EIN: 060646520
UEI: MQQUYYDNBMX1
Audited by: CohnReznick
Oversight agency: 84 [Department of Education]
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Data as of September 2, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on March 12, 2026. Under 2 CFR 200.521(d), a pass-through entity that provided federal funds to this organization for this audit period must issue a management decision on these findings by September 12, 2026 (9 days from today).
What is a management decision? →FAC accepted this audit on December 2, 2024 — management decision was due June 2, 2025.
FAC accepted this audit on January 5, 2024 — management decision was due July 5, 2024.
FAC accepted this audit on February 9, 2023 — management decision was due August 9, 2023.
FAC accepted this audit on September 14, 2022 — management decision was due March 14, 2023.
Finding 2021-002 Schedule of Expenditures of Federal Awards Controls Identification of the Federal Program: All Criteria: The Federal Register (2 CFR 200.510(b)) requires that the auditee is responsible for preparing the schedule of expenditures of Federal awards ("SEFA") in accordance with the Federal Register. Condition and Context: The SEFA prepared by the auditee for the year ended June 30, 2021 was not prepared in accordance with 2 CFR Section 200.510(b). Specifically, the SEFA did not include all awards expended during the period under audit. Cause: During the year, as well as subsequent to year end, the College had multiple staff changes in the Finance Office while also responding to the disruptions caused by COVID-19. As a result, the College's Finance Office had an administrative oversight when preparing the SEFA and certain awards were not reported on the originally presented SEFA. Effect: This may lead to inaccurate financial reporting and potential material misstatement of the SEFA, such that they may not be in accordance with the Federal Register. Recommendation: Understanding that personnel issues and the COVID-19 pandemic continued to impact financial reporting systems, we recommend that management continue the progress that has been made to ensure that a complete SEFA is prepared in accordance with the Federal Register. Additional controls and procedures should be put in place to ensure that a complete listing of all Federal awards received is maintained and that this listing is referred to when preparing the SEFA on an annual basis. Procedures should include sufficient reconciliation between the College's general ledger, grant agreements and funding sources for the expenditures throughout the year. In addition, a prior year lookback should be performed to ensure that any awards expended in the prior year were considered for reporting in the current year. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the findings of CohnReznick. Maintaining adequate and complete documentation, oversight of transactions and reconciliation throughout the year is necessary to ensure that the SEFA is correct. The College will have an accurate and timely Schedule of Expenditures of Federal Awards that is prepared with accordance of 2 CFR Section 200.510(b) available for the auditor during their audit field work the week of the 18th of July, 2022. Controls and procedures that ensure accurate and complete information of Federal Awards are currently in the implementation stage and will be fully in place by September 30, 2022. This includes reconciliations and necessary documentation are available through the Finance Office.
Show full finding ▾Hide full finding ▴Finding 2021-002 Schedule of Expenditures of Federal Awards Controls Identification of the Federal Program: All Criteria: The Federal Register (2 CFR 200.510(b)) requires that the auditee is responsible for preparing the schedule of expenditures of Federal awards ("SEFA") in accordance with the Federal Register. Condition and Context: The SEFA prepared by the auditee for the year ended June 30, 2021 was not prepared in accordance with 2 CFR Section 200.510(b). Specifically, the SEFA did not include all awards expended during the period under audit. Cause: During the year, as well as subsequent to year end, the College had multiple staff changes in the Finance Office while also responding to the disruptions caused by COVID-19. As a result, the College's Finance Office had an administrative oversight when preparing the SEFA and certain awards were not reported on the originally presented SEFA. Effect: This may lead to inaccurate financial reporting and potential material misstatement of the SEFA, such that they may not be in accordance with the Federal Register. Recommendation: Understanding that personnel issues and the COVID-19 pandemic continued to impact financial reporting systems, we recommend that management continue the progress that has been made to ensure that a complete SEFA is prepared in accordance with the Federal Register. Additional controls and procedures should be put in place to ensure that a complete listing of all Federal awards received is maintained and that this listing is referred to when preparing the SEFA on an annual basis. Procedures should include sufficient reconciliation between the College's general ledger, grant agreements and funding sources for the expenditures throughout the year. In addition, a prior year lookback should be performed to ensure that any awards expended in the prior year were considered for reporting in the current year. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the findings of CohnReznick. Maintaining adequate and complete documentation, oversight of transactions and reconciliation throughout the year is necessary to ensure that the SEFA is correct. The College will have an accurate and timely Schedule of Expenditures of Federal Awards that is prepared with accordance of 2 CFR Section 200.510(b) available for the auditor during their audit field work the week of the 18th of July, 2022. Controls and procedures that ensure accurate and complete information of Federal Awards are currently in the implementation stage and will be fully in place by September 30, 2022. This includes reconciliations and necessary documentation are available through the Finance Office.
