FAC Explorer

Finding 384289 (2023-002)

-
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-03-25
Audit: 297426
Organization: Trinity Bible College and Graduate School (ND)
Auditor: Capincrouse LLP

AI Summary

  • Core Issue: The College inaccurately reported Perkins cash on hand in the FISAP report.
  • Impacted Requirements: This violates 34 CFR 668.24(e) regarding accurate financial reporting.
  • Recommended Follow-Up: The College should collaborate with the Department of Education to correct these reporting errors.

Finding Text

FISAP Reporting DEPARTMENT OF EDUCATION ALN #: 84.038 Federal Award Identification #: 2022-2023 Financial Aid Year Condition: The College did not accurately report certain items relating to Perkins reporting on the FISAP report. Criteria: 34 CFR 668.24(e) Questioned Costs: $0 Context: The College did not properly report Perkins cash on hand information on the most recent FISAP. Cause: Oversight by management. Effect: FISAP cash on hand was overstated which potentially leads to the College returning more cash to the Department of Education than required. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend the College work with the Department of Education to correct errors in the Perkins portion of the FISAP. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.

Corrective Action Plan

2023-002 FISAP Reporting Planned Corrective Action: Trinity Bible College and Graduate School has implemented policies and procedures to address the gaps in reporting Perkins information related to the FISAP report. A new director of Financial Aid has been put in place to help ensure proper reporting. Person Responsible for Corrective Action Plan: Executive Vice President Vaughn Jordan, Director of Financial Aid Wesley Brothers, and Coordinator of Financial Aid Shannon Pool. Anticipated Date of Completion: CAP has already been implemented regarding this issue.

Categories

Student Financial Aid Reporting Internal Control / Segregation of Duties

Other Findings in this Audit

  • 384283 2023-001
    Significant Deficiency
  • 384284 2023-001
    Significant Deficiency
  • 384285 2023-001
    Significant Deficiency
  • 384286 2023-001
    Significant Deficiency
  • 384287 2023-001
    Significant Deficiency
  • 384288 2023-001
    Significant Deficiency
  • 960725 2023-001
    Significant Deficiency
  • 960726 2023-001
    Significant Deficiency
  • 960727 2023-001
    Significant Deficiency
  • 960728 2023-001
    Significant Deficiency
  • 960729 2023-001
    Significant Deficiency
  • 960730 2023-001
    Significant Deficiency
  • 960731 2023-002
    -

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $808,701
84.063 Federal Pell Grant Program $373,013
84.038 Federal Perkins Loan Program $161,569
84.033 Federal Work-Study Program $100,559
84.007 Federal Supplemental Educational Opportunity Grants $58,968
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $20,746