FAC Explorer

Finding 502025 (2023-001)

Significant Deficiency Repeat Finding
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-10-08
Audit: 324217
Organization: Rust College, INC (MS)
Auditor: Booker T Camper JR CPA

AI Summary

  • Answer: There are discrepancies between cash drawdowns recorded in the general ledger and actual amounts for federal programs excluding Title IV.
  • Trend: This issue has been recurring, indicating a potential pattern of misreporting or mismanagement of funds.
  • List: Review cash drawdown processes, ensure accurate reporting, and implement regular audits to prevent future discrepancies.

Finding Text

Cash Drawdowns Per General Ledger for Federal Programs Other Than Title IV

Corrective Action Plan

The Finance and Business Department, with the Chief Information Officer, will need more training for procedures for cash drawdowns and expenditure's reconciliation per records and accounts on a timely basis.

Categories

Student Financial Aid Cash Management

Other Findings in this Audit

  • 502026 2023-002
    Significant Deficiency
  • 1078467 2023-001
    Significant Deficiency Repeat
  • 1078468 2023-002
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund $2.18M
84.063 Federal Pell Grant Program $2.06M
84.268 Federal Direct Student Loans $1.96M
84.031 Higher Education_institutional Aid $1.90M
84.007 Federal Supplemental Educational Opportunity Grants $521,881
84.047 Trio_upward Bound $298,281
84.033 Federal Work-Study Program $271,781