Finding Text
Finding 2024-008 – Cash Management (Material Weakness and Noncompliance)
Information on the Federal Program: U.S. Department of Education, Higher Education-
Institutional Aid, Assistance Listing No. 84.031Criteria: 2 CFR Part 200.305 establishes the methods of receiving payment from the federal
agency. The College uses the reimbursement method to receive Title III funds. The non-federal
entity is also required to design and implement internal controls over the cash management
process.
Condition: We selected 5 drawdowns for reimbursement made during the year for testing. For 4
drawdowns, there was no documentation of a review of the calculation of the amount to draw or
approval to draw down the funds.
Cause: The College did not have a review and approval process in place for 9 months of the fiscal
year.
Effect: The College’s grant reimbursements were not properly approved.
Questioned Costs: None reported
Recommendation: We recommend the College strengthen its policies and procedures over cash
management to ensure controls are properly implemented and working effectively.
Views of Responsible Officials: See Management’s View and Corrective Action Plan included at
the end of the report.