Finding number: 2021-001 Federal agency: U.S. Department of Education Program: Student Financial Assistance Cluster Assistance Listing #: 84.007, 84.033, 84.063, 84.268 Award year: 2021 Criteria According to 34 CFR Section 668, Subpart L, even if a school meets all of the general requirements, the Department does not consider the school to be financially responsible if " in the school?s audited financial statement the opinion expressed by the auditor was adverse, qualified, or disclaimed, or the auditor expressed doubt about the continued existence of the school as a going concern (unless the Department determines that a qualified or disclaimed opinion does not have a significant bearing on the school?s financial condition)." Condition The auditor's report for the year ended June 30, 2021, contained an emphasis of a matter paragraph explaining that there was substantial doubt regarding the College's ability to continue as a going concern. Cause The College has had decreases, or minimal increases to net assets in the past several years. Additionally, the College has had flat or lowered enrollment during the same time period. Effect The College's increase to net assets is monitored by their accreditation commission. Questioned Costs N/A Perspective The finding is in relation to the College as a whole. Identification as a Repeat Finding, if applicable Not applicable Recommendation We recommend the College continue to focus on recruitment and retention, exploring other income streams, and review of its expense structure in order to increase net assets. Views of Responsible Officials The College agrees with the finding.
Finding number: 2021-001 Federal agency: U.S. Department of Education Program: Student Financial Assistance Cluster Assistance Listing #: 84.007, 84.033, 84.063, 84.268 Award year: 2020 Corrective Action Plan: 1. The College continues to focus on student recruitment in an effort to increase enrollment. 2. A full-time recruiter employment position is being created to increase student recruitment efforts. 3. Efforts continue to be made to cut expenses where possible and increase contributions. Timeline for Implementation of Corrective Action Plan: To be implemented immediately. Contact Person Jamy Smith, Director of Financial Aid
2020-002
Data source: This information comes from the Federal Audit Clearinghouse, the official repository of Single Audit data. All data is public domain. Verify this organization's audit history at fac.gov.
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