Finding Text
FINDING 2023-002
Program:
Student Financial Assistance Cluster
Criteria:
34 CFR 675.19(b)(3) requires colleges to submit a Fiscal Operations Report and Application to Participate ("FISAP") to the U.S. Department of Education annually and requires the information to be accurate and to be submitted timely.
Condition:
Portions of Notre Dame College's FISAP were not updated to reflect the current fiscal year activity of the Federal Perkins Loan Program portfolio and did not reconcile to the audited financial statements as of June 30, 2023.
Repeat Finding From Prior Year:
No
Sampling Statistically Valid:
Not applicable
Questioned Cost:
None
Context:
Portions of Notre Dame College's FISAP were not updated to reflect the current fiscal year activity of the Federal Perkins Loan Program portfolio and did not reconcile to the audited financial statements as of June 30, 2023.
Effect:
Due to inaccurate reporting on the Federal Perkins Loan Program portfolio, the College was not in compliance with 34 CFR 675.19(b)(3).
Cause:
Due to operational difficulties and personnel turnover, the College did not have the resources to maintain program and fiscal records for all operations that occurred after the June 30, 2022 FISAP was filed.
Recommendation:
Information related to the Federal Perkins Loan Program portfolio should be reconciled and a revised FISAP should be submitted using the "Change Request" process to accurately reflect records as of June 30, 2023.
Management Response:
Management agrees with the finding. Please refer to management's corrective action plan.