Major Federal Award Programs Audit Finding 2021-002 Schedule of Expenditures of Federal Awards Controls Views of Responsible Officials: Management agrees with the findings of CohnReznick. Maintaining adequate and complete documentation, oversight of transactions and reconciliation throughout the year is necessary to ensure that the SEFA is correct. Corrective Action Plan: The College will have an accurate and timely Schedule of Expenditures of Federal Awards that is prepared with accordance of 2 CFR Section 200.510(b) available for the auditor during their audit field work the week of the 18th of July, 2022. Controls and procedures that ensure accurate and complete information of Federal Awards are currently in the implementation stage and will be fully in place by September 30, 2022. This includes reconciliations and necessary documentation are available through the Finance Office. Person Responsible for Corrective Action Plan: Lauri Strimkovsky Vice President for Finance and Administration Anticipated Completion Date: September 30, 2022
Finding 2021-003 Student Financial Aid File Review Controls Identification of the Federal Program: Student Financial Assistance Cluster, United States Department of Education Criteria: Student level transactions that occur throughout the year should be reviewed throughout the year for accuracy of inputs and outputs. Additionally, any changes should be communicated to the relevant internal departments and external agencies timely. Condition and Context: During the 2021 audit, we noted two isolated incidents in student financial aid files that resulted in inaccurate determinations. The first was an incorrect Pell award amount, and the second was inaccurate determination of a student's withdrawal date. Both could have been prevented with additional levels of review. Each situation was reviewed against the corresponding U.S. Department of Education guidelines and it was determined that they did not result in material non-compliance. Cause: The cause appears to be due to administrative oversight. Effect: The effect of this condition is potential noncompliance with U.S. Department of Education regulations. Recommendation: We recommend that the College review its current controls over the review of transactions processed from the student financial aid files that impacts award amounts and/or communications to internal departments and external agencies. Additional oversight of this process would help to strengthen the controls for these incidents that appear to have been isolated in nature. Views of Responsible Officials and Planned Corrective Actions: Management concurs that these isolated incidents did occur and acknowledges that even isolated incidents are unacceptable. Albertus Magnus College is committed to adhering to federal rules and regulations. The College acknowledges the inadvertent over disbursement of Federal Pell Grant Dollars in one instance. The student was in their final period of enrollment and the proration was completed on remaining credits instead of reviewing both credits and weeks and taking the lesser of the two amounts. The funds were returned to the Department of Education on 5/5/22 and the student?s account was made whole. The Financial Aid Office has updated its proration sheet calculators to prevent this error from occurring in the future. The College acknowledges the late reporting of the withdrawal date in one instance to the National Student Loan Data System (NSLDS). Financial Aid has worked in conjunction with ITS and the Registrar?s Office to create a quality control report that will detail all enrollment change of status events to prevent a late report in the future.
Show full finding ▾Hide full finding ▴Finding 2021-003 Student Financial Aid File Review Controls Identification of the Federal Program: Student Financial Assistance Cluster, United States Department of Education Criteria: Student level transactions that occur throughout the year should be reviewed throughout the year for accuracy of inputs and outputs. Additionally, any changes should be communicated to the relevant internal departments and external agencies timely. Condition and Context: During the 2021 audit, we noted two isolated incidents in student financial aid files that resulted in inaccurate determinations. The first was an incorrect Pell award amount, and the second was inaccurate determination of a student's withdrawal date. Both could have been prevented with additional levels of review. Each situation was reviewed against the corresponding U.S. Department of Education guidelines and it was determined that they did not result in material non-compliance. Cause: The cause appears to be due to administrative oversight. Effect: The effect of this condition is potential noncompliance with U.S. Department of Education regulations. Recommendation: We recommend that the College review its current controls over the review of transactions processed from the student financial aid files that impacts award amounts and/or communications to internal departments and external agencies. Additional oversight of this process would help to strengthen the controls for these incidents that appear to have been isolated in nature. Views of Responsible Officials and Planned Corrective Actions: Management concurs that these isolated incidents did occur and acknowledges that even isolated incidents are unacceptable. Albertus Magnus College is committed to adhering to federal rules and regulations. The College acknowledges the inadvertent over disbursement of Federal Pell Grant Dollars in one instance. The student was in their final period of enrollment and the proration was completed on remaining credits instead of reviewing both credits and weeks and taking the lesser of the two amounts. The funds were returned to the Department of Education on 5/5/22 and the student?s account was made whole. The Financial Aid Office has updated its proration sheet calculators to prevent this error from occurring in the future. The College acknowledges the late reporting of the withdrawal date in one instance to the National Student Loan Data System (NSLDS). Financial Aid has worked in conjunction with ITS and the Registrar?s Office to create a quality control report that will detail all enrollment change of status events to prevent a late report in the future.
