FAC Explorer

Finding 386628 (2023-001)

Significant Deficiency
Requirement
E
Questioned Costs
$1
Year
2023
Accepted
2024-03-27
Audit: 298956
Organization: The Colorado College and Subsidiaries (CO)
Auditor: Cliftonlarsonallen LLP

AI Summary

  • Core Issue: One student received an underaward of Pell grant funds due to an erroneous eligibility computation.
  • Impacted Requirements: Compliance with 34 CFR 690.62 regarding Pell grant payment schedules and calculations.
  • Recommended Follow-Up: The College should review and update its Pell grant awarding procedures to prevent future underawards.

Finding Text

Criteria or specific requirement: The Code of Federal Regulations, 34 CFR 690.62 states the Pell grant for an academic year is based upon the payment and disbursement schedule published by the Secretary for each award year. The payment schedule takes into account the cost of attendance, the student’s expected family contribution (EFC) and the enrollment status of the student. Condition: One of forty students tested was underawarded Pell grant funds. Context: An erroneous computation of the student’s eligibility resulted in an underaward. Questioned costs: Known - $401. Likely - $7,953 Cause: The Pell grant was computed utilizing an outdated Pell schedule that had not been updated before awarding was locked. Effect: A student was underawarded Pell funds. Repeat Finding: No Recommendation: We recommend the College evaluate its procedures and policies around Pell grant awarding to ensure all Pell funds are awarded at proper amounts. Views of responsible officials and management’s response: The College agrees with the finding.

Corrective Action Plan

Condition: One of forty students tested was under-awarded Pell grant funds. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action in Response to Finding: The College developed a task within Financial Aid software that will flag locked Pell awards for review. Name of the contact person responsible for corrective action: Erica Shafer, Associate Director, Financial Aid Systems & Compliance Co-Interim Director of Financial Aid, and Abby Wilson, Financial Aid Counselor. Planned completion date for corrective action plan: November 15, 2023

Categories

Questioned Costs Student Financial Aid Eligibility

Other Findings in this Audit

  • 386629 2023-002
    Significant Deficiency Repeat
  • 386630 2023-002
    Significant Deficiency Repeat
  • 386631 2023-003
    Significant Deficiency
  • 386632 2023-003
    Significant Deficiency
  • 386633 2023-003
    Significant Deficiency
  • 386634 2023-003
    Significant Deficiency
  • 386635 2023-003
    Significant Deficiency
  • 386636 2023-004
    Significant Deficiency
  • 963070 2023-001
    Significant Deficiency
  • 963071 2023-002
    Significant Deficiency Repeat
  • 963072 2023-002
    Significant Deficiency Repeat
  • 963073 2023-003
    Significant Deficiency
  • 963074 2023-003
    Significant Deficiency
  • 963075 2023-003
    Significant Deficiency
  • 963076 2023-003
    Significant Deficiency
  • 963077 2023-003
    Significant Deficiency
  • 963078 2023-004
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Loans $4.87M
84.063 Federal Pell Grant Program $1.69M
84.038 Federal Perkins Loans $1.21M
84.033 Federal Work-Study Program $230,509
84.007 Federal Supplemental Educational Opportunity Grants $223,867
47.049 Nsf: Leaps Malmskog $122,091
47.049 Nsf: Leaps Light $104,092
47.070 Nsf: Burge Cise $61,731
47.050 Nsf: Grtaz Mercury Oxid Pat $57,892
47.078 Nsf: Ici-Hot in West Antarctica $49,118
47.050 Nsf: Firp - Gratz Course $46,463
47.050 Nsf: Testing Models-Sibumas $37,177
43.001 Nasa: Stsci: Radiation Field of Li(n)ers: the Milky Way As An Extragalactic System $23,194
47.074 Nsf: Barnes Career $21,418
93.575 Child Care Operations Stabilizations Grant $19,660
47.078 Nsf: Testing the Linchpin Wais $18,837
47.076 Nsf: Progress; Barnes Iuse Mentoring $15,524
43.001 Nasa: Stsci: the Lmc's Galactic Wind Through the Eyes of Ullyses $15,450
47.050 Nsf: Gevedon Rodingites $13,648
47.050 Nsf: Schanz Bedrock Rivers $11,943
47.049 Nsf: Sub: Moran Geometric Top $6,815
43.001 Nasa: Stsci: Testing the Limits of Mass Transfer Stability with A Post-Mass_transfer Binary in M67 $4,961
93.575 Child Care Workforce Sustainability Grant $3,566
47.050 Nsf: Collab Res Recruit Woman Geoscience $717
47.074 Nsf: Barnes Soil & Wildfire $363
43.001 Nasa: Blue Lurkers: Low-Mass Blue Stragglers & Stability of Mass Transfer $269
47.049 Nsf: Leaps2; Part Suppo Malmskog $-784