Issue: Direct loan reconciliations were only done annually instead of the required monthly schedule.
Impact: This could lead to discrepancies and inaccuracies in financial reporting.
Follow-up: Implement a monthly reconciliation process to ensure compliance and accuracy moving forward.
Finding Text
During fiscal year ended June 30, 2023, reconciliations of the direct loans were done on an annual basis instead of monthly as prescribed.
Corrective Action Plan
Monthly reconciliation reports resumed in a more detailed manner effective December 2022 with the arrival of the new Senior Associate Director of Financial Aid. The process was a collaborative effort between the Senior Associate Director and MSM’s Financial Aid consultant through August 2023 after which the function resides with the Senior Associate Director.
Categories
Student Financial AidMatching / Level of Effort / Earmarking