Finding Text
2022-001 Cash Management Federal agency: U.S Department of Education Federal program title: Higher Education Emergency Relief Fund Assistant Listing Number: 84.425E / 84.425F Federal Award Identification Number: P425E203569 / P425F203111 Award Period: July 1, 2021 to June 30, 2022 Type of Finding: ? Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: Per Uniform Guidance 2 CFR 200.303, non-Federal entities receiving Federal awards are required to establish and maintain internal controls designed to reasonably ensure compliance with Federal laws, regulations and program compliance requirements. The College is required to have proper established controls over its cash management process related to cash drawdowns from the G5 system. Condition and Context: The College did not have a formal documented review process in place to ensure G5 drawdowns were reviewed prior to submitting the drawdown request. Questioned costs: None. Cause: The College did not properly implement internal control procedures over cash management procedures pertaining to its cash drawdowns from the G5 system. Effect: Failure to properly review Cash Management drawdowns could result in an improper amount of funds being requested. Repeat Finding: No. Recommendation: We recommend the College implement controls related to cash management that designates a different reviewer and signer of drawdowns that occur within a given year. Views of responsible officials and management?s response: The College agrees with the finding.