FAC Explorer

Finding 562129 (2024-001)

- Repeat Finding
Requirement
L
Questioned Costs
-
Year
2024
Accepted
2025-06-02
Audit: 357766
Organization: Los Angeles Chapter National Tooling & MacHining Association Training Centers Trust (CA)
Auditor: Vasquez & Company LLP

AI Summary

  • Core Issue: There was an error in reporting disbursement dates for 1 out of 20 students, with the COD system showing November 29, 2023, instead of the correct date, December 18, 2023.
  • Impacted Requirements: The inaccuracies in the disbursement records violate reporting standards, even though they did not lead to questioned costs.
  • Recommended Follow-Up: Review and correct the disbursement date in the COD system to ensure accurate reporting and compliance with requirements.

Finding Text

Reporting: Inaccurate Reporting of Origination and Disbursement Records to Common Origination and Disbursement (COD) System We noted that 1 out of 20 students selected for Reporting had discrepancies in the disbursement date reported on the disbursement records compared to the actual disbursement date. The correct date of disbursement was December 18, 2023, but the date reported in COD system was November 29, 2023 due to the incorrect date encoded. This error did not result in a questioned cost, however, the reported date of distribution submitted in the COD system is still inaccurate.

Corrective Action Plan

To address this issue, the Institution has developed a comprehensive action plan to improve accuracy and compliance with COD reporting requirements: 1. Implement a COD Reconciliation Process: The Institution will establish monthly reconciliation procedures to ensure that internal financial aid records align with the COD system before submission deadlines. A designated financial aid team member will be responsible for crosschecking data and correcting discrepancies immediately. 2. Strengthen Data Entry Protocols: Standardized data entry procedures will be developed and implemented to ensure that all COA components and disbursement records are accurately entered into the COD system. Dual verification checkpoints will be introduced, requiring a second reviewer to validate COD submissions before final reporting. 3. Specialized Staff Training: The Institution will provide specialized training to financial aid personnel responsible for COD reporting. Training will focus on:  Accurate data entry and reconciliation processes.  Understanding federal regulations related to COD reporting.  Best practices for maintaining error-free student aid records. Staff will also participate in annual refresher training to stay up to date with regulatory changes and system updates. 4. Automation and System Enhancements: The Institution will evaluate available automation tools within its Student Management System (Jenzabar Financial Aid) to reduce manual data entry errors. Where applicable, automated alerts and reminders will be implemented to notify staff of discrepancies before submission. Personnel Responsible for Implementation: Danielle Skinner Position of Responsible Personnel: President Expected Date of Implementation: Immediate

Categories

Reporting

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.063 Federal Pell Grant Program $832,607
84.268 Federal Direct Student Loans $495,733
84.425 Education Stabilization Fund $330,146