FAC Explorer

Finding 610589 (2022-002)

Significant Deficiency
Requirement
P
Questioned Costs
-
Year
2022
Accepted
2023-03-29
Audit: 30452
Organization: Rust College, INC (MS)
Auditor: Booker T Camper JR CPA

AI Summary

  • Core Issue: The new accounting system lacks monthly comparisons of budgeted vs. actual expenditures and does not link grant contract numbers with general ledger accounts.
  • Impacted Requirements: This situation violates federal regulations and guidelines, specifically the Code of Federal Regulations, Part 200, Subpart F, and the Green Book.
  • Recommended Follow-Up: The Accounting department must ensure compliance with federal standards and maintain accurate grant accounting for all federal funds.

Finding Text

Conditions: The new accounting system did not provide accounting for comparison of the grant/contract budgeted amount with the actual expenditures on a monthly basis, comparison of various actual line expenses to budgeted line items and comparison of total expenses with total grant awards; also the new system did not correlate the grant contract numbers with the general ledger accounts. Criteria: Code of Federal Regulations, Part 200, Subpart F., Green Book at GAO.gov and applicable regulations per Compliance Supplements. Effect: Condition reduces objectivity and efficiency of monitoring activities. Cause: Installation of new system and upgrade. Questioned Costs: None. Recommendations: The Accounting department will maintain grant accounting system for all federal funds in accordance with the Green Book, GAO.gov and Code of Federal Regulations, Part 200, subpart F. Views of the Responsible Official: Management concurs with 2022-002 and will mandate adherence to the GAO's standards and Code of Federal Regulations, Part 200, subpart F and make adjustments on a current basis.

Categories

Subrecipient Monitoring

Other Findings in this Audit

  • 34142 2022-001
    Significant Deficiency
  • 34143 2022-002
    Significant Deficiency
  • 34144 2022-001
    Significant Deficiency
  • 34145 2022-002
    Significant Deficiency
  • 34146 2022-001
    Significant Deficiency
  • 34147 2022-002
    Significant Deficiency
  • 34148 2022-002
    Significant Deficiency
  • 34149 2022-001
    Significant Deficiency
  • 34150 2022-002
    Significant Deficiency
  • 610584 2022-001
    Significant Deficiency
  • 610585 2022-002
    Significant Deficiency
  • 610586 2022-001
    Significant Deficiency
  • 610587 2022-002
    Significant Deficiency
  • 610588 2022-001
    Significant Deficiency
  • 610590 2022-002
    Significant Deficiency
  • 610591 2022-001
    Significant Deficiency
  • 610592 2022-002
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.031 Higher Education_institutional Aid $2.86M
84.268 Federal Direct Student Loans $2.29M
84.063 Federal Pell Grant Program $2.11M
84.007 Federal Supplemental Educational Opportunity Grants $543,742
84.033 Federal Work-Study Program $147,522
84.425 Education Stabilization Fund $40,545