Finding Text
Audit Finding Reference Number
2024-004 – Fiscal Operations Report and Application to Participate (FISAP)
Federal Program and Specific Federal Award Identification
CFDA Title and Number
84.033 Federal Work Study Program (FWS)
84.038 Federal Perkins Loan Program
Federal Award Year
June 30, 2024
Federal Agencies
U. S. Department of Education
Pass-Through Entity
Not applicable
Criteria
OMB 2 CFR 200, Subpart F Compliance Supplement Part 5, Appendix A, Student Financial Assistance – Reporting Compliance Requirement, Special Reporting Section (L) (3) indicates that the University should submit its FISAP report containing critical information. The Compliance Supplement requires the auditor to examine financial reports to provide reasonable assurance that the reports of Federal awards submitted to the Federal awarding agency or pass-through entity include all activity of the reporting period, be supported by underlying accounting or performance records, and are fairly presented in accordance with program requirements.
Conditions and Context
During my audit of the FISAP report, I noted several key line items reported incorrect data from the University’s accounting records:
• Part III- Federal Perkins Loan Program, Section A. Fiscal Report (Cumulative),
• Part III – Federal Perkins Loan Program, Section F. Capital Contribution to the Perkins Fund, and
• Part V – Federal Work-Study (FWS) Program, Section C. Total Compensation for FWS.
Cause
Changes in the University’s staffing prevented key personnel from completing the FISAP reporting correctly and adequately.
Questioned Costs
For the purpose of this finding, I have not questioned any costs.
Effect
The University is not in compliance with the federal reporting requirements.
Repeat Finding
No.
Recommendation
I recommend that the University implement controls to ensure the FISAP is submitted with all supporting documentation provided and available for review.
Management’s Response
The University concurs with this finding. Due to turnover in critical roles, the FY24 FISAP contained inaccuracies. The University has appointed an interim Controller to oversee the correction of reporting processes. The new process will require that all FISAP data be supported by reconciled financial records and reviewed collaboratively by Financial Aid and Accounting staff. Process updates and internal review checklists will be developed in time for the FY25 submission, with training and testing of the new approach by June 30, 2026.