Finding Text
Title V Grant Cash Management DEPARTMENT OF EDUCATION
ALN #: 84.031S
Federal Award Identification #: P031S200171
Condition: The University did not adequately minimize the time between expenditures and drawdowns.
Criteria: 34 CFR 668.162
Questioned Costs: $0
Context: During our audit, we noted the University had a refundable advance of approximately $269,000 as of July 1, 2022. The University made additional drawdowns totaling approximately $299,000 through September 30, 2022. The University did not have expenditures meeting this total amount of drawdowns until March 2023.
Cause: Management oversight
Effect: Noncompliance with cash management requirements
Identification as repeat finding, if applicable: Not applicable
Recommendation: We recommend that the University implement and follow a formal process for making drawdowns when or after expenditures have been incurred and require that supporting documentation be retained to support compliance with cash management requirements.
Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.