Finding Text
Finding 2022-004 ? Higher Education Emergency Relief Fund, CFDA# 84.425F Compliance Requirement: Cash Management Condition: Institutional Aid Portions of the Higher Education Emergency Relief Fund (?HEERF?) occurred before the funds were obligated. Criteria: Higher Education Emergency Relief Fund (?HEERF?) drawdowns should occur after the funds have been obligated. For lost revenue, the ?obligation? occurs on the date the institution completes its estimate of its amount of lost revenue after the estimation period. Cause: Lack of understanding by the University?s Vice President of Finance, Operations, and Administration. Context: The University?s lost revenue calculation for the year ended June 30, 2022 was calculated based on estimated lost revenue related to the year ended June 30, 2022. The institutional HEERF funds related to this lost revenue estimate were drawndown prior to the date the University completed its estimate of its amount of lost revenue. Effect: Lack of compliance with cash management compliance requirements. Recommendation: The University?s management should read and follow all HEERF program grant guidance regulations and guidelines. Management Response: The University concurs with this finding. Corrective Action Plan: See attached management?s corrective action plan.