Finding 381101 (2022-004)

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Requirement
N
Questioned Costs
-
Year
2022
Accepted
2024-03-19
Audit: 295850
Organization: Richland Community College (IL)
Auditor: Sikich LLP

AI Summary

  • Core Issue: The College failed to accurately report Pell expenditures on the FISAP for the 2020-2021 academic year, violating financial record-keeping requirements.
  • Impacted Requirements: This noncompliance affects the College's adherence to 34 CFR 668.24 regarding accurate financial reporting for Title IV programs.
  • Recommended Follow-Up: Implement controls to review FISAP report inputs to ensure accuracy and alignment with the College’s financial records.

Finding Text

Criteria: The College must establish and maintain the financial records that reflect each Title IV program transaction on a current basis (34 CFR 668.24). Condition: The College incorrectly reported Pell expenditures on the Fiscal Operations Report and Application to Participate (FISAP) for the 2020-2021 academic year. We consider this to be an instance of noncompliance of the Reporting compliance requirement. Statistical sampling was not used in making sample selections. Cause: This condition was caused by inadequate controls over Reporting and a mistype on the report. Effect: The College did not correctly report Pell expenditures on the FISAP that was submitted to the Department of Education. Recommendation: We recommend that the College puts controls in place to review all inputs to the FISAP report to ensure all amounts reported are accurate and agree with the College’s records. View of Responsible Officials: Management agrees with this Single Audit Finding and response is included in the Corrective Action Plan.

Categories

Student Financial Aid Reporting

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.063 Federal Pell Grant Program $2.86M
84.268 Federal Direct Student Loans $584,193
84.002 Adult Education - Basic Grants to States $138,630
84.425 Education Stabilization Fund $83,550
84.007 Federal Supplemental Educational Opportunity Grants $77,217
14.218 Community Development Block Grants/entitlement Grants $40,000
84.048 Career and Technical Education -- Basic Grants to States $24,601
84.033 Federal Work-Study Program $24,571
17.268 H-1b Job Training Grants $17,915