FAC Explorer

Finding 38863 (2022-007)

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

AI Summary

  • Core Issue: Two students missed out on Direct Loan disbursements totaling $7,917.
  • Impacted Requirements: Direct Loans must be credited to student accounts in a timely manner.
  • Recommended Follow-Up: The School should establish procedures to ensure proper crediting of all Direct Loans.

Finding Text

Type: Internal Control Over Compliance Criteria: Awarded Direct Loans should be credited to student accounts timely. Condition: Two students did not receive their Direct Loan disbursements. Cause: The Direct Loans were awarded but the awards were not credited to the student?s accounts. Effect: The students did not receive Direct Loans totaling $7,917. Recommendation: The School should implement procedures to ensure that all Direct Loans are properly credited to student accounts. Management?s Response: The School will review their procedures relating to the disbursement of Direct Loans.

Corrective Action Plan

SCC/Student Services/Financial Aid will establish procedures to verify that Direct Loans are awarded and properly credited to student accounts by running reports for up to four weeks after awards are made to make sure no student has been overlooked. The two items flagged/identified for one student were not labeled correctly on the Billing Statement. However, they were properly credited to the student?s account.

Categories

Student Financial Aid Matching / Level of Effort / Earmarking Internal Control / Segregation of Duties

Other Findings in this Audit

  • 38861 2022-003
    Significant Deficiency Repeat
  • 38862 2022-004
    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