Finding Text
Criteria: The College is required to submit ED Form 646-1, Fiscal Operations Report and
Application to Participate (FISAP) (OMB No. 1845-0030) – This electronic report is submitted
annually to receive funds for the campus-based programs. The institution uses the Fiscal
Operations Report portion to report its expenditures in the previous award year and the
Application to Participate portion to apply for the following year. By October 1, 2022, the
institution should submit its FISAP that includes the Fiscal Operations Report for the award year
2021–2022 and the Application to Participate for the 2022–2023 award year (FWS, FSEOG 34
CFR 673.3; Fiscal Operations Report and Application to Participate Instructions).
Condition/Context: For Part III, Fiscal Operations Report, line 5.3 reflected an amount lent of
$481,714 and the underlying support reflects this amount as $200,550. Line 5.4 reflected an
amount lent of $21,905,651, and the support reflects this amount as $481,714.
The sample was not a statistically valid sample.
Questioned Costs: Not applicable
Cause: The College’s internal controls related to the preparation and review of the annual FISAP
report was not effective to catch the errors in the reporting on a timely basis.
Effect: The College reported incorrect information on the FISAP report to the Department of
Education.
Recommendation: It is recommended that the College review policies and procedures in place to
ensure accurate reporting to comply with Title IV regulations.
Management’s Response: Management has reviewed procedures and policy for accurate FISAP
reporting to be in compliance with federal regulations. The College will conduct review by the
Loras College alternative responsible official prior to final submission of the FISAP to be sure
data inputs are accurate.