FAC Explorer

Finding 513134 (2023-002)

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Requirement
C
Questioned Costs
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Year
2023
Accepted
2024-12-05
Audit: 331122
Organization: Metropolitan College of New York (NY)
Auditor: Nawrocki Smith LLP

AI Summary

  • Answer: Monthly reconciliations were skipped, causing delays in identifying and returning excess cash.
  • Trend: This issue may lead to ongoing cash management problems if not addressed.
  • List: Ensure monthly reconciliations are completed on time to prevent future delays in cash returns.

Finding Text

Monthly reconciliations were not performed, therefore the identification of excess funds delayed the returning of excess cash.

Categories

Cash Management

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