Finding 524641 (2024-005)

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Requirement
L
Questioned Costs
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Year
2024
Accepted
2025-02-27
Audit: 344088
Organization: Eureka College (IL)
Auditor: Sikich CPA LLC

AI Summary

  • Core Issue: The College failed to submit the Fiscal Operations Report (FISAP) by the September 30, 2023 deadline, indicating noncompliance with federal reporting requirements.
  • Impacted Requirements: This finding relates to 34 CFR 674.19 (d)(2), which mandates accurate and timely submission of financial reports to the Secretary.
  • Recommended Follow-Up: The College should review and improve its policies and procedures to ensure timely and accurate submissions of all required reports.

Finding Text

2024-005 - Student Financial Aid Cluster - (a) Federal Pell Grant (b) Federal Supplemental Educational Opportunity Grant (c) Federal Work Study Grant (d) Federal Perkins Loan Program (e) Federal Direct Student Loans (f) Teacher education Assistance for College and Higher Education ALN No. (a) 84.063 (b) 84.007 (c) 84.033 (d) 84.038 (e) 84.268 (f) 84.379 - Year Ended June 30, 2024. Criteria: 34 CFR 674.19 (d)(2) states “Each year an institution shall submit a Fiscal Operations Report plus other information the Secretary requires. The institution shall insure that the information reported is accurate and shall submit it on the form and at the time specified by the Secretary. Condition: The College did not submit the Fiscal Operations Report (FISAP) on or before the specified deadline of September 30, 2023. We consider this condition to be an instance of noncompliance relating to the Reporting compliance requirement. Cause and effect: Without proper controls in place, the College may not meet specified reporting requirements. Recommendation: We recommend the College evaluate policies and procedures to ensure all required supports are submitted timely and accurately. Views of Responsible Officials: Management agrees with this Single Audit Finding and response is included in the Corrective Action Plan.

Corrective Action Plan

2024-005 - Student Financial Aid Cluster - (a) Federal Pell Grant (b) Federal Supplemental Educational Opportunity Grant (c) Federal Work Study Grant (d) Federal Perkins Loan Program (e) Federal Direct Student Loans (f) Teacher education Assistance for College and Higher Education ALN No. (a) 84.063 (b) 84.007 (c) 84.033 (d) 84.038 (e) 84.268 (f) 84.379 - Year Ended June 30, 2024. Condition: The College did not submit the Fiscal Operations Report (FISAP) on or before the specified deadline of September 30, 2023. We consider this condition to be an instance of noncompliance relating to the Reporting compliance requirement. Management Response: Management agrees with the finding Corrective Action Plan: FISAP will be completed by September 15th each year. Plan is in place to ensure access to a wet signature. Prior late submission was due to staffing change and rejected application. Responsible Person: Tim Marten and Michael Bauman Implementation Date: 7/01/2024

Categories

Student Financial Aid Reporting Matching / Level of Effort / Earmarking

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $2.56M
84.063 Federal Pell Grant Program $1.43M
11.307 Economic Adjustment Assistance $797,429
84.033 Federal Work-Study Program $82,440
84.031 Higher Education_institutional Aid $67,920
84.007 Federal Supplemental Educational Opportunity Grants $57,084
84.038 Federal Perkins Loan Program $54,815
45.301 Museums for America $34,003
45.149 Promotion of the Humanities_division of Preservation and Access $5,160
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $3,772