FAC Explorer

Finding 578814 (2020-011)

Material Weakness
Requirement
N
Questioned Costs
-
Year
2021
Accepted
2023-11-26
Audit: 4064
Organization: Concordia College (NY)
Auditor: Pkf O'Connor Davies LLP

AI Summary

  • Core Issue: Missing reconciliations for all requested monthly COD reports hindered verification of borrower data.
  • Impacted Requirements: Compliance with documentation standards for the Federal Direct Student Loan Program was not met.
  • Recommended Follow-Up: Ensure timely submission of all required reconciliations and maintain proper documentation for future audits.

Finding Text

2020-011 Special Tests – Borrower Data and Reconciliation (Direct Loans) FALN Number: 84.268 Program or Cluster Name: Federal Direct Student Loan Program (Student Financial Assistance Cluster) Agency: U.S. Department of Education Condition: For three of three monthly Common Origination and Disbursement (“COD”) reconciliations requested, reconciliations were not provided. Status: Due to the closure of the College review of the documents obtained during the COD process along with the supporting documents was not documented either digitally or in paper format. As such the correction of the finding could not be verified. See current year finding 2021-002.

Categories

Student Financial Aid Matching / Level of Effort / Earmarking Special Tests & Provisions

Other Findings in this Audit

  • 2362 2021-002
    Material Weakness
  • 2363 2020-002
    Material Weakness
  • 2364 2020-003
    Significant Deficiency
  • 2365 2020-004
    Material Weakness Repeat
  • 2366 2020-005
    Material Weakness
  • 2367 2020-006
    Significant Deficiency
  • 2368 2020-007
    Significant Deficiency Repeat
  • 2369 2020-008
    Material Weakness Repeat
  • 2370 2020-009
    Significant Deficiency
  • 2371 2020-010
    Material Weakness
  • 2372 2020-011
    Material Weakness
  • 2373 2020-012
    Material Weakness
  • 2374 2020-013
    Material Weakness
  • 578804 2021-002
    Material Weakness
  • 578805 2020-002
    Material Weakness
  • 578806 2020-003
    Significant Deficiency
  • 578807 2020-004
    Material Weakness Repeat
  • 578808 2020-005
    Material Weakness
  • 578809 2020-006
    Significant Deficiency
  • 578810 2020-007
    Significant Deficiency Repeat
  • 578811 2020-008
    Material Weakness Repeat
  • 578812 2020-009
    Significant Deficiency
  • 578813 2020-010
    Material Weakness
  • 578815 2020-012
    Material Weakness
  • 578816 2020-013
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $7.06M
84.063 Federal Pell Grant Program $1.52M
84.007 Federal Supplemental Educational Opportunity Grants $40,768
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $33,031