Major Federal Award Programs Audit Finding 2021-003 Student Financial Aid File Review Concerns: View of Responsible Officials: Management concurs that these isolated incidents did occur and acknowledges that even isolated incidents are unacceptable. Corrective Action Plan: Albertus Magnus College is committed to adhering to federal rules and regulations. The College acknowledges the inadvertent over disbursement of Federal Pell Grant Dollars in one instance. The student was in their final period of enrollment and the proration was completed on remaining credits instead of reviewing both credits and weeks and taking the lesser of the two amounts. The funds were returned to the Department of Education on 5/5/22 and the student?s account was made whole. The Financial Aid Office has updated its proration sheet calculators to prevent this error from occurring in the future. The College acknowledges the late reporting of the withdrawal date in one instance to the National Student Loan Data System (NSLDS). Financial Aid has worked in conjunction with ITS and the Registrar?s Office to create a quality control report that will detail all enrollment change of status events to prevent a late report in the future. Person Responsible for Corrective Action Plan: Michelle Cochran Director of Financial Aid Completion Date: Date of Federal Return - 05/05/2022
Finding 2021-004 Return of Title IV Funds Controls Identification of the Federal Program: Student Financial Assistance Cluster, United States Department of Education Criteria: In accordance with 34 CFR 668.16, sufficient, appropriate, controls should be in place to administer Title IV programs with adequate checks and balances to prevent errors. Condition and Context: During the 2021 audit, we noted four inaccuracies in a sample size of twenty-five students for compliance with the Return of Title IV Funds ("R2T4") process. The first student had an inaccurate total semester length and number of days completed in the R2T4 calculation. As such, an inaccurate amount of Title IV aid earned by the student's withdrawal date was reported. Both the original, as well as the corrected, calculations ultimately determined that more Title IV funds were earned than paid, so no funds were required to be returned in either situation for this student. The second student had an inaccurate tuition and fee amount reported in the R2T4 calculation, which resulted in an inaccurate amount of Title IV aid earned, which resulted in more Title IV funds being returned than what was required. The remaining two students had accurately prepared R2T4 calculations. However, the College returned more Title IV aid than what was required. These four situations led to the major federal program compliance audit Finding 2021-007 in this report. Cause: The cause appears to be due to administrative oversight. Effect: The effect of this condition is potential noncompliance with U.S. Department of Education regulations. Recommendation: We recommend that the College incorporate additional review and approval controls over the current R2T4 process. This will help to prevent the administrative oversight that was encountered during the 2021 audit. Views of Responsible Officials and Planned Corrective Actions: Management acknowledges the two errors in Return of Funds calculations. The College changed its official start and end dates of the Spring semester after the school year began. This required every Spring period of enrollment to undergo a manual update. In the instance where too many days were included in the calculation, the start and end date update was inadvertently missed. The midyear adjustment was the result of safety concerns for the National Health Emergency due to Covid-19 to allow for the removal of our spring break to prevent students from traveling mid-semester. The College does not foresee future changes mid academic year that would cause a similar situation, but in the event that one is needed, additional care will be taken to ensure all student files are updated accordingly regardless of withdrawal. In the second error, the student?s tuition discount was not accounted for during the tuition and fees calculation. Starting in the 21-22 academic year, we moved file preparation for R2T4s to the Operations Assistants II position. This allows for all counselors to be part of the review panel to have unbiased view of collected information. 20-21 was still predominantly virtual for the Financial Aid Office due to office capacity requirements set forth by the City of New Haven. When staff members were allowed to return to the office full-time for the 21-22 academic year, we were able to resume our weekly in-person R2T4 meetings where all counselors review the details of the calculation to confirm accuracy.
Show full finding ▾Hide full finding ▴Finding 2021-004 Return of Title IV Funds Controls Identification of the Federal Program: Student Financial Assistance Cluster, United States Department of Education Criteria: In accordance with 34 CFR 668.16, sufficient, appropriate, controls should be in place to administer Title IV programs with adequate checks and balances to prevent errors. Condition and Context: During the 2021 audit, we noted four inaccuracies in a sample size of twenty-five students for compliance with the Return of Title IV Funds ("R2T4") process. The first student had an inaccurate total semester length and number of days completed in the R2T4 calculation. As such, an inaccurate amount of Title IV aid earned by the student's withdrawal date was reported. Both the original, as well as the corrected, calculations ultimately determined that more Title IV funds were earned than paid, so no funds were required to be returned in either situation for this student. The second student had an inaccurate tuition and fee amount reported in the R2T4 calculation, which resulted in an inaccurate amount of Title IV aid earned, which resulted in more Title IV funds being returned than what was required. The remaining two students had accurately prepared R2T4 calculations. However, the College returned more Title IV aid than what was required. These four situations led to the major federal program compliance audit Finding 2021-007 in this report. Cause: The cause appears to be due to administrative oversight. Effect: The effect of this condition is potential noncompliance with U.S. Department of Education regulations. Recommendation: We recommend that the College incorporate additional review and approval controls over the current R2T4 process. This will help to prevent the administrative oversight that was encountered during the 2021 audit. Views of Responsible Officials and Planned Corrective Actions: Management acknowledges the two errors in Return of Funds calculations. The College changed its official start and end dates of the Spring semester after the school year began. This required every Spring period of enrollment to undergo a manual update. In the instance where too many days were included in the calculation, the start and end date update was inadvertently missed. The midyear adjustment was the result of safety concerns for the National Health Emergency due to Covid-19 to allow for the removal of our spring break to prevent students from traveling mid-semester. The College does not foresee future changes mid academic year that would cause a similar situation, but in the event that one is needed, additional care will be taken to ensure all student files are updated accordingly regardless of withdrawal. In the second error, the student?s tuition discount was not accounted for during the tuition and fees calculation. Starting in the 21-22 academic year, we moved file preparation for R2T4s to the Operations Assistants II position. This allows for all counselors to be part of the review panel to have unbiased view of collected information. 20-21 was still predominantly virtual for the Financial Aid Office due to office capacity requirements set forth by the City of New Haven. When staff members were allowed to return to the office full-time for the 21-22 academic year, we were able to resume our weekly in-person R2T4 meetings where all counselors review the details of the calculation to confirm accuracy.
