Finding Text
FISAP Reporting DEPARTMENT OF EDUCATION
ALN #: 84.038
Federal Award Identification #: 2022-2023 Financial Aid Year
Condition: The University did not accurately report certain items relating to Perkins Loan reporting on the FISAP report. Additionally, the same individual prepares and reviews the FISAP submission.
Criteria: 34 CFR 668.24(e)
Questioned Costs: $0
Context: The University did not properly report Perkins Federal Capital Contribution (FCC) and Institutional Capital Contribution (ICC) information on the 2022-2023 FISAP report.
Cause: Cumulative impact of reporting incorrect excess cash returned.
Effect: The University returned more cash to the Department of Education than required.
Identification as repeat finding, if applicable: Not applicable.
Recommendation: We recommend the University work with the Department of Education to correct errors in the Perkins portion of the FISAP. Additionally, we recommend that prior to submission, the FISAP be reviewed by a knowledgeable individual independent of the individual who prepares the FISAP.
Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.