Finding Text
Federal Award Findings and Questioned Costs
Finding 2023-002: No SAS Reconciliations – Significant Deficiency
Federal Program: Student Financial Aid Cluster – Federal Direct Loan Program
Federal Agency: Department of Education
CFDA Number: 84.268
Criteria: 34 CFR 668.162(b)(5) states that on a monthly basis the Academy must reconcile institutional records
with direct loan fund records received from the Secretary and direct loan disbursement records submitted to and
accepted by the Secretary.
Condition: Documentation that the required monthly School Account Statement (SAS) reconciliations were
completed was not available for fiscal year 2023.
Questioned Costs: None
Cause: The Academy did not perform the required SAS reconciliations monthly as required.
Effect: Not performing the SAS reconciliation could result in variances between the Academy’s records and the
U.S. Department of Education records, which could impact the student.
Identification of Repeat Findings: This is not a repeat finding.
Recommendation: The Academy should review and revise its controls over compliance to ensure that SAS
reconciliations are performed monthly.
Views of Responsible Officials: Management agrees with this finding.