FAC Explorer

Finding 960689 (2023-003)

Significant Deficiency
Requirement
C
Questioned Costs
-
Year
2023
Accepted
2024-03-25
Audit: 297400
Organization: Manhattan School of Music (NY)
Auditor: Crowe LLP

AI Summary

  • Issue: Direct loan reconciliations were only done annually instead of the required monthly schedule.
  • Impact: This could lead to discrepancies and inaccuracies in financial reporting.
  • Follow-up: Implement a monthly reconciliation process to ensure compliance and accuracy moving forward.

Finding Text

During fiscal year ended June 30, 2023, reconciliations of the direct loans were done on an annual basis instead of monthly as prescribed.

Categories

Student Financial Aid Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 384247 2023-003
    Significant Deficiency
  • 384248 2023-004
    Material Weakness
  • 384249 2023-005
    Significant Deficiency Repeat
  • 384250 2023-001
    Material Weakness
  • 384251 2023-002
    Significant Deficiency
  • 960690 2023-004
    Material Weakness
  • 960691 2023-005
    Significant Deficiency Repeat
  • 960692 2023-001
    Material Weakness
  • 960693 2023-002
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $9.16M
84.138 Federal Perkins Loan Program $488,846
84.063 Federal Pell Grant Program $330,097
84.033 Federal Work-Study Program $97,909
84.007 Federal Supplemental Educational Opportunity Grants $75,195