Finding Text
Finding 2024-010 U.S. Department of Education Higher Education Emergency Relief Fund (HEERF) 84.425E/84.425F Requirements: Reporting Condition: During our audit of the Schedule of Expenditures of Federal Awards (“SEFA”) for the year ended August 31, 2024, we noted that the amount reported by the College for the HEERF grant on the SEFA did not agree with the cumulative expenditures reported in the Federal CARES Reporting Portal. Criteria: Per 2 CFR § 200.510(b), the SEFA must be complete and accurate, and per HEERF grant terms and conditions, institutions are required to accurately report grant expenditures in both the SEFA and the CARES Act Reporting Portal. Cause: The discrepancy appears to be the result of a lack of reconciliation procedures between the general ledger, the SEFA, and the Federal Reporting Portal submissions. Effect: The inconsistency may result in inaccurate financial reporting and a risk of noncompliance with federal reporting requirements, which could impact future funding or trigger additional oversight. Repeat Finding: Not a repeat finding Recommendation: We recommend that management implement formal reconciliation procedures to ensure that amounts reported in the SEFA align with those reported in the Federal CARES Portal. The reconciliation should be documented and reviewed by a responsible official prior to finalizing federal reporting submissions. Perspective: This issue only impacts reporting for the HEERF program. Management’s Response: See corrective action plan.