Finding 551103 (2024-012)

Significant Deficiency
Requirement
N
Questioned Costs
-
Year
2024
Accepted
2025-03-31
Audit: 352022
Organization: William Peace Universirty (NC)

AI Summary

  • Core Issue: The University failed to report disbursement dates and amounts to the COD system within the required 15-day period.
  • Impacted Requirements: Compliance with Department of Education guidelines (34 CFR 690.83(b)(2) and CFR 685.309) is not being met.
  • Recommended Follow-Up: The University should review and improve its reporting procedures to ensure timely compliance with COD requirements.

Finding Text

Federal Agency: U.S. Department of Education Federal Program Name: Student Financial Aid Cluster Assistance Listing Number: 84.063, 84.268 Federal Award Identification Number: P063P231946, P268K241946 Award Period: July 1, 2023 – June 30, 2024 Type of Finding: Significant Deficiency in Internal Control over Compliance, Other Matters Criteria or Specific Requirement: The Department of Education requires the University to report the disbursement dates and amounts to the COD system within 15 days of disbursing Pell and Direct Loan funds to a student. (34 CFR 690.83(b)(2) and CFR 685.309) Condition: Disbursements were not reported to COD within the required 15-day timeframe. Questioned Costs: N/A Context: During our testing of forty disbursements, we noted one disbursement was not reported to COD in a timely manner. Cause: The University’s controls around reporting to COD were not functioning as designed to ensure timely reporting. Effect: The University is not in compliance with the Department of Education guidelines. Repeat Finding: No Recommendation: We recommend the University evaluate its procedures and policies around reporting to the COD to ensure that student information is reported timely. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.

Corrective Action Plan

Student Financial Assistance Cluster - Assistance Listing No. 84.063, 84.268 Recommendation: We recommend the University evaluate its procedures and policies around reporting to the COD to ensure that student information is reported timely. Explanation of disagreement with audit finding: There is no disagreement with the audit finding. Action taken in response to finding: The Financial Aid Department will evaluate its policies and procedures around reporting to the COD to ensure that student information is reported timely. Name(s) of the contact person(s) responsible for corrective action: Damon Wade, VP for Enrollment Management and Marketing Planned completion date for corrective action plan: April 2025

Categories

Student Financial Aid Reporting Significant Deficiency Matching / Level of Effort / Earmarking Internal Control / Segregation of Duties

Other Findings in this Audit

  • 551087 2024-005
    Significant Deficiency
  • 551088 2024-005
    Significant Deficiency
  • 551089 2024-005
    Significant Deficiency
  • 551090 2024-005
    Significant Deficiency
  • 551091 2024-006
    Significant Deficiency
  • 551092 2024-006
    Significant Deficiency
  • 551093 2024-007
    Significant Deficiency
  • 551094 2024-008
    Significant Deficiency
  • 551095 2024-008
    Significant Deficiency
  • 551096 2024-008
    Significant Deficiency
  • 551097 2024-009
    Significant Deficiency Repeat
  • 551098 2024-010
    Material Weakness
  • 551099 2024-011
    Significant Deficiency
  • 551100 2024-011
    Significant Deficiency
  • 551101 2024-011
    Significant Deficiency
  • 551102 2024-011
    Significant Deficiency
  • 551104 2024-012
    Significant Deficiency
  • 551105 2024-013
    Significant Deficiency
  • 551106 2024-014
    Material Weakness
  • 551107 2024-014
    Material Weakness
  • 551108 2024-014
    Material Weakness
  • 551109 2024-014
    Material Weakness
  • 1127529 2024-005
    Significant Deficiency
  • 1127530 2024-005
    Significant Deficiency
  • 1127531 2024-005
    Significant Deficiency
  • 1127532 2024-005
    Significant Deficiency
  • 1127533 2024-006
    Significant Deficiency
  • 1127534 2024-006
    Significant Deficiency
  • 1127535 2024-007
    Significant Deficiency
  • 1127536 2024-008
    Significant Deficiency
  • 1127537 2024-008
    Significant Deficiency
  • 1127538 2024-008
    Significant Deficiency
  • 1127539 2024-009
    Significant Deficiency Repeat
  • 1127540 2024-010
    Material Weakness
  • 1127541 2024-011
    Significant Deficiency
  • 1127542 2024-011
    Significant Deficiency
  • 1127543 2024-011
    Significant Deficiency
  • 1127544 2024-011
    Significant Deficiency
  • 1127545 2024-012
    Significant Deficiency
  • 1127546 2024-012
    Significant Deficiency
  • 1127547 2024-013
    Significant Deficiency
  • 1127548 2024-014
    Material Weakness
  • 1127549 2024-014
    Material Weakness
  • 1127550 2024-014
    Material Weakness
  • 1127551 2024-014
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $4.29M
84.063 Federal Pell Grant Program $1.43M
84.033 Federal Work-Study Program $46,035
84.007 Federal Supplemental Educational Opportunity Grants $39,392