Finding Text
Internal Controls Over the Fiscal Operations Report and Application to Participate (FISAP)
Assistance Listing: 84.033 Program Title: Student Financial Aid Cluster
Federal Agency: Department of Education
Criteria
The College is required to submit the FISAP which includes information that the Department of Education has determined to be critical with regard to the Federal Work-Study (FWS) Program.
Condition
The amount on line 12 of Section C of Part V of the FISAP - Total earned compensation for FWS Program did not agree to supporting documentation.
Context
The amount reported on the FISAP of $67,196 was $1,275 less than the College’s supporting payroll records for FWS.
Effect
Insufficient internal controls over the FISAP can result in errors in the amounts reported to the Department of Education.
Cause
The FISAP did not include all FWS payment periods.
Recommendation
We recommend that the College strengthen review procedures over the FISAP to ensure accuracy.
Management’s Response
The College will implement a two-step process to verify the FWS earnings on the FISAP. The Financial Aid Director and Manager of Compliance will develop a checklist to include verifying payroll records/reports. The checklist will be reviewed to confirm the accuracy of data reported on the FISAP.