Year ended June 30, 2014
Finding 2013-006, continued:
The provisions of CFR 34 §668.22 were not followed which caused excess funds to be returned. The number of days related to spring break was calculated incorrectly on the spring Return of Title IV Funds calculations. By not having adequate controls over this area, incorrect Return of Title IV Funds calculation could also be produced in the future as well.
We recommend the University review its current procedures for Return on Title IV calculations and implement a control that will ensure the proper number of break days is being used in the calculation of the Return of Title IV Funds. We also recommend that the University implement a control where they do a periodic check of a sample of Return of Title IV Funds calculations to ensure correct calculations are being complete.
Current year status: ___
This finding was resolved in the current year.
Finding 2013-007:
Federal Program: All Federal Programs
Condition:
During our testing of equipment management, we noted the University does not reconcile physical inventory taken with equipment records at least once every two years.
Per the provision of CFR 2 §215.34, a physical inventory of equipment shall be taken and the results reconciled with the equipment records at least once every two years. Any differences between quantities determined by the physical inspection and those shown in the accounting records shall be investigated to determine the causes of the difference. The recipient shall, in connection with the inventory, verify the existence, current utilization, and continued need for the equipment.
The University currently does not have adequate controls in place to ensure the inventory is taken and reconciled with the equipment records at least once every two years.
The provisions of CFR 2 §215.34 were not followed.
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