Finding 580660 (2023-001)

Requirement

GILN

Questioned Costs

Year

2023

Accepted

2023-12-13

Audit: 6546

Organization: New Mexico Educational Assistance Foundation (NM)

Auditor: Pattillo Brown & Hill LLP

AI Summary

Issue: Claims were submitted late, violating compliance standards.
Trend: This has been a recurring problem, indicating a need for better tracking and management.
Follow-up: Implement a system to monitor claim submission timelines and provide training to staff on compliance requirements.

Claims Filed Untimely (Other Non-Compliance)

ALN	Program Name	Expenditures
84.032	Federal Family Education Loan Program - Lender Special Allowance	$3.05M
84.032	Federal Family Education Loan Program - Lender Interest Subsidies	$441,554