Major Federal Award Programs Audit Finding 2021-004 Return of Title IV Funds Controls: View of Responsible Officials: Management acknowledges the two errors in Return of Funds calculations. Management Corrective Action Plan: The College changed its official start and end dates of the Spring semester after the school year began. This required every Spring period of enrollment to undergo a manual update. In the instance where too many days were included in the calculation, the start and end date update was inadvertently missed. The midyear adjustment was the result of safety concerns for the National Health Emergency due to Covid-19 to allow for the removal of our spring break to prevent students from traveling mid-semester. The College does not foresee future changes mid academic year that would cause a similar situation, but in the event that one is needed, additional care will be taken to ensure all student files are updated accordingly regardless of withdrawal. In the second error, the student?s tuition discount was not accounted for during the tuition and fees calculation. Starting in the 21-22 academic year, we moved file preparation for R2T4s to the Operations Assistants II position. This allows for all counselors to be part of the review panel to have unbiased view of collected information. 20-21 was still predominantly virtual for the Financial Aid Office due to office capacity requirements set forth by the City of New Haven. When staff members were allowed to return to the office full-time for the 21-22 academic year, we were able to resume our weekly in-person R2T4 meetings where all counselors review the details of the calculation to confirm accuracy. Person Responsible for Corrective Action Plan: Michelle Cochran Director of Financial Aid Completion Date: Date of Revised R2T4s ? 05/06/2022
Finding 2021-005 Higher Education Emergency Relief Fund Approval Controls Identification of the Federal Program: COVID-19 Education Stabilization Fund - Higher Education Emergency Relief Fund ("HEERF"), United States Department of Education Criteria: Review and approval of transactions should be documented for an effective internal control structure. Condition and Context: During the 2021 audit, we noted untimely and undocumented approval of the current year expenditures of the Higher Education Emergency Relief Fund ("HEERF") expenditures. Specifically, we noted that the CFO's approval over the Finance Office's calculation and application of the Institutional Aid portion of the HEERF awards was not documented. Since this application of funds did not involve a cash disbursement (funds were used to offset lost revenue), the typical controls over cash disbursements which the College relies on for other grant expenditures were not applicable in this situation. Cause: The cause appears to be due to administrative oversight and an unplanned employee termination. Effect: The effect of this condition is potential noncompliance with U.S. Department of Education regulations. Recommendation: We recommend that the College implement controls over contemporaneous review and approval of transactions. These are considered critical to an effective control environment. We also recommend that management put in place physical sign-offs on the review and approval of significant grant award calculations, especially those that do not involve cash disbursements. Views of Responsible Officials and Planned Corrective Actions: Management acknowledges that we were unable to provide evidence of the approval of the year?s expenditures of the Higher Education Emergency Relief Funds. The College will develop an appropriate level of oversight that incorporates contemporaneous review and approval of transactions, particularly of those that are material. This will be fully documented and implemented no later than October 31, 2022.
Show full finding ▾Hide full finding ▴Finding 2021-005 Higher Education Emergency Relief Fund Approval Controls Identification of the Federal Program: COVID-19 Education Stabilization Fund - Higher Education Emergency Relief Fund ("HEERF"), United States Department of Education Criteria: Review and approval of transactions should be documented for an effective internal control structure. Condition and Context: During the 2021 audit, we noted untimely and undocumented approval of the current year expenditures of the Higher Education Emergency Relief Fund ("HEERF") expenditures. Specifically, we noted that the CFO's approval over the Finance Office's calculation and application of the Institutional Aid portion of the HEERF awards was not documented. Since this application of funds did not involve a cash disbursement (funds were used to offset lost revenue), the typical controls over cash disbursements which the College relies on for other grant expenditures were not applicable in this situation. Cause: The cause appears to be due to administrative oversight and an unplanned employee termination. Effect: The effect of this condition is potential noncompliance with U.S. Department of Education regulations. Recommendation: We recommend that the College implement controls over contemporaneous review and approval of transactions. These are considered critical to an effective control environment. We also recommend that management put in place physical sign-offs on the review and approval of significant grant award calculations, especially those that do not involve cash disbursements. Views of Responsible Officials and Planned Corrective Actions: Management acknowledges that we were unable to provide evidence of the approval of the year?s expenditures of the Higher Education Emergency Relief Funds. The College will develop an appropriate level of oversight that incorporates contemporaneous review and approval of transactions, particularly of those that are material. This will be fully documented and implemented no later than October 31, 2022.
Albertus Magnus College June 30, 2021 Major Federal Award Programs Audit Finding 2021-005 Higher Education Emergency Relief Fund Approval Controls Views of Responsible Officials: Management acknowledges that we were unable to provide evidence of the approval of the year?s expenditures of the Higher Education Emergency Relief Funds. Corrective Action Plan: The College will develop an appropriate level of oversight that incorporates contemporaneous review and approval of transactions, particularly of those that are material. This will be fully documented and implemented no later than October 31, 2022. Person Responsible for Corrective Action Plan: Lauri Strimkovsky Vice President for Finance and Administration Anticipated Completion Date: October 31, 2022
Finding 2021-006 Higher Education Emergency Relief Fund Reporting Controls Identification of the Federal Program: COVID-19 Education Stabilization Fund - Higher Education Emergency Relief Fund ("HEERF"), United States Department of Education Criteria: The internal control system should be designed so that special reporting requirements for Federal grants are followed and reported timely. Condition and Context: During the 2021 audit, we identified multiple errors in the 2021 quarterly public reporting requirements associated with the HEERF awards. These errors also affected the 2020 HEERF annual report submission that was required under the CARES Act. Collectively, these errors also resulted in major federal award program compliance Finding 2021-009. The auditor notes that the internal control system was not designed in a manner that identified reporting errors prior to submission. Cause: The cause appears to be due to administrative oversight. Effect: The effect of this condition is potential noncompliance with U.S. Department of Education regulations. Recommendation: We recommend that the College review the most recent set of Public Reporting requirements for both the HEERF Student Aid and HEERF Institutional Aid awards and put into place additional procedures to ensure compliance with the stated requirements. The procedures should include reviewing the U.S. Department of Education notifications timely to address any changes in special reporting requirements. Views of Responsible Officials and Planned Corrective Actions: Management acknowledges that errors existed in the 2021 quarterly reporting requirements and the 2020 annual report of the Higher Education Emergency Relief Funds due to a lack of coordination of various College offices. The College has developed and implemented a reporting process that incorporates the review and oversight of any federal award report by the Vice President for Finance and Administration, particularly of those that are material. This review took place with the 2021 annual report. The Vice President currently serves as the responsible individual for all HEEFF funds and will assume oversight of other federal fund reporting as needed.
