Finding 618178 (2022-003)

Material Weakness Repeat Finding
Requirement
E
Questioned Costs
-
Year
2022
Accepted
2022-11-13
Audit: 38581
Organization: Urshan College (MO)

AI Summary

  • Core Issue: The College reported incorrect disbursement dates for 24 out of 60 tested Pell and Direct Loan disbursements to the COD system.
  • Impacted Requirements: Compliance with DoE regulations requires accurate reporting of disbursement dates within 15 days (34 CFR 690.83(b)(2) and 34 CFR 685.309).
  • Recommended Follow-Up: Allocate additional resources to ensure compliance with reporting requirements and prevent future discrepancies.

Finding Text

2022-003 Eligibility Federal Agency: U.S. Department of Education Federal Program Title: Student Financial Assistance Cluster Assistance Listing No. 84.063, 84.268 Federal Award Identification Number and Year: P063P218567-2022, P268K228567-2022 Award Periods: July 1, 2021 through June 30, 2022 Type of Finding: ? Material Weakness in Internal Control Over Compliance ? Other Matters Criteria or specific requirement: The DoE requires institution to report the disbursement dates and amounts to the COD system within 15 days of disbursing Pell (34 CFR 690.83(b)(2) and Direct Loan (34 CFR 685.309) funds to a student. Condition: During our testing, of the 60 disbursements tested, twenty four (24) had incorrect disbursement dates to the COD system. Questioned Costs: None Context: During our testing, of the 60 disbursements tested, twenty four (24) had incorrect disbursement dates to the COD system. While performing audit procedures, it was noted that information was incorrectly reported to the COD and was not updated within the 15-day reporting time frame. Cause: The College did not have the appropriate resources and staffing in place to verify they were in compliance with all requirements. Effect: Student interest accrues based on disbursement date reported to COD, thus interest calculation could be skewed due to the discrepancy in disbursement dates reported. Repeat findings: 2021-005 Recommendation: We recommend the College provide additional resources to ensure all compliance requirements are met. Views of Responsible Officials: There is no disagreement with the audit finding.

Categories

Student Financial Aid Eligibility Material Weakness Reporting Matching / Level of Effort / Earmarking Internal Control / Segregation of Duties

Other Findings in this Audit

  • 41730 2022-003
    Material Weakness Repeat
  • 41731 2022-005
    Significant Deficiency Repeat
  • 41732 2022-006
    Significant Deficiency Repeat
  • 41733 2022-007
    Significant Deficiency Repeat
  • 41734 2022-008
    Significant Deficiency Repeat
  • 41735 2022-009
    Significant Deficiency
  • 41736 2022-003
    Material Weakness Repeat
  • 41737 2022-004
    Significant Deficiency
  • 41738 2022-005
    Significant Deficiency Repeat
  • 41739 2022-006
    Significant Deficiency Repeat
  • 41740 2022-007
    Significant Deficiency Repeat
  • 41741 2022-008
    Significant Deficiency Repeat
  • 618172 2022-003
    Material Weakness Repeat
  • 618173 2022-005
    Significant Deficiency Repeat
  • 618174 2022-006
    Significant Deficiency Repeat
  • 618175 2022-007
    Significant Deficiency Repeat
  • 618176 2022-008
    Significant Deficiency Repeat
  • 618177 2022-009
    Significant Deficiency
  • 618179 2022-004
    Significant Deficiency
  • 618180 2022-005
    Significant Deficiency Repeat
  • 618181 2022-006
    Significant Deficiency Repeat
  • 618182 2022-007
    Significant Deficiency Repeat
  • 618183 2022-008
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $1.26M
84.063 Federal Pell Grant Program $859,647