Finding Number: 2022-004 - Lost Revenue Calculations Institutional Response: Lander University agrees the multiple methodologies used by past administrators may be inconsistent from the guidance stating the same methodology must use a consistent baseline. The University?s lost revenue amounts exceed the amounts claimed against all three rounds of HEERF. Using two forms of lost revenue as defined by the Lost Revenue Frequently Asked Questions, Published March 19, 2021, the university is able to calculate lost revenues under ?Academic Sources? and as ?a comparison to previously budgeted revenue or projected revenue for the period?? as stated in question #3 and #9, to satisfy all draws of lost revenue. Corrective Action: Lander University will retain the currently documented evidence to support lost revenue as calculated for all monthly and quarterly submissions regarding HEERF expenditures; however, the University will also undertake a secondary calculation that justifies lost revenue draws using a more consistent methodology, also supported through provided guidance. Such calculations will be generated based on Academic Sources, such as ?tuition, fees, and institutional charges (including unpaid student accounts receivable and other student accounts debts) as listed in the FAQ question/answer #3, and the ?comparison to previously budgeted revenue or projected revenue for the period? listed in question/answer #9. Responsible department for corrective action: Office of Accounting and Controls and the Office of Finance and Administration