Show full finding ▾Hide full finding ▴Finding 2021-006 Higher Education Emergency Relief Fund Reporting Controls Identification of the Federal Program: COVID-19 Education Stabilization Fund - Higher Education Emergency Relief Fund ("HEERF"), United States Department of Education Criteria: The internal control system should be designed so that special reporting requirements for Federal grants are followed and reported timely. Condition and Context: During the 2021 audit, we identified multiple errors in the 2021 quarterly public reporting requirements associated with the HEERF awards. These errors also affected the 2020 HEERF annual report submission that was required under the CARES Act. Collectively, these errors also resulted in major federal award program compliance Finding 2021-009. The auditor notes that the internal control system was not designed in a manner that identified reporting errors prior to submission. Cause: The cause appears to be due to administrative oversight. Effect: The effect of this condition is potential noncompliance with U.S. Department of Education regulations. Recommendation: We recommend that the College review the most recent set of Public Reporting requirements for both the HEERF Student Aid and HEERF Institutional Aid awards and put into place additional procedures to ensure compliance with the stated requirements. The procedures should include reviewing the U.S. Department of Education notifications timely to address any changes in special reporting requirements. Views of Responsible Officials and Planned Corrective Actions: Management acknowledges that errors existed in the 2021 quarterly reporting requirements and the 2020 annual report of the Higher Education Emergency Relief Funds due to a lack of coordination of various College offices. The College has developed and implemented a reporting process that incorporates the review and oversight of any federal award report by the Vice President for Finance and Administration, particularly of those that are material. This review took place with the 2021 annual report. The Vice President currently serves as the responsible individual for all HEEFF funds and will assume oversight of other federal fund reporting as needed.
Albertus Magnus College June 30, 2021 Major Federal Award Programs Audit Finding 2021-006 Higher Education Emergency Relief Fund Reporting Controls Views of Responsible Officials: Management acknowledges that errors existed in the 2021 quarterly reporting requirements and the 2020 annual report of the Higher Education Emergency Relief Funds due to a lack of coordination of various College offices. Corrective Action Plan: The College has developed and implemented a reporting process that incorporates the review and oversight of any federal award report by the Vice President for Finance and Administration, particularly of those that are material. This review took place with the 2021 annual report. The Vice President currently serves as the responsible individual for all HEEFF funds and will assume oversight of other federal fund reporting as needed. Person Responsible for Corrective Action Plan: Lauri Strimkovsky Vice President for Finance and Administration Completion Date: June 30, 2022
During testing of the R2T4 process, the auditor noted two participating students whose R2T4 calculation was calculated incorrectly, and two separate participating students who had the incorrect amount of R2T4 funds returned. Cause: As part of the R2T4 process, the College has procedures in place for preparing the R2T4 calculation timely and accurately once a student withdraws from the institution. However, it appears that due to administrative oversight, there were incidents in which the calculations were not performed accurately. Note that a significant deficiency in internal controls for this matter was reported as Finding 2021-004. Effect: The effect of this condition is noncompliance with U.S. Department of Education regulations. Context: Our testing noted four participating students, out of a randomly selected sample size of twenty-five participating students, whose R2T4 calculations were not considered accurate under the Federal Register. The error on the first student had no effect on the amount of funds to be returned. The error on the second student resulted in an excess of $253 unsubsidized loans being returned than what was required. The error on the third student resulted in an excess of $415 of Pell grants being returned than what was required. Lastly, the error on the fourth student resulted in an excess of $9 of subsidized loans being returned. The total of these four errors was an overstatement of the R2T4 funds returned of $677. Recommendation: We recommend that the College review its current R2T4 policy and procedures manual and incorporate additional oversight to ensure that reviews of the R2T4 calculations are being performed to prevent inaccuracies in the calculations. Views of Responsible Officials and Planned Corrective Actions: Management acknowledges the errors in the return of funds calculations. These occurred during the National Health Emergency when due to Covid-19, the College maintained reduced staff within the office causing many file reviews to be completed through virtual means instead of in person. With the return to full staff within the office in Summer of 2021, we were able to return to reviewing files in person to more easily prevent overlooking of data figures and transposing of numbers. In addition, file preparation for R2T4s has been assigned to a new staff member to ensure that counselors are reviewing files with an unbiased scrutinizing eye. In each incident, too much funding was returned to the Department of Education. Due to the timeline of the review, both post withdrawal and late disbursement time restrictions had passed and funding was not eligible to be brought back into the College.
