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.