Finding 540522 (2024-002)

Requirement

Questioned Costs

Year

2024

Accepted

2025-03-28

Audit: 350266

Organization: Lake Erie College (OH)

Auditor: Maloney + Novotny LLC

AI Summary

Answer: Management acknowledges the audit finding.
Trend: This indicates a willingness to address issues proactively.
List: Review the corrective action plan for specific steps being taken.

Finding Text

Management Response: Management agrees with the finding. Please refer to management's corrective action plan.

Corrective Action Plan

Planned Corrective Action: Management will ensure that internal controls surrounding the preparation and review of the SEFA are adequately monitored moving forward for completeness. Anticipated Completion Date: June 30, 2025 Responsible Contact Person: Jacalyn Kovach, Vice President of Finance

Other Findings in this Audit

540516 2024-001

-
540517 2024-001

-
540518 2024-001

-
540519 2024-001

-
540520 2024-001

-
540521 2024-001

-
1116958 2024-001

-
1116959 2024-001

-
1116960 2024-001

-
1116961 2024-001

-
1116962 2024-001

-
1116963 2024-001

-
1116964 2024-002

-

Programs in Audit

ALN	Program Name	Expenditures
84.268	Federal Direct Student Loans	$6.64M
84.063	Federal Pell Grant Program	$1.65M
84.425U	Education Stabilization Fund	$605,223
84.038	Federal Perkins Loan Program_federal Capital Contributions	$565,322
84.007	Federal Supplemental Educational Opportunity Grants	$96,325
84.033	Federal Work-Study Program	$95,619
84.379	Teacher Education Assistance for College and Higher Education Grants (teach Grants)	$11,316