FAC Explorer

Finding 962009 (2023-008)

Significant Deficiency
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-03-27
Audit: 298311
Organization: Clarkson College (NE)
Auditor: Cliftonlarsonallen LLP

AI Summary

  • Core Issue: The College lacks a formal process for regularly reconciling Nursing Student Loan (NSL) and Nurse Faculty Loan (NFL) balances.
  • Impacted Requirements: This finding violates federal regulations requiring monthly reconciliations, especially during high transaction periods.
  • Recommended Follow-up: Ensure staff receive adequate training and resources to implement and maintain the reconciliation process as per federal guidelines.

Finding Text

2023 – 008 Federal Agency: U.S. Department of Education Federal Program Title: Student Financial Aid Assistance Listing Number: Student Financial Aid Cluster Award Period: July 1, 2022, to June 30, 2023 Type of Finding: - Significant Deficiency in Internal Control Over Compliance - Other Matters Criteria or Specific Requirement: The Code of Federal Regulations, 34 CFR 668.16 and volume 4 states that, at a minimum, the College should reconcile its FSA financial records monthly and should be conducted on a more frequent basis during periods of high transaction volume. Condition: During our testing, we noted there was no formal process in place for reconciling and reviewing the Nursing Student Loan (NSL) and Nurse Faculty Loan (NFL) balances on a regular basis. Questioned Costs: None Context: We noted there was no reconciliation process in place for NSL and NFL balances to ensure they are properly stated each period. Cause: We noted there were not the proper policies and controls in place to make sure this reconciliation and review was occurring. Effect: Timely reconciliations and adequate review of financial transactions can protect the College’s assets and ensure the accounting records are accurate. Repeat Finding: No. Auditor’s Recommendation: The College should ensure all necessary employees receive proper training, support, and time to follow the College's policies and federal requirements related to monthly reconciliations. Views of Responsible Officials and Planned Corrective Actions: There is no disagreement with the audit finding.

