Finding Text
Finding 2022-008 - Cash Management
Federal Program: COVID-19 - Higher Education Emergency Relief Fund (HEERF) Student Aid Portion and COVID-19 - HEERF Institutional Portion
Federal Agency: U.S. Department of Education
Assistance Listing Number: 84.425E, 84.425F
Federal Award Year: June 30, 2022
Criteria: Reporting: The University is required to disburse student aid payments within 15-calendar days after the draw down of the fund.
Condition: For 1 out of 35 students selected for testing the funds were disbursed to the students more than 15 days after funds were drawn down.
Cause: Lack of competency and turnover in the business office contributed to the delay in student disbursements.
Effect: The University was not in compliance with HEERF cash management requirements.
Questioned Costs: There are no questioned costs associated with this finding.
Context: Student awards were disbursed to students more than 15 days after the drawdown of the funds for 1 out of 35 students tested. The sample was not a statistically valid sample.
Recommendation: We recommend that the University enhance its internal controls over compliance to ensure that it's in compliance with cash management requirements.
Management's Response: Management agrees with this finding and has recognized their need for a qualified individual who is knowledgeable about HEERF compliance requirements.