FAC Explorer

Finding 47556 (2022-003)

Significant Deficiency
Requirement
C
Questioned Costs
-
Year
2022
Accepted
2023-03-26
Audit: 41629
Organization: The Jewish Theological Seminary of America (NY)
Auditor: Cohnreznick LLP

AI Summary

  • Core Issue: Four out of eight cash disbursements were not made on time, violating federal cash management rules.
  • Impacted Requirements: Disbursements for the Student Aid Portion must occur within 15 days, and for the Institutional Portion within 3 days of drawdown.
  • Recommended Follow-Up: Implement additional procedures to ensure compliance with cash management timelines.

Finding Text

Finding 2022-003: Cash management (Significant Deficiency) U.S. Department of Education COVID-19 Education Stabilization Fund 84.425E, 84.425F Compliance requirement: Cash management Criteria: Institutions must disburse the Student Aid Portion (84.425E) within 15 calendar days of the drawdown from ED?s G5 grants system and the Institutional Portion (84.425F) within 3 calendar days of the drawdown from G5. Condition and Context: During our audit procedures we noted that 4 of 8 samples selected were not disbursed within the allowable time under Uniform Guidance requirements. Cause: The cause appears to be due to administrative oversight. Effect or Potential Effect: Disbursements were not made within the allowable time frame. Identification of repeat finding: No. Questioned costs: $0 Recommendation: We recommend that the Seminary add additional procedures to ensure that they are complying with cash management requirements.

Corrective Action Plan

Finding 2022-003: Cash Management Recommendation: We recommend that the Seminary add additional procedures to ensure that they are complying with cash management requirements. Action Taken/Underway: Effective September 2022, management has implemented procedures, including timely draws and disbursements, to ensure the Seminary is complying with cash management requirements.

Categories

Cash Management Significant Deficiency

Other Findings in this Audit

  • 47555 2022-002
    Significant Deficiency Repeat
  • 47557 2022-003
    Significant Deficiency
  • 623997 2022-002
    Significant Deficiency Repeat
  • 623998 2022-003
    Significant Deficiency
  • 623999 2022-003
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $1.15M
84.425 Education Stabilization Fund $136,820
84.063 Federal Pell Grant Program $41,155