Finding Text
Audit Finding Reference Number
2024-005 – Late Submission of Audit Report
Federal Program and Specific Federal Award Identification
CFDA Title and Number
Student Financial Aid Cluster:
84.007 Federal Supplemental Educational Opportunity Grant
84.033 Federal Work-Study Program
84.063 Federal Pell Grant Program
84.268 Federal Direct Student Loans
93.364 Nursing Student Loans
TRIO Cluster:
84.042 Student Support Services
84.044 Talent Search
84.217 McNair Post-Baccalaureate Achievement
84.425F COVID-19 Education Stabilization Fund – Institutional Portion
84.425J COVID-19 Education Stabilization Fund – Historically Black Colleges
and Universities (HBCU)
Federal Award Year
June 30, 2024
Federal Agencies
U. S. Department of Education
Pass-Through Entity
Not applicable
Criteria
Pursuant to the requirement of Uniform Guidance 2 CFR Part 200.512(a), single audit are required to be completed and the data collection form and reporting package submitted within the earlier of thirty (30) days after receipt of the auditor’s report, or nine (9) months after the end of the audit period. If the due date falls on a Saturday, Sunday, or federal holiday, the reporting package is due the next business day.
Conditions and Contexts
The June 30, 2024 audit report was not submitted within the prescribed time frame required by the federal regulations. The audit report was outstanding nine (9) months after the entity’s fiscal year end.
Cause
Management failed to ensure the audit report was issued within the prescribed time frame.
Questioned Costs
For the purposed of this condition, I have no questioned costs.
Effect
The University has not complied with the audit requirements of the Uniform Guidance 2 CFR Part 200.512(a).
Repeat Finding
No.
Recommendation
I recommend that management of the University take steps to ensure the Single Audit report is submitted within the prescribed deadlines.
Management’s Response
The late audit submission was a result of significant leadership and staffing turnover, unresolved audit support items, and missing reconciliations from prior months. The University engaged an external firm to stabilize the finance function and has since appointed an interim Controller. Beginning with FY26, the University will adopt a rolling monthly close schedule, establish an internal audit prep calendar, and define internal deadlines for deliverables to external auditors. These steps will support timely completion of future audits. Target: Audit submission by March 31, 2026 for FY25.