Finding Text
Finding 2023-010 – L. Special Reporting – Fiscal Operations Report and Application to Participate (“FISAP”)
Information on Federal Program(s) - Student Financial Assistance Cluster (ALN’s 84.007, 84.033, 84.038, 84.063, 84.268, 84.379)
Criteria or Specific Requirement - An institution is required to submit the FISAP annually by October 1st, following the end of the award year, and to accurately complete all required key line items containing critical information. The deadline for submitting data corrections is December 15th of the year in which a school submits its FISAP.
Condition – The University submitted the 2022-2023 FISAP with errors and data corrections were not submitted by the required deadline.
Cause - Administrative oversight and insufficient internal controls.
Effect or Potential Effect – Noncompliance with reporting requirements.
Questioned Costs – None.
Context – The University submitted the annual FISAP for the 2022-2023 reporting year by the required deadline; however, the tuition and fees reported did not agree with the audited financial statements. The window to correct the 2022-2023 FISAP has closed; as of the date of our Single Audit report, these errors remain uncorrected.
Indication of Repeat Finding - No similar findings noted in the prior year.
Recommendation – We recommend that the University enhance its internal controls over compliance to ensure that the FISAP is accurately completed prior to submission.
Views of Responsible Officials – The University acknowledges FISAP report was filed with incorrect data and not amended in a timely manner. The University has developed a series of internal controls and procedures to ensure that the data provide for the FISAP will be accurate going forward. All balance sheet accounts will be reconciled on a monthly basis and all revenue will be recorded on the ledger in the time period that it is earned. A monthly income statement and balance sheet will be generated to determine how much federal aid revenue has been reported throughout the year. The accounting software has a built-in process that will be run on a regular basis to make sure all entries are properly posted. This will ensure accurate reporting in the future.