficiency
  • 947691 2023-002
    Significant Deficiency
  • 947692 2023-003
    Significant Deficiency
  • 947693 2023-004
    Significant Deficiency
  • 947694 2023-005
    Significant Deficiency
  • 947695 2023-006
    Significant Deficiency Repeat
  • 947696 2023-001
    Significant Deficiency
  • 947697 2023-002
    Significant Deficiency
  • 947698 2023-003
    Significant Deficiency
  • 947699 2023-004
    Significant Deficiency
  • 947700 2023-005
    Significant Deficiency
  • 947701 2023-006
    Significant Deficiency Repeat
  • 947702 2023-001
    Significant Deficiency
  • 947703 2023-002
    Significant Deficiency
  • 947704 2023-003
    Significant Deficiency
  • 947705 2023-004
    Significant Deficiency
  • 947706 2023-005
    Significant Deficiency
  • 947707 2023-006
    Significant Deficiency Repeat
  • 947708 2023-001
    Significant Deficiency
  • 947709 2023-002
    Significant Deficiency
  • 947710 2023-003
    Significant Deficiency
  • 947711 2023-004
    Significant Deficiency
  • 947712 2023-005
    Significant Deficiency
  • 947713 2023-006
    Significant Deficiency Repeat
  • 947714 2023-001
    Significant Deficiency
  • 947715 2023-002
    Significant Deficiency
  • 947716 2023-003
    Significant Deficiency
  • 947717 2023-004
    Significant Deficiency
  • 947718 2023-005
    Significant Deficiency
  • 947719 2023-006
    Significant Deficiency Repeat
  • 947720 2023-001
    Significant Deficiency
  • 947721 2023-002
    Significant Deficiency
  • 947722 2023-003
    Significant Deficiency
  • 947723 2023-004
    Significant Deficiency
  • 947724 2023-005
    Significant Deficiency
  • 947725 2023-006
    Significant Deficiency Repeat
  • 947726 2023-001
    Significant Deficiency
  • 947727 2023-002
    Significant Deficiency
  • 947728 2023-003
    Significant Deficiency
  • 947729 2023-004
    Significant Deficiency
  • 947730 2023-005
    Significant Deficiency
  • 947731 2023-006
    Significant Deficiency Repeat
  • 947732 2023-001
    Significant Deficiency
  • 947733 2023-002
    Significant Deficiency
  • 947734 2023-003
    Significant Deficiency
  • 947735 2023-004
    Significant Deficiency
  • 947736 2023-005
    Significant Deficiency
  • 947737 2023-006
    Significant Deficiency Repeat
  • 947738 2023-001
    Significant Deficiency
  • 947739 2023-002
    Significant Deficiency
  • 947740 2023-003
    Significant Deficiency
  • 947741 2023-004
    Significant Deficiency
  • 947742 2023-005
    Significant Deficiency
  • 947743 2023-006
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
84.063 Federal Pell Grant Program $1.63M
84.268 Federal Direct Student Loans $1.49M
84.038 Federal Perkins Loan Program $449,316
84.033 Federal Work-Study Program $171,603
84.007 Federal Supplemental Educational Opportunity Grants $137,990
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $55,637
93.264 Nurse Faculty Loan Program (nflp) $0