Finding 628656 (2022-001)

- Repeat Finding
Requirement
N
Questioned Costs
-
Year
2022
Accepted
2023-07-17
Audit: 50889
Organization: Holy Names University (CA)

AI Summary

  • Core Issue: The University’s composite score for financial responsibility is below the required 1.5 as of June 30, 2022.
  • Impacted Requirements: This noncompliance indicates the University is not financially responsible, violating 34 CFR 668.171(b)(1).
  • Recommended Follow-Up: The University should implement measures to improve its financial condition to meet compliance standards.

Finding Text

2022 ? 001 Financial Responsibility Ratio (Student Financial Aid Cluster ? All programs) Criteria According to 34 CFR 668. 171(b)(1), an institution is considered to be financially responsible if the institution?s Equity, Primary Reserve, and Net Income ratios yield a composite score of at least 1.5. Condition The University?s composite score as of June 30, 2022 was below 1.5. Cause Noncompliance was caused by the University?s financial condition. Effect The University is not considered to be financially responsible. Questioned Cost There is no questioned cost related to this finding. Context During review of the University?s financial responsibility ratio calculation, we noted that it?s composite score as of June 30, 2022 was below 1.5. Identification as a Repeat Finding This finding is a repeat of finding 2021-001 and 2020-001 in the immediately prior two audits. Recommendation We recommend the University take appropriate steps to improve its financial condition to be compliant. Views of Responsible Officials We agree with the recommendation.

Categories

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Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $8.67M
84.047 Trio_upward Bound $1.04M
84.031 Higher Education_institutional Aid $565,081
84.425 Education Stabilization Fund $268,459
84.033 Federal Work-Study Program $148,819
84.038 Federal Perkins Loan Program - Outstanding As of July 1, 2021 $102,280
84.007 Federal Supplemental Educational Opportunity Grants $102,140
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $16,837
84.063 Federal Pell Grant Program $1,435
84.038 Federal Perkins Loan Program - Administrative Cost Allowance $0
84.038 Federal Perkins Loan Program - Loans Issued in the Year $0