Finding 9339 (2023-002)

Paris Junior College August 31, 2023 and 2022 Schedule of Findings and Questioned Costs (Continued) Year Ended August 31, 2023 C. Findings and Questioned Costs for Federal Award U.S. Department of Education Program Name: Student Financial Assistance Cluster CFDA#: 84.007, 84.033, 84.063, 84.268 Significant Deficiency Finding 2023-02 - Using a Servicer or Financial Institution to Deliver Title IV Credit Balances to a Card or Other Access Device Compliance and Internal Control Condition: During the course of our audit, we noted that a URL for the contract was not provided to Department of Education for publication in the Cash Management Contracts Database and there was no evidence of performing due diligence review to ascertain whether the fees imposed under the arrangement are consistent with or below prevailing market rates. Criteria: Internal control procedures affect the College's ability to maintain compliance. Management must establish and maintain effective internal controls related to using a service or financial institution to provide reasonable assurance that the compliance requirements have been met. Cause: The College failed to monitor requirements to ensure compliance. Effect: As a result of the condition, the College was not compliant in these areas when using a servicer of financial institutions to deliver Title IV credit balances to a card or other access device. Recommendation: We recommend the College provide the URL for the contract to Department of Education, and perform due diligence by reviewing the fees imposed under the arrangement. Views of Responsible Official and Planned Corrective Actions: Paris Junior College management will ensure that a comprehensive procedure is established and implemented to ensure accurate and timely reporting.