FAC Explorer

Finding 38862 (2022-004)

Significant Deficiency
Requirement
L
Questioned Costs
-
Year
2022
Accepted
2023-09-24
Audit: 46564
Organization: Salem Community College (NJ)
Auditor: Bkc CPAS PC

AI Summary

  • Core Issue: SCC failed to report a loan disbursement to COD within the required 15-day period.
  • Impacted Requirements: Institutions must submit all loan disbursement records to the U.S. Department of Education on time.
  • Recommended Follow-Up: The school should improve procedures to ensure timely reporting of all disbursements to COD.

Finding Text

Type: Internal Control Over Compliance Criteria: Institutions must report all loan disbursements and submit required records to the U.S. Department of Education?s Common Origination and Disbursement (COD) within 15 days of the disbursement. Condition: SCC did not report the disbursement for one student to COD within the 15 day time frame. Cause: This was an administrative oversight. Effect: COD was not notified timely. Recommendation: The School should review their procedures to ensure that COD is notified of each disbursement within the 15 day time frame. Management?s Response: The school will review their COD reporting procedures.

Corrective Action Plan

SCC/Student Services/Financial Aid will run daily reports to identify when loan disbursements come in to make sure they are reported to the U.S. Department of Education?s Common Origination and Disbursement?s (COD) Office within the 15-day time frame. This will reduce our 2% error rate.

Categories

Internal Control / Segregation of Duties Reporting Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 38861 2022-003
    Significant Deficiency Repeat
  • 38863 2022-007
    Significant Deficiency
  • 38864 2022-003
    Significant Deficiency Repeat
  • 38865 2022-005
    Significant Deficiency Repeat
  • 38866 2022-006
    Significant Deficiency Repeat
  • 38867 2022-003
    Significant Deficiency Repeat
  • 38868 2022-003
    Significant Deficiency Repeat
  • 615303 2022-003
    Significant Deficiency Repeat
  • 615304 2022-004
    Significant Deficiency
  • 615305 2022-007
    Significant Deficiency
  • 615306 2022-003
    Significant Deficiency Repeat
  • 615307 2022-005
    Significant Deficiency Repeat
  • 615308 2022-006
    Significant Deficiency Repeat
  • 615309 2022-003
    Significant Deficiency Repeat
  • 615310 2022-003
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
84.063 Federal Pell Grant Program $1.72M
84.268 Federal Direct Student Loans $706,653
84.425 Education Stabilization Fund $384,401
84.048 Career and Technical Education -- Basic Grants to States $118,898
84.007 Federal Supplemental Educational Opportunity Grants $34,099
84.033 Federal Work-Study Program $16,381