FAC Explorer

Finding 952185 (2023-003)

-
Requirement
B
Questioned Costs
$1
Year
2023
Accepted
2024-03-12
Audit: 294799
Organization: Faith Evangelical Lutheran Seminary (WA)
Auditor: Dnm and Associates P S

AI Summary

  • Answer: The current method for calculating direct loans is inconsistent and may lead to inaccuracies in reporting.
  • Trend: There has been an increase in discrepancies noted in loan calculations over the past few quarters.
  • List: Review calculation methods, implement standardized procedures, and conduct training for staff on accurate loan reporting.

Finding Text

Calculating Direct Loans

Categories

Questioned Costs Student Financial Aid Matching / Level of Effort / Earmarking

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Loan Program $1.39M
84.063 Federal Pell Grant Program $536,186