Finding 947733 (2023-002)

Significant Deficiency
Requirement
N
Questioned Costs
-
Year
2023
Accepted
2024-02-29
Audit: 292961
Organization: Mount Mercy University (IA)

AI Summary

  • Core Issue: The University failed to document monthly reconciliations of federal funds, violating federal regulations.
  • Impacted Requirements: Compliance with 34 CFR 685.300(b)(5) regarding reconciliation of institutional records with federal funds.
  • Recommended Follow-Up: Provide training and resources to staff to ensure adherence to reconciliation policies and federal requirements.

Finding Text

2023-002 Federal Agency: Department of Education Federal Program Title: Student Financial Assistance Cluster Assistance Listing Number: 84.038, 84.268, 84.033, 84.007, 84.063, 84.268, 93.264 Award Period: July 1, 2022 to June 30, 2023 Type of Finding: Significant Deficiency in Internal Control over Compliance, and Other matter Criteria or Specific Requirement: The Code of Federal Regulations, 34 CFR 685.300(b)(5) requires the University on a monthly basis, to reconcile the institutional records with the federal funds received from the Secretary and the Direct Loan disbursement records submitted to and accepted by the Secretary. Condition: During our testing, we noted there was no documentation of the reconciliations and reviews of a number of federal funds, including direct loans, Pell, SEOG, TEACH, and Perkins funds. Questioned Costs: None reported Context: We noted the proper reviews over reconciliations was not taking place. Cause: We noted there were not the proper policies and controls in place to make sure this review was occurring. Effect: The University is not complying with internal policy and federal requirements to ensure funds are properly reconciled. Repeat Finding: No Recommendation: The University should ensure all necessary employees receive proper training, support, and time to follow the University's policies and federal requirements related to monthly reconciliations. Views of Responsible Officials: There is no disagreement with the audit finding.

Categories

Student Financial Aid Significant Deficiency Matching / Level of Effort / Earmarking Internal Control / Segregation of Duties

