FAC Explorer

Finding 615304 (2022-004)

Significant Deficiency
Requirement
L
Questioned Costs
-
Year
2022
Accepted
2023-09-24
Audit: 46564
Organization: Salem Community College (NJ)
Auditor: Bkc CPAS PC

AI Summary

  • Core Issue: SCC failed to report a loan disbursement to COD within the required 15-day period.
  • Impacted Requirements: Institutions must submit all loan disbursement records to the U.S. Department of Education on time.
  • Recommended Follow-Up: The school should improve procedures to ensure timely reporting of all disbursements to COD.

Finding Text

Type: Internal Control Over Compliance Criteria: Institutions must report all loan disbursements and submit required records to the U.S. Department of Education?s Common Origination and Disbursement (COD) within 15 days of the disbursement. Condition: SCC did not report the disbursement for one student to COD within the 15 day time frame. Cause: This was an administrative oversight. Effect: COD was not notified timely. Recommendation: The School should review their procedures to ensure that COD is notified of each disbursement within the 15 day time frame. Management?s Response: The school will review their COD reporting procedures.

Categories

Internal Control / Segregation of Duties Reporting Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 38861 2022-003
    Significant Deficiency Repeat
  • 38862 2022-004
    Significant Deficiency
  • 38863 2022-007
    Significant Deficiency
  • 38864 2022-003
    Significant Deficiency Repeat
  • 38865 2022-005
    Significant Deficiency Repeat
  • 38866 2022-006
    Significant Deficiency Repeat
  • 38867 2022-003
    Significant Deficiency Repeat
  • 38868 2022-003
    Significant Deficiency Repeat
  • 615303 2022-003
    Significant Deficiency Repeat
  • 615305 2022-007
    Significant Deficiency
  • 615306 2022-003
    Significant Deficiency Repeat
  • 615307 2022-005
    Significant Deficiency Repeat
  • 615308 2022-006
    Significant Deficiency Repeat
  • 615309 2022-003
    Significant Deficiency Repeat
  • 615310 2022-003
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
84.063 Federal Pell Grant Program $1.72M
84.268 Federal Direct Student Loans $706,653
84.425 Education Stabilization Fund $384,401
84.048 Career and Technical Education -- Basic Grants to States $118,898
84.007 Federal Supplemental Educational Opportunity Grants $34,099
84.033 Federal Work-Study Program $16,381