FAC Explorer

Finding 507815 (2024-003)

Significant Deficiency
Requirement
L
Questioned Costs
$1
Year
2024
Accepted
2024-11-14
Audit: 328325
Organization: University of Sioux Falls (SD)
Auditor: Eide Bailly LLP

AI Summary

  • Core Issue: The University inaccurately reported Cash on Hand in the FISAP, leading to a discrepancy of $15,454.
  • Impacted Requirements: Compliance with 34 CFR 673.3, which mandates accurate completion of the Fiscal Operations Report for federal funding participation.
  • Recommended Follow-Up: The University should enhance its reconciliation process to ensure accurate reporting of financial data in future FISAP submissions.

Finding Text

Student Financial Assistance Program Cluster – Department of Education Federal Financial Assistance Listing #84.063 Federal Pell Grant Program P063P222212, P063P232212 Federal Financial Assistance Listing #84.038 Federal Perkins Loans Federal Financial Assistance Listing #84.007 Federal Supplemental Educational Opportunity Grants P007A223837, P007A233837 Reporting Significant Deficiency in Internal Control over Compliance Criteria: 34 CFR 673.3 requires institutions complete the Fiscal Operations Report and Application to Participate (FISAP) to participate in the Federal Work Study or Federal Supplemental Education Opportunity Grants. The Fiscal Operations Report includes the University’s financial information from the previous award year. Condition: The amount reported for Cash on Hand as of 6/30/2023, line‐item Part II Section A Field Item 1.1, did not agree to supporting documentation. Cause: The University had trouble reconciling Federal Perkins Loan Program activity reported within the Fiscal Operations Report. Effect: Information reported within the FISAP over line item referenced above was inaccurate. Questioned Costs: Cash on Hand of as of 6/30/2023 was under reported by $15,454. Context/Sampling: Key line items within the FISAP report were tested as required by the OMB Compliance Supplement. No statistical sampling was performed. Repeat Finding from Prior Years: No Recommendation: The University should review their current process to ensure that line items reported are accurate. Views of Responsible Officials: Management agrees with the finding.

Corrective Action Plan

Student Financial Assistance Program Cluster - Department of Education Federal Financial Assistance Listing #84.063 Federal Pell Grant Program P063P222212, P063P232212 Federal Financial Assistance Listing #84.038 Federal Perkins Loans Federal Financial Assistance Listing #84.007 Federal Supplemental Educational Opportunity Grants P007A223837, P007A233837 Reporting Significant Deficiency in Internal Control over Compliance Finding Summary: The amount reported for Cash on Hand as of 6/30/2023, line-item Part II Section A Field Item 1.1, did not agree to supporting documentation Responsible Individuals: Michael Van Surksum, Vice President for Business and Finance Corrective Action Plan: Management will review their current process to ensure that line items reported are accurate. Anticipated Completion Date: June 30, 2025.

Categories

Questioned Costs Student Financial Aid Reporting Significant Deficiency Matching / Level of Effort / Earmarking Internal Control / Segregation of Duties

Other Findings in this Audit

  • 507814 2024-002
    Significant Deficiency
  • 507816 2024-003
    Significant Deficiency
  • 507817 2024-003
    Significant Deficiency
  • 507818 2024-004
    Significant Deficiency
  • 507819 2024-005
    Material Weakness
  • 1084256 2024-002
    Significant Deficiency
  • 1084257 2024-003
    Significant Deficiency
  • 1084258 2024-003
    Significant Deficiency
  • 1084259 2024-003
    Significant Deficiency
  • 1084260 2024-004
    Significant Deficiency
  • 1084261 2024-005
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $7.86M
84.063 Federal Pell Grant Program $2.01M
84.031 Higher Education_institutional Aid $1.12M
84.038 Federal Perkins Loan Program $474,945
84.033 Federal Work-Study Program $166,212
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $112,217
84.007 Federal Supplemental Educational Opportunity Grants $104,500
93.859 Biomedical Research and Research Training $103,378
16.525 Grants to Reduce Domestic Violence, Dating Violence, Sexual Assault, and Stalking on Campus $27,498