Finding Text
Significant Deficiency ? Education Stabilization Fund Cash Management Program: COVID-19: Education Stabilization Fund Assistance Listing Number: 84.425E, 84.425F Federal Award Identification Number: P425E204183, P425F203774 Federal Agency: U.S. Department of Education Federal Award Year: June 30, 2022 Condition: During the year, expenses for drawdowns for the Student and Institutional components of the award were not incurred within 15 days of drawdown from the College?s G5 system. Criteria: The Certification and Supplemental Agreements require that the Student Aid Portion should disbursed within 15 calendar days of the drawdown from the College?s G5 grants system and the Institutional Portion should be disbursed within 3 calendar days of the drawdown of the College?s G5 grants system. Context: A review of the entire population of expenditures and drawdowns for the Student Aid Portion and the Institutional Portion of the awards for the entire year was performed and as such, the sample is statistically valid. Cause: The G5 system has erroneously labeled the Institutional award as CARES Act ? Student and the Student award as CARES Act - Institution which resulted in errors during the award reconciliations performed by the finance staff during the period in which drawdowns were made. Effect: The College had a weighted average outstanding advance balance of HEERF Institutional funds of approximately $140,000. The College had an outstanding advance balance of approximately $7,450 on their HEERF Student Aid funds for approximately 11 months of the fiscal year and at year end had a balance of approximately $6,000. Questioned costs: Not applicable Recommendation: Management should verify that award numbers and labeling in the College?s G5 grant system is accurate prior to drawing down funding on respective awards. Views of Responsible Officials and Planned Corrective Actions: The College agrees with this recommendation and will verify all information during future reconciliation processes.