FAC Explorer

Finding 7441 (2023-005)

Material Weakness
Requirement
C
Questioned Costs
-
Year
2023
Accepted
2024-01-04
Audit: 9586
Organization: Los Angeles Chapter National Tooling & MacHining Association Training Centers Trust (CA)
Auditor: Vasquez & Company LLP

AI Summary

  • Core Issue: The Institution delayed disbursing HEERF Student Aid funds, with payments made 58 to 242 days late.
  • Impacted Requirements: Funds drawn on May 3 and December 21, 2022, totaling $601,500, were not distributed within the required 15 days.
  • Recommended Follow-up: Address the $229,500 still undistributed as of February 28, 2023, and implement measures to ensure timely disbursements in the future.

Finding Text

Cash Management: Late Disbursements of HEERF Student Aid Portion We noted that the two cash drawdowns made by the Institution from the HEERF Student Aid Portion on May 3, 2022 and December 21, 2022 for a total amount of $601,500 were not distributed within 15 calendar days from the date of the drawdown. Disbursements of student aid during the year were made 58 to 242 days from the date of the drawdown a total amount of $229,500 remains undistributed as of February 28, 2023.

Corrective Action Plan

The Institution will read for itself the policies associated with any new program roll out that requires funds to be allocated and ensure to create and enact policies that speak to the efficacy of the program to ensure it is operating within the guidelines. Personnel Responsible for Implementation: Danielle Skinner Position of Responsible Personnel: President Expected Date of Implementation: Immediate

Categories

Cash Management

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.425 Education Stabilization Fund $1.39M
84.063 Federal Pell Grant Program $642,047
84.268 Federal Direct Student Loans $462,959