Finding 395182 (2023-005)

Significant Deficiency
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-04-30
Audit: 305066
Organization: The Shaw University, Inc. (NC)
Auditor: Bdo USA PC

AI Summary

  • Core Issue: The University missed the deadline for submitting the June 30, 2023 Single Audit reporting package to the Federal Audit Clearinghouse.
  • Impacted Requirements: This failure violates OMB requirements for timely financial reporting and documentation retention.
  • Recommended Follow-Up: The University should improve internal controls and procedures to ensure timely financial reporting and proper documentation retention for future audits.

Finding Text

Program Information: Student Financial Assistance Cluster (ALN: Various) and Title III Strengthening Historically Black Colleges and Universities Program (ALN: 84.031B) Criteria or Specific Requirement (Including Statutory, Regulatory or Other Citation): L. Reporting - The Office of Management and Budget (“OMB”) requires recipients and subrecipients of federal funding to complete audits and submit the data collection form and financial statement reporting package to the Federal Audit Clearinghouse within the earlier of 30 calendar days after receipt of the auditor's reports, or nine months after the end of the audit period. Condition: The University did not submit the June 30, 2023 Single Audit reporting package to the Federal Audit Clearinghouse by the required deadline. Cause: Insufficient internal controls and lack of administrative oversight with respect to timely financial statement reporting and appropriate documentation retention that is needed to complete the University’s financial statement audit and Single Audit within the required timeframe. Effect or Potential Effect: The University is not in compliance with Single Audit reporting deadlines. Questioned Costs: None. Context: The University did not submit the June 30, 2023 Single Audit reporting package within the required timeframe. Identification as a Repeat Finding: No similar findings noted in the prior year. Recommendation: We recommend the University enhance its internal controls and procedures to ensure that financial statement reporting is completed timely and appropriate documentation retention is maintained in order to complete financial and compliance audits within the required timeframe. Views of Responsible Officials and Planned Corrective Actions: The University concurs with the finding. The University will enhance and strengthen internal controls and procedures. As the university tightens internal controls and procedures, financial statement reporting will be completed in a timely manner. Also, appropriate documentation retention will be maintained. This will result in compliance audits completed before the required deadline.

Categories

Internal Control / Segregation of Duties Subrecipient Monitoring Reporting

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Loan Program $5.77M
84.063 Federal Pell Grant Program $3.38M
84.031B Title III Strengthening Historically Black Colleges and Universities Program $2.82M
84.007 Federal Supplemental Educational Opportunity Grants $879,598
11.802 Mbda - Creating the Business Innovation Gateway (big) $503,224
15.904 Historic Preservation Fund - Rehabilitation of Tupper Memorial and Estey Halls $309,385
84.033 Federal Work-Study Program $307,943
84.425J Education Stabilization Fund - Higher Education Emergency Relief Fund Historically Black Colleges and Universities $261,240
11.028 Ntia - Building Bridges C.o.d.e. $165,206
93.323 Emergency Response $162,941
93.575 North Carolina Early Childhood Stabilization Grant $100,808
16.525 Doj-Rise Grant - Be the Change $100,693
47.076 Catalyst: Increasing Access and Inclusiveness in Cybersecurity $51,635
93.391 Live Well Wake $49,137
93.391 Hbcu Health Data $38,422
47.076 Ria - Antimicrobial Resistance $34,465
15.932 Preservation of Historic Structures on the Campuses of Historically Black Colleges and Universities $25,973
45.309 Museum Grants for African American History and Culture $25,727
84.349 Early Childhood Educator Professional Development Program - Cda Grant $5,243