While HEERF funding will no longer be available in subsequent years, we recognize the importance of ensuring timely and compliant disbursement processes for all federal grants. To address this finding and prevent similar issues in future grant programs, the Institution has taken or will take the following corrective actions:
1. Internal Process Review: We are conducting a comprehensive review of our federal funds management processes, with a focus on cash drawdowns and disbursement timelines.
2. Grant Compliance Training: Staff responsible for federal grant administration will receive enhanced training on compliance requirements, including drawdown and disbursement timelines, to ensure all applicable deadlines are met.
3. Standard Operating Procedures (SOPs): We are developing and updating SOPs to document internal controls and step-by-step processes for managing federal grant funds, ensuring clarity and accountability at all levels.
4. Monitoring and Oversight: A structured internal monitoring process will be implemented to track disbursement deadlines and ensure timely distribution of student aid funds.
5. Cross-Functional Coordination: Financial Aid and Finance teams will collaborate more closely to streamline communication and execution of disbursements within required timeframes.
Personnel Responsible for Implementation: Danielle Skinner
Position of Responsible Personnel: President
Expected Date of Implementation: Immediate