Finding 513131 (2023-001)

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Requirement
C
Questioned Costs
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Year
2023
Accepted
2024-12-05
Audit: 331122

AI Summary

  • Answer: Monthly internal reconciliations were delayed.
  • Trend: This issue may lead to ongoing discrepancies in financial reporting.
  • List: Ensure timely preparation of reconciliations moving forward.

Finding Text

Monthly internal reconciliations were not prepared on a timely basis.

Corrective Action Plan

Upon discovery (during 2023) of the failure of the College to perform monthly reconciliations, the College immediately implemented a corrective action plan that included a strengthening of procedures with corresponding internal controls, with immediate return of any excess cash. The Corrective Action Plan included Student Financial Aid training sessions for Business Office Staff responsible for Title IV cash management oversight. To further address this situation, the College engaged an independent consultant to assist in the review and revision of existing Business Office Title IV policies and procedures, which were immediately adopted and implemented

Categories

No categories assigned yet.

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $10.45M
84.063 Federal Pell Grant Program $1.91M
17.271 Work Opportunity Tax Credit Program (wotc) $803,614
84.031 Higher Education Institutional Aid $216,523
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $158,099
84.007 Federal Supplemental Educational Opportunity Grants $146,094
84.033 Federal Work-Study Program $117,849