Finding Text
2022-010 ? Incorrect Tuition Amount used to Calculate Award/Student did not Receive Emergency Financial Aid Grant Finding Type. Immaterial Noncompliance/Significant Deficiency in Internal Control over Compliance (Cash Managment). Program. COVID-19 - Higher Education Emergency Relief Fund; Assistance Listing Numbers 84.425E, 84.425F. Criteria. The University is required to disburse funds from the student portion within 15 days and the institutional portion within three days of the drawdown from G5 or in accordance with the University's cash management policy if more restrictive than the prescribed guidance. Condition. Management prepared a manual spreadsheet to calculate student emergency aid grants based on outstanding student balances. Of the 40 students tested, two students were identified where the incorrect outstanding balance was used to calculate the student emergency aid grant, and one student was identified who was awarded emergency aid, however, the award was not paid to the student. Cause. This condition appears to have been caused by a lack of oversight of accounting personnel and reconciliations not being subject to independent review. Effect. As a result of this condition, the University overdrew funds from G5 in the total amount of $800 and failed to pay award to a student in the amount of $500. Questioned Costs. No costs have been questioned as a result of this finding inasmuch no unallowable costs have been identified. Recommendation. We recommend that the University implement procedures to review reconciliations for accuracy. View of Responsible Officials. Management agrees with the finding. See corrective action plan.