Finding Text
Finding: 2022-001 Federal Program: HEERF Institutional Aid ? 84.425F ? Cash Management Federal Agency: U.S. Department of Education Criteria: Department of Education requirements for COVID-19 Education Stabilization Fund (ESF) Programs for the cash management requirement, as summarized in the 2022 OMB Compliance Supplement stipulates that the institutional aid portion of ESF Funds (ALN 84.425F) should be disbursed within 3 calendar days of the drawdown from the G5 system. Condition: Institutional Aid funds drawn by the System were supported by expenditures incurred however, the System did not disburse the drawn funds within the required 3 calendar day period. Cause: The System was not aware that Institutional Aid funds drawn were required to be disbursed within 3 calendar days. Effect or Potential Effect: Funds were retained by the System beyond the allowed days prior to disbursement. Prevalence: A sample of 4 transactions within a population of 15 transactions were tested. The sample in its entirety was not disbursed timely. Questioned Costs: None. Recommendation: We recommend management review their process around grant requirements to ensure all requirements are met.