Finding 391254 (2023-006)

-
Requirement
C
Questioned Costs
-
Year
2023
Accepted
2024-04-01
Audit: 301872
Organization: Saint Elizabeth University (NJ)
Auditor: 363990892

AI Summary

  • Core Issue: The University did not minimize the time between spending and drawing down funds, leading to cash management noncompliance.
  • Impacted Requirements: This finding violates 34 CFR 668.162, which mandates timely cash management practices.
  • Recommended Follow-Up: Establish a formal process for drawdowns aligned with expenditures and ensure proper documentation is maintained.

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.

Corrective Action Plan

Title V Grant Cash Management Planned Corrective Action: The University will 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. Person Responsible for Corrective Action Plan: Jim Pierce, Controller Anticipated Date of Completion: June 30th, 2024

Categories

Cash Management

Other Findings in this Audit

  • 391243 2023-002
    Significant Deficiency
  • 391244 2023-002
    Significant Deficiency
  • 391245 2023-002
    Significant Deficiency
  • 391246 2023-002
    Significant Deficiency
  • 391247 2023-002
    Significant Deficiency
  • 391248 2023-003
    Significant Deficiency
  • 391249 2023-003
    Significant Deficiency
  • 391250 2023-004
    Significant Deficiency
  • 391251 2023-004
    Significant Deficiency
  • 391252 2023-004
    Significant Deficiency
  • 391253 2023-005
    - Repeat
  • 391255 2023-007
    -
  • 967685 2023-002
    Significant Deficiency
  • 967686 2023-002
    Significant Deficiency
  • 967687 2023-002
    Significant Deficiency
  • 967688 2023-002
    Significant Deficiency
  • 967689 2023-002
    Significant Deficiency
  • 967690 2023-003
    Significant Deficiency
  • 967691 2023-003
    Significant Deficiency
  • 967692 2023-004
    Significant Deficiency
  • 967693 2023-004
    Significant Deficiency
  • 967694 2023-004
    Significant Deficiency
  • 967695 2023-005
    - Repeat
  • 967696 2023-006
    -
  • 967697 2023-007
    -

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $12.14M
84.063 Federal Pell Grant Program $2.28M
84.031 Higher Education_institutional Aid $803,292
84.038 Federal Perkins Loan Program $608,633
84.425 Covid-19 Governors Emergency Education Relief Fund $380,055
84.425 Covid-19 Education Stabilization Fund Heerf - Minority Serving Institutions $131,646
84.007 Federal Supplemental Educational Opportunity Grants $100,000
84.033 Federal Work-Study Program $100,000
47.076 Stem Education $73,515