Finding 504349 (2024-001)

Significant Deficiency

Requirement

Questioned Costs

Year

2024

Accepted

2024-11-01

Audit: 326928

Organization: Mount Saint Mary College (NY)

Auditor: Crowe

AI Summary

Answer: The College reconciles JFA and COD monthly but only reconciles G5 quarterly.
Trend: This inconsistency may lead to discrepancies in financial reporting.
List: Recommend implementing monthly G5 reconciliations to align with other systems.

Finding Text

The College has a monthly reconciliation process in place between its system, Jenzabar Financial Aid (JFA), and COD on a monthly basis but not with the G5 system. Further, the G5 reconciliation is done only on a quarterly basis.

Corrective Action Plan

Reconciliation was performed on a monthly basis through our office but files were loaded in through the JFA “reconciliation” feature. When you load files into the system it overwrites the previous file. In the 2024-2025 year we have taken screen shots of our current funding level (CFL) on the COD system for each month we are reconciling. We have downloaded the reconciliation files out of the JFA system so that we can provide a paper-trail that auditing of student records were completed through the three systems.

Other Findings in this Audit

504350 2024-002

Significant Deficiency
1080791 2024-001

Significant Deficiency
1080792 2024-002

Significant Deficiency

Programs in Audit

ALN	Program Name	Expenditures
84.268	Federal Direct Student Loans	$11.55M
84.063	Federal Pell Grant Program	$2.37M
93.178	Nursing Workforce Diversity	$643,451
84.038	Federal Perkins Loan Program	$262,254
84.007	Federal Supplemental Educational Opportunity Grants	$146,671
93.364	Nursing Student Loans	$124,511
84.033	Federal Work-Study Program	$105,385
84.379	Teacher Education Assistance for College and Higher Education Grants (teach Grants)	$16,974