Show full finding ▾Hide full finding ▴Finding 2021-007 Return of Title IV Funds Identification of the Federal Program: Student Financial Assistance Cluster, United States Department of Education Criteria: The Federal Register (34 CFR 668.22) requires that the institution must determine the amount of Title IV grant or loan assistance that the student earned as of the student's withdrawal date. Any unearned aid must be returned. Condition: During testing of the R2T4 process, the auditor noted two participating students whose R2T4 calculation was calculated incorrectly, and two separate participating students who had the incorrect amount of R2T4 funds returned. Cause: As part of the R2T4 process, the College has procedures in place for preparing the R2T4 calculation timely and accurately once a student withdraws from the institution. However, it appears that due to administrative oversight, there were incidents in which the calculations were not performed accurately. Note that a significant deficiency in internal controls for this matter was reported as Finding 2021-004. Effect: The effect of this condition is noncompliance with U.S. Department of Education regulations. Context: Our testing noted four participating students, out of a randomly selected sample size of twenty-five participating students, whose R2T4 calculations were not considered accurate under the Federal Register. The error on the first student had no effect on the amount of funds to be returned. The error on the second student resulted in an excess of $253 unsubsidized loans being returned than what was required. The error on the third student resulted in an excess of $415 of Pell grants being returned than what was required. Lastly, the error on the fourth student resulted in an excess of $9 of subsidized loans being returned. The total of these four errors was an overstatement of the R2T4 funds returned of $677. Recommendation: We recommend that the College review its current R2T4 policy and procedures manual and incorporate additional oversight to ensure that reviews of the R2T4 calculations are being performed to prevent inaccuracies in the calculations. Views of Responsible Officials and Planned Corrective Actions: Management acknowledges the errors in the return of funds calculations. These occurred during the National Health Emergency when due to Covid-19, the College maintained reduced staff within the office causing many file reviews to be completed through virtual means instead of in person. With the return to full staff within the office in Summer of 2021, we were able to return to reviewing files in person to more easily prevent overlooking of data figures and transposing of numbers. In addition, file preparation for R2T4s has been assigned to a new staff member to ensure that counselors are reviewing files with an unbiased scrutinizing eye. In each incident, too much funding was returned to the Department of Education. Due to the timeline of the review, both post withdrawal and late disbursement time restrictions had passed and funding was not eligible to be brought back into the College.
Albertus Magnus College June 30, 2021 Major Federal Award Programs Audit Finding 2021-007 Return of Title IV Funds Views of Responsible Officials: Management acknowledges the errors in the return of funds calculations. These occurred during the National Health Emergency when due to Covid-19, the College maintained reduced staff within the office causing many file reviews to be completed through virtual means instead of in person. Corrective Action Plan: With the return to full staff within the office in Summer of 2021, we were able to return to reviewing files in person to more easily prevent overlooking of data figures and transposing of numbers. In addition, file preparation for R2T4s has been assigned to a new staff member to ensure that counselors are reviewing files with an unbiased scrutinizing eye. In each incident, too much funding was returned to the Department of Education. Due to the timeline of the review, both post withdrawal and late disbursement time restrictions had passed and funding was not eligible to be brought back into the College. Person Responsible for Corrective Action Plan: Michelle Cochran Director of Financial Aid Completion Date: Date of Revised R2T4s ? May 6, 2022 Revised process in place April 30, 2022
During testing of the FISAP, the auditor noted that there were certain parts of the FISAP that were prepared inaccurately, which resulted in the FISAP having to be corrected and resubmitted. Cause: The errors appear to have been made due to inaccurate reconciliations of the underlying source data to the FISAP. Effect: The effect of this condition is noncompliance with U.S. Department of Education regulations. Context: Our testing noted that the total tuition and fees for the award year July 1, 2020 to June 30, 2021 reported on Part II Section E row 22 was overstated by $691,817 and was required to be adjusted. In addition, we noted that the number of recipients, and the amount of funds disbursed, for 6 rows on Part VI Section A were inaccurate. The effect of this was an underreporting of $15,672 FSEOG and a reallocation of FSEOG student recipients in this section. Once alerted of these variances, management took corrective action and amended the FISAP submission. Recommendation: We recommend that the College review its current reconciliation practices on the FISAP and implement additional controls to ensure that the figures reported on the FISAP reconcile to source documentation prior to submission of the final report. Views of Responsible Officials and Planned Corrective Actions: Management acknowledges the multiple errors on the FISAP submission. Due to staff change over between both the Financial Offices and Financial Aid Office, directions for completion were not fully detailed. The College is in the process of submitting audit approved corrections to the Department of Education. Thus far, the Department of Education has accepted the adjustments to the Supplemental Education Opportunity Grant section. We are awaiting the Department of Education?s approval to allow corrections to be made to the total tuition and fees submission. Additionally, the FISAP will be reviewed by the Vice President for Finance and Administration prior to filing with the Department of Education.
