FAC Explorer

Finding 38865 (2022-005)

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

AI Summary

  • Issue: Two students did not receive their credit balances on time.
  • Requirement: Credit balances must be paid within 14 days of occurrence.
  • Follow-up: The School should improve procedures to ensure timely payments.

Finding Text

Type: Internal Control Over Compliance Criteria: Credit balances are required to be remitted to student no later than 14 days after the credit balance occurred. Condition: Credit balances for two students were not paid timely. Cause: The late payments were due to an oversight within the School. Effect: The students did not receive their credit balances timely. Recommendation: The School should review their procedures to ensure that student credit balances are returned within the 14-day time frame. Management?s Response: The School will review their procedures over the timely disbursement of student credit balances.

Corrective Action Plan

SCC/Student Services/Financial Aid will run a credit balance report daily during the disbursement period to make sure all students have been paid their credit balance within the 14-day time period. The two credit balances which were flagged/identified, were credited on the 14th day as per regulation.

Categories

Internal Control / Segregation of Duties

Other Findings in this Audit

  • 38861 2022-003
    Significant Deficiency Repeat
  • 38862 2022-004
    Significant Deficiency
  • 38863 2022-007
    Significant Deficiency
  • 38864 2022-003
    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