Finding 504350 (2024-002)

Significant Deficiency
Requirement
L
Questioned Costs
-
Year
2024
Accepted
2024-11-01
Audit: 326928
Organization: Mount Saint Mary College (NY)
Auditor: Crowe

AI Summary

  • Core Issue: Disbursement details for many students were submitted late or inaccurately due to a system error.
  • Impacted Requirements: 28 out of 60 students had submissions over 15 days late, and 48 had mismatched disbursement dates.
  • Recommended Follow-Up: Investigate the system error in JFA and ensure timely and accurate reporting to COD moving forward.

Finding Text

For twenty eight out of sixty sample students tested, disbursement details were submitted to COD more than 15 days from the actual disbursement date. This was due to a system error that the College encountered with its system, JFA; For forty eight out of sixty sample students tested, the disbursement date per student account statement and COD did not match; and For one out of sixty sample students tested, there was a disbursement date of February 28, 2024 but it was not reported to COD until October 4, 2024.

Corrective Action Plan

In the JFA system you have to manually input the disbursement date of the loans prior to sending out the disbursement request file. We have ensured that in the 2024-2025 processing year we inputted that disbursement date so it reflects the day you are sending out files, not the automatically generated disbursement date through JFA. This will ensure timely reporting of disbursement dates/processing dates on COD and on the student account statements

Categories

No categories assigned yet.

Other Findings in this Audit

  • 504349 2024-001
    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