Show full finding ▾Hide full finding ▴Finding 2021-008 Fiscal Operations Report and Application to Participate ("FISAP") Identification of the Federal Program: Student Financial Assistance Cluster, United States Department of Education Criteria: The United States Department of Education 2020-2021 Federal Student Aid Handbook Volume 6 Chapter 1 requires that an institution prepare and file a FISAP on an annual basis. Sections 34 CFR 674.19 (Perkins Loan), 34 CFR 675.19 (FWS), and 34 CFR 676.19 (FSEOG) specifically cover this requirement. Condition: During testing of the FISAP, the auditor noted that there were certain parts of the FISAP that were prepared inaccurately, which resulted in the FISAP having to be corrected and resubmitted. Cause: The errors appear to have been made due to inaccurate reconciliations of the underlying source data to the FISAP. Effect: The effect of this condition is noncompliance with U.S. Department of Education regulations. Context: Our testing noted that the total tuition and fees for the award year July 1, 2020 to June 30, 2021 reported on Part II Section E row 22 was overstated by $691,817 and was required to be adjusted. In addition, we noted that the number of recipients, and the amount of funds disbursed, for 6 rows on Part VI Section A were inaccurate. The effect of this was an underreporting of $15,672 FSEOG and a reallocation of FSEOG student recipients in this section. Once alerted of these variances, management took corrective action and amended the FISAP submission. Recommendation: We recommend that the College review its current reconciliation practices on the FISAP and implement additional controls to ensure that the figures reported on the FISAP reconcile to source documentation prior to submission of the final report. Views of Responsible Officials and Planned Corrective Actions: Management acknowledges the multiple errors on the FISAP submission. Due to staff change over between both the Financial Offices and Financial Aid Office, directions for completion were not fully detailed. The College is in the process of submitting audit approved corrections to the Department of Education. Thus far, the Department of Education has accepted the adjustments to the Supplemental Education Opportunity Grant section. We are awaiting the Department of Education?s approval to allow corrections to be made to the total tuition and fees submission. Additionally, the FISAP will be reviewed by the Vice President for Finance and Administration prior to filing with the Department of Education.
Albertus Magnus College June 30, 2021 Major Federal Award Programs Audit Finding 2021-008 Fiscal Operations Report and Application to Participate (FISAP) Views of Responsible Officials: Management acknowledges the multiple errors on the FISAP submission. Corrective Action Plan: Due to staff change over between both the Financial Offices and Financial Aid Office, directions for completion were not fully detailed. The College is in the process of submitting audit approved corrections to the Department of Education. Thus far, the Department of Education has accepted the adjustments to the Supplemental Education Opportunity Grant section. We are awaiting the Department of Education?s approval to allow corrections to be made to the total tuition and fees submission. Additionally, the FISAP will be reviewed by the Vice President for Finance and Administration prior to filing with the Department of Education. Person Responsible for Corrective Action Plan: Michelle Cochran Director of Financial Aid Anticipated Completion Date: 07/15/2022 Anticipated Completion Date: Date of Revised R2T4s ? May 6, 2022 Revised process in place April 30, 2022
During testing of the special reporting requirements of the HEERF Institutional Aid grants, the auditor noted that the College incorrectly included HEERF Student Aid expenditures on the Quarterly Public Reporting submissions for each of the required HEERF I, HEERF II and HEERF III Institutional Aid grant reporting throughout the entire year under audit. In addition, the auditor noted that the required HEERF Student Aid grant Quarterly Public Reporting submission was not made for the quarter ended June 30, 2021 for both HEERF II and HEERF III. Lastly, the student aid award matrix posted for the HEERF III award as part of the public reporting submission was inaccurate. Note that a significant deficiency in internal controls for this matter was reported as Finding 2021-006. Cause: The errors appear to have been made due to administrative oversight of the special reporting requirements that were being amended by the United States Department of Education throughout the period under audit. Effect: The effect of this condition is noncompliance with U.S. Department of Education regulations. Context: Our testing examined all of the required Quarterly Public Reporting submissions for both HEERF Student Aid and HEERF Institutional Aid throughout the year under audit. The effect of the errors was that: ? $688,700 of HEERF I Student Aid fund expenditures were incorrectly reported as HEERF I Institutional Aid expenditures in the HEERF I Institutional Aid Quarterly Public Reporting submissions thought the year under audit; ? $681,623 of HEERF II Student Aid fund expenditures were incorrectly reported as HEERF II Institutional Aid expenditures in the HEERF II Institutional Aid Quarterly Public Reporting submissions thought the year under audit; and ? The June 30, 2021 Quarterly Public Reporting for HEERF Student Aid was not made for both the HEERF II and HEERF III grants. ? The HEERF I Annual Report incorrectly reported $665,300 of additional emergency financial aid grants to students on line 8.1 (correct amount was $0 additional emergency financial aid grants to student). Accordingly, the total institutional aid expenditures on line 8.17 was also overstated by the same amount of $665,300. ? The student aid award matrix posted to the College's website to satisfy the public reporting requirements for HEERF III was inaccurate. The published matrix was not indicative of how awards were actually awarded to students. Specifically, the published matrix stated that the student aid awards were determined based on the student's enrollment status (full-time or part-time) and federal expected family contribution amount. However, awards were actually awarded based on the student's enrollment status and their eligibility for Pell grants. Recommendation: We recommend that the College review the most recent set of Quarterly Public Reporting requirements for both the HEERF Student Aid and HEERF Institutional Aid awards and put in place additional procedures to ensure compliance with the stated requirements. The procedures should include reviewing the Department of Education notifications to address any changes to the reporting requirements timely. Views of Responsible Officials and Planned Corrective Actions: Management agrees that inaccurate information was posted. The Financial Aid Office submitted the HEERF III matrix to be published for our website. It was not noticed that the matrix published had transposed data until before the HEERF Annual Report was submitted in 2021. At that point, corrections were made to the website. All students were packaged based upon the approved matrix. A new procedure was in place prior to the filing of the quarterly report. Additionally, regular review of reporting requirements will continue until the final reports for HEERF are filed.