Other Findings in this Audit

  • 371248 2023-001
    Significant Deficiency
  • 371249 2023-002
    Significant Deficiency
  • 371250 2023-003
    Significant Deficiency
  • 371251 2023-004
    Significant Deficiency
  • 371252 2023-005
    Significant Deficiency
  • 371253 2023-006
    Significant Deficiency Repeat
  • 371254 2023-001
    Significant Deficiency
  • 371255 2023-002
    Significant Deficiency
  • 371256 2023-003
    Significant Deficiency
  • 371257 2023-004
    Significant Deficiency
  • 371258 2023-005
    Significant Deficiency
  • 371259 2023-006
    Significant Deficiency Repeat
  • 371260 2023-001
    Significant Deficiency
  • 371261 2023-002
    Significant Deficiency
  • 371262 2023-003
    Significant Deficiency
  • 371263 2023-004
    Significant Deficiency
  • 371264 2023-005
    Significant Deficiency
  • 371265 2023-006
    Significant Deficiency Repeat
  • 371266 2023-001
    Significant Deficiency
  • 371267 2023-002
    Significant Deficiency
  • 371268 2023-003
    Significant Deficiency
  • 371269 2023-004
    Significant Deficiency
  • 371270 2023-005
    Significant Deficiency
  • 371271 2023-006
    Significant Deficiency Repeat
  • 371272 2023-001
    Significant Deficiency
  • 371273 2023-002
    Significant Deficiency
  • 371274 2023-003
    Significant Deficiency
  • 371275 2023-004
    Significant Deficiency
  • 371276 2023-005
    Significant Deficiency
  • 371277 2023-006
    Significant Deficiency Repeat
  • 371278 2023-001
    Significant Deficiency
  • 371279 2023-002
    Significant Deficiency
  • 371280 2023-003
    Significant Deficiency
  • 371281 2023-004
    Significant Deficiency
  • 371282 2023-005
    Significant Deficiency
  • 371283 2023-006
    Significant Deficiency Repeat
  • 371284 2023-001
    Significant Deficiency
  • 371285 2023-002
    Significant Deficiency
  • 371286 2023-003
    Significant Deficiency
  • 371287 2023-004
    Significant Deficiency
  • 371288 2023-005
    Significant Deficiency
  • 371289 2023-006
    Significant Deficiency Repeat
  • 371290 2023-001
    Significant Deficiency
  • 371291 2023-002
    Significant Deficiency
  • 371292 2023-003
    Significant Deficiency
  • 371293 2023-004
    Significant Deficiency
  • 371294 2023-005
    Significant Deficiency
  • 371295 2023-006
    Significant Deficiency Repeat
  • 371296 2023-001
    Significant Deficiency
  • 371297 2023-002
    Significant Deficiency
  • 371298 2023-003
    Significant Deficiency
  • 371299 2023-004
    Significant Deficiency
  • 371300 2023-005
    Significant Deficiency
  • 371301 2023-006
    Significant Deficiency Repeat
  • 947690 2023-001
    Significant Deficiency
  • 947691 2023-002
    Significant Deficiency
  • 947692 2023-003
    Significant Deficiency
  • 947693 2023-004
    Significant Deficiency
  • 947694 2023-005
    Significant Deficiency
  • 947695 2023-006
    Significant Deficiency Repeat
  • 947696 2023-001
    Significant Deficiency
  • 947697 2023-002
    Significant Deficiency
  • 947698 2023-003
    Significant Deficiency
  • 947699 2023-004
    Significant Deficiency
  • 947700 2023-005
    Significant Deficiency
  • 947701 2023-006
    Significant Deficiency Repeat
  • 947702 2023-001
    Significant Deficiency
  • 947703 2023-002
    Significant Deficiency
  • 947704 2023-003
    Significant Deficiency
  • 947705 2023-004
    Significant Deficiency
  • 947706 2023-005
    Significant Deficiency
  • 947707 2023-006
    Significant Deficiency Repeat
  • 947708 2023-001
    Significant Deficiency
  • 947709 2023-002
    Significant Deficiency
  • 947710 2023-003
    Significant Deficiency
  • 947711 2023-004
    Significant Deficiency
  • 947712 2023-005
    Significant Deficiency
  • 947713 2023-006
    Significant Deficiency Repeat
  • 947714 2023-001
    Significant Deficiency
  • 947715 2023-002
    Significant Deficiency
  • 947716 2023-003
    Significant Deficiency
  • 947717 2023-004
    Significant Deficiency
  • 947718 2023-005
    Significant Deficiency
  • 947719 2023-006
    Significant Deficiency Repeat
  • 947720 2023-001
    Significant Deficiency
  • 947721 2023-002
    Significant Deficiency
  • 947722 2023-003
    Significant Deficiency
  • 947723 2023-004
    Significant Deficiency
  • 947724 2023-005
    Significant Deficiency
  • 947725 2023-006
    Significant Deficiency Repeat
  • 947726 2023-001
    Significant Deficiency
  • 947727 2023-002
    Significant Deficiency
  • 947728 2023-003
    Significant Deficiency
  • 947729 2023-004
    Significant Deficiency
  • 947730 2023-005
    Significant Deficiency
  • 947731 2023-006
    Significant Deficiency Repeat
  • 947732 2023-001
    Significant Deficiency
  • 947734 2023-003
    Significant Deficiency
  • 947735 2023-004
    Significant Deficiency
  • 947736 2023-005
    Significant Deficiency
  • 947737 2023-006
    Significant Deficiency Repeat
  • 947738 2023-001
    Significant Deficiency
  • 947739 2023-002
    Significant Deficiency
  • 947740 2023-003
    Significant Deficiency
  • 947741 2023-004
    Significant Deficiency
  • 947742 2023-005
    Significant Deficiency
  • 947743 2023-006
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
84.063 Federal Pell Grant Program $1.63M
84.268 Federal Direct Student Loans $1.49M
84.038 Federal Perkins Loan Program $449,316
84.033 Federal Work-Study Program $171,603
84.007 Federal Supplemental Educational Opportunity Grants $137,990
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $55,637
93.264 Nurse Faculty Loan Program (nflp) $0