Categories

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

Other Findings in this Audit

  • 385528 2023-001
    Significant Deficiency Repeat
  • 385529 2023-002
    Significant Deficiency Repeat
  • 385530 2023-003
    Significant Deficiency
  • 385531 2023-004
    Significant Deficiency
  • 385532 2023-005
    Significant Deficiency
  • 385533 2023-006
    Significant Deficiency Repeat
  • 385534 2023-007
    Significant Deficiency Repeat
  • 385535 2023-008
    Significant Deficiency
  • 385536 2023-001
    Significant Deficiency Repeat
  • 385537 2023-002
    Significant Deficiency Repeat
  • 385538 2023-003
    Significant Deficiency
  • 385539 2023-004
    Significant Deficiency
  • 385540 2023-005
    Significant Deficiency
  • 385541 2023-006
    Significant Deficiency Repeat
  • 385542 2023-007
    Significant Deficiency Repeat
  • 385543 2023-008
    Significant Deficiency
  • 385544 2023-001
    Significant Deficiency Repeat
  • 385545 2023-002
    Significant Deficiency Repeat
  • 385546 2023-003
    Significant Deficiency
  • 385547 2023-004
    Significant Deficiency
  • 385548 2023-005
    Significant Deficiency
  • 385549 2023-006
    Significant Deficiency Repeat
  • 385550 2023-007
    Significant Deficiency Repeat
  • 385551 2023-008
    Significant Deficiency
  • 385552 2023-001
    Significant Deficiency Repeat
  • 385553 2023-002
    Significant Deficiency Repeat
  • 385554 2023-003
    Significant Deficiency
  • 385555 2023-004
    Significant Deficiency
  • 385556 2023-005
    Significant Deficiency
  • 385557 2023-006
    Significant Deficiency Repeat
  • 385558 2023-007
    Significant Deficiency Repeat
  • 385559 2023-008
    Significant Deficiency
  • 385560 2023-001
    Significant Deficiency Repeat
  • 385561 2023-002
    Significant Deficiency Repeat
  • 385562 2023-003
    Significant Deficiency
  • 385563 2023-004
    Significant Deficiency
  • 385564 2023-005
    Significant Deficiency
  • 385565 2023-006
    Significant Deficiency Repeat
  • 385566 2023-007
    Significant Deficiency Repeat
  • 385567 2023-008
    Significant Deficiency
  • 385568 2023-001
    Significant Deficiency Repeat
  • 385569 2023-002
    Significant Deficiency Repeat
  • 385570 2023-003
    Significant Deficiency
  • 385571 2023-004
    Significant Deficiency
  • 385572 2023-005
    Significant Deficiency
  • 385573 2023-006
    Significant Deficiency Repeat
  • 385574 2023-007
    Significant Deficiency Repeat
  • 385575 2023-008
    Significant Deficiency
  • 385576 2023-001
    Significant Deficiency Repeat
  • 385577 2023-002
    Significant Deficiency Repeat
  • 385578 2023-003
    Significant Deficiency
  • 385579 2023-004
    Significant Deficiency
  • 385580 2023-005
    Significant Deficiency
  • 385581 2023-006
    Significant Deficiency Repeat
  • 385582 2023-007
    Significant Deficiency Repeat
  • 385583 2023-008
    Significant Deficiency
  • 385584 2023-001
    Significant Deficiency Repeat
  • 385585 2023-002
    Significant Deficiency Repeat
  • 385586 2023-003
    Significant Deficiency
  • 385587 2023-004
    Significant Deficiency
  • 385588 2023-005
    Significant Deficiency
  • 385589 2023-006
    Significant Deficiency Repeat
  • 385590 2023-007
    Significant Deficiency Repeat
  • 385591 2023-008
    Significant Deficiency
  • 385592 2023-009
    Significant Deficiency Repeat
  • 385593 2023-010
    Significant Deficiency Repeat
  • 961970 2023-001
    Significant Deficiency Repeat
  • 961971 2023-002
    Significant Deficiency Repeat
  • 961972 2023-003
    Significant Deficiency
  • 961973 2023-004
    Significant Deficiency
  • 961974 2023-005
    Significant Deficiency
  • 961975 2023-006
    Significant Deficiency Repeat
  • 961976 2023-007
    Significant Deficiency Repeat
  • 961977 2023-008
    Significant Deficiency
  • 961978 2023-001
    Significant Deficiency Repeat
  • 961979 2023-002
    Significant Deficiency Repeat
  • 961980 2023-003
    Significant Deficiency
  • 961981 2023-004
    Significant Deficiency
  • 961982 2023-005
    Significant Deficiency
  • 961983 2023-006
    Significant Deficiency Repeat
  • 961984 2023-007
    Significant Deficiency Repeat
  • 961985 2023-008
    Significant Deficiency
  • 961986 2023-001
    Significant Deficiency Repeat
  • 961987 2023-002
    Significant Deficiency Repeat
  • 961988 2023-003
    Significant Deficiency
  • 961989 2023-004
    Significant Deficiency
  • 961990 2023-005
    Significant Deficiency
  • 961991 2023-006
    Significant Deficiency Repeat
  • 961992 2023-007
    Significant Deficiency Repeat
  • 961993 2023-008
    Significant Deficiency
  • 961994 2023-001
    Significant Deficiency Repeat
  • 961995 2023-002
    Significant Deficiency Repeat
  • 961996 2023-003
    Significant Deficiency
  • 961997 2023-004
    Significant Deficiency
  • 961998 2023-005
    Significant Deficiency
  • 961999 2023-006
    Significant Deficiency Repeat
  • 962000 2023-007
    Significant Deficiency Repeat
  • 962001 2023-008
    Significant Deficiency
  • 962002 2023-001
    Significant Deficiency Repeat
  • 962003 2023-002
    Significant Deficiency Repeat
  • 962004 2023-003
    Significant Deficiency
  • 962005 2023-004
    Significant Deficiency
  • 962006 2023-005
    Significant Deficiency
  • 962007 2023-006
    Significant Deficiency Repeat
  • 962008 2023-007
    Significant Deficiency Repeat
  • 962010 2023-001
    Significant Deficiency Repeat
  • 962011 2023-002
    Significant Deficiency Repeat
  • 962012 2023-003
    Significant Deficiency
  • 962013 2023-004
    Significant Deficiency
  • 962014 2023-005
    Significant Deficiency
  • 962015 2023-006
    Significant Deficiency Repeat
  • 962016 2023-007
    Significant Deficiency Repeat
  • 962017 2023-008
    Significant Deficiency
  • 962018 2023-001
    Significant Deficiency Repeat
  • 962019 2023-002
    Significant Deficiency Repeat
  • 962020 2023-003
    Significant Deficiency
  • 962021 2023-004
    Significant Deficiency
  • 962022 2023-005
    Significant Deficiency
  • 962023 2023-006
    Significant Deficiency Repeat
  • 962024 2023-007
    Significant Deficiency Repeat
  • 962025 2023-008
    Significant Deficiency
  • 962026 2023-001
    Significant Deficiency Repeat
  • 962027 2023-002
    Significant Deficiency Repeat
  • 962028 2023-003
    Significant Deficiency
  • 962029 2023-004
    Significant Deficiency
  • 962030 2023-005
    Significant Deficiency
  • 962031 2023-006
    Significant Deficiency Repeat
  • 962032 2023-007
    Significant Deficiency Repeat
  • 962033 2023-008
    Significant Deficiency
  • 962034 2023-009
    Significant Deficiency Repeat
  • 962035 2023-010
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $10.40M
84.063 Federal Pell Grant Program $969,869
84.425 Education Stabilization Fund $622,240
93.364 Nursing Student Loans $564,197
93.264 Nurse Faculty Loan Program (nflp) $551,607
84.007 Federal Supplemental Educational Opportunity Grants $54,341
84.033 Federal Work-Study Program $11,574