2023-022 Federal Perkins Loan Program Reconciliation
Condition: The University did not reconcile the Perkins Loan Program funds that are recorded on the University's accounting records to the third-party servicer's report. There was also no review of the process.
Status: See current year finding 2024-016
Reason for finding's recurrence: Turnover in student financial aid, along with inherited challenges in processes, controls, accounting, and documentation, resulted in a recurring finding.
Corrective Action: See the University's 2024 Corrective Action Plan.
Condition: The University did not maintain proper support for the FISAP.
Status: Corrective action was taken.
Condition: During our testing of refund checks, we noted student refunds of Title IV federal financial aid were outstanding more than 240 days.
Status: Corrective action plan is in-progress. Expected Completion Date: March 31, 2026.
Condition: The University's procurement policy does not currently match requirements of the Uniform Guidance.
Status: See current year finding 2024-011
Reason for finding's recurrence: Turnover in student financial aid, along with inherited challenges in processes, controls, accounting, and documentation, resulted in a recurring finding.
Corrective Action: See the University's 2024 Corrective Action Plan.
Condition: The University did not maintain records obtained from applying suspension and debarment procedures.
Status: Corrective action was taken.
Condition: Credit card statements and receipts for transactions in which credit cards were used were not retained.
Status: Corrective action was taken.