Federal Agency: US Department of Education

Federal Program Name: Federal Perkins Loan Program

Assistance Listing No.: 84.038

Recommendation: We recommend that the University keep MPNs for loans for three-year retention period.

Explanation of disagreement with audit finding: There is no disagreement with the audit finding.

Action taken in response to finding: The University will review its files and take steps to ensure that files are complete with respect to MPNs.

Name(s) of the contact person(s) responsible for corrective action: Danyel Tolbert, Bursar and Melissa Hicks, Controller

Planned completion date for corrective action plan: March 31, 2026

Federal Agency: US Department of Agriculture

Federal Program Name: Extension Services at 1890 Colleges

Assistance Listing No.: 10.512

Recommendation: We recommend management implement procedures for physical inventory to be taken within a two-year timeframe as well as maintain evidence of assets possession such as photos of the property and equipment.

Explanation of disagreement with audit finding: There is no disagreement with the audit finding.

Action taken in response to finding: In October 2025, the University purchased software to facilitate managing inventory within the Facilities Department. Staff have been trained on the software in preparation for implementation. Beginning in January 2026, all purchases will be inventoried on a daily basis and input into the software. Inventory will be maintained and updated daily. Monthly reports will be submitted to the CFO.

Name(s) of the contact person(s) responsible for corrective action: Dr. Heather Bigard, Chief Financial Officer and Director of Facilities.

Planned completion date for corrective action plan: June 30, 2026