Finding Text
2022-001 Student Financial Assistance Program Cluster ? Department of Education Federal Financial Assistance Listing/CFDA #84.038 Federal Perkins Loan Program Reporting Material Weakness in Internal Control over Compliance Criteria: 34 CFR 673.3 requires institutions complete the Fiscal Operations Report and Application to Participate (FISAP) to participate in the Federal Perkins Loan Program. The Fiscal Operations Report includes the University?s financial information from the previous award year. Condition: Certain amounts within the FISAP filed during fiscal year 2021 FISAP were reported incorrectly in Part III, Section C, Line 1.1 column (c). Cause: There was a clerical error when typing the number. Effect: Information reported on the FISAP was incorrect. Questioned Costs: None Context/Sampling: Key line items within the FISAP report were tested as required by the OMB Compliance Supplement. No statistical sampling was performed. Repeat Finding from Prior Years: Yes Recommendation: The University should review current processes to ensure that line items reported are accurate. The FISAP review process should include a detail review by an individual independent from the preparer to verify the numbers reported. Views of Responsible Officials: Management agrees. Management?s complete response can be found in the separately issued corrective action plan.