Section III – Findings and Questioned Costs – Major Federal Programs (Continued)
Recommendation: We recommend reviewing procedures around Perkins Loan Program funds and implementing reconciliations and review to the third-party servicer reports.
Views of responsible officials: There is no disagreement with the audit finding.
Federal Agency: US Department of Education
Federal Program Name: Education Stabilization Fund
Assistance Listing Number: 84.425
Federal Award Identification Number and Year: P425J200025 - 2024
Award Period: July 1, 2023 – June 30, 2024
Type of Finding:
Criteria or specific requirement: The CARES Act 18004(e) and the CRRSAA 314(e) requires an institution receiving funds under Higher Education Emergency Relief Fund (HEERF) I and HEERF II to submit a report to the secretary, at such time in such a manner as the secretary may require. Quarterly public reporting for institutional requires a new, separate form to be posted covering aggregate amounts spent for HEERF I, HEERF II, and HEERF III funds each quarterly reporting period due no later than ten days after the end of each calendar quarter.
Condition: Annual and quarterly reports were not adhering to compliance requirements.
Questioned costs: None