Show full finding ▾Hide full finding ▴Finding 2021-009 Higher Education Emergency Relief Fund Reporting Identification of the Federal Program: COVID-19 Education Stabilization Fund - Higher Education Emergency Relief Fund ("HEERF"), United States Department of Education Criteria: Recipient's Funding Certification and Agreement for the Institutional Aid Portion of the Higher Education Emergency Relief Fund; Recipient's Funding Certification and Agreement for the Student Aid Portion of the Higher Education Emergency Relief Fund; and 2 CFR 200.328 - 200.329. Condition: During testing of the special reporting requirements of the HEERF Institutional Aid grants, the auditor noted that the College incorrectly included HEERF Student Aid expenditures on the Quarterly Public Reporting submissions for each of the required HEERF I, HEERF II and HEERF III Institutional Aid grant reporting throughout the entire year under audit. In addition, the auditor noted that the required HEERF Student Aid grant Quarterly Public Reporting submission was not made for the quarter ended June 30, 2021 for both HEERF II and HEERF III. Lastly, the student aid award matrix posted for the HEERF III award as part of the public reporting submission was inaccurate. Note that a significant deficiency in internal controls for this matter was reported as Finding 2021-006. Cause: The errors appear to have been made due to administrative oversight of the special reporting requirements that were being amended by the United States Department of Education throughout the period under audit. Effect: The effect of this condition is noncompliance with U.S. Department of Education regulations. Context: Our testing examined all of the required Quarterly Public Reporting submissions for both HEERF Student Aid and HEERF Institutional Aid throughout the year under audit. The effect of the errors was that: ? $688,700 of HEERF I Student Aid fund expenditures were incorrectly reported as HEERF I Institutional Aid expenditures in the HEERF I Institutional Aid Quarterly Public Reporting submissions thought the year under audit; ? $681,623 of HEERF II Student Aid fund expenditures were incorrectly reported as HEERF II Institutional Aid expenditures in the HEERF II Institutional Aid Quarterly Public Reporting submissions thought the year under audit; and ? The June 30, 2021 Quarterly Public Reporting for HEERF Student Aid was not made for both the HEERF II and HEERF III grants. ? The HEERF I Annual Report incorrectly reported $665,300 of additional emergency financial aid grants to students on line 8.1 (correct amount was $0 additional emergency financial aid grants to student). Accordingly, the total institutional aid expenditures on line 8.17 was also overstated by the same amount of $665,300. ? The student aid award matrix posted to the College's website to satisfy the public reporting requirements for HEERF III was inaccurate. The published matrix was not indicative of how awards were actually awarded to students. Specifically, the published matrix stated that the student aid awards were determined based on the student's enrollment status (full-time or part-time) and federal expected family contribution amount. However, awards were actually awarded based on the student's enrollment status and their eligibility for Pell grants. Recommendation: We recommend that the College review the most recent set of Quarterly Public Reporting requirements for both the HEERF Student Aid and HEERF Institutional Aid awards and put in place additional procedures to ensure compliance with the stated requirements. The procedures should include reviewing the Department of Education notifications to address any changes to the reporting requirements timely. Views of Responsible Officials and Planned Corrective Actions: Management agrees that inaccurate information was posted. The Financial Aid Office submitted the HEERF III matrix to be published for our website. It was not noticed that the matrix published had transposed data until before the HEERF Annual Report was submitted in 2021. At that point, corrections were made to the website. All students were packaged based upon the approved matrix. A new procedure was in place prior to the filing of the quarterly report. Additionally, regular review of reporting requirements will continue until the final reports for HEERF are filed.
Albertus Magnus College June 30, 2021 Major Federal Award Programs Audit Finding 2021-009 Higher Education Emergency Relief Fund Reporting Views of Responsible Officials: Management agrees that inaccurate information was posted. Corrective Action Plan: The Financial Aid Office submitted the HEERF III matrix to be published for our website. It was not noticed that the matrix published had transposed data until before the HEERF Annual Report was submitted in 2021. At that point, corrections were made to the website. All students were packaged based upon the approved matrix. A new procedure was in place prior to the filing of the quarterly report. Additionally, regular review of reporting requirements will continue until the final reports for HEERF are filed. Person Responsible for Corrective Action Plan: Michelle Cochran Director of Financial Aid Lauri Strimkovsky Vice President for Finance and Administration Anticipated Completion Date: 07/15/2022 Anticipated Completion Date: Date of Revised R2T4s ? May 6, 2022 Revised process in place April 30, 2022
FAC accepted this audit on July 22, 2021 — management decision was due January 22, 2022.
During testing of the Return of Title IV Funds ("R2T4") process, the auditors noted one participating student whose R2T4 calculation was calculated incorrectly. Cause: As part of the R2T4 process, the College has procedures in place for preparing the R2T4 calculation timely and accurately once a student withdraws from the institution. However, it appears that due to administrative oversight the correct total institutional charges used in the R2T4 calculation were not accurate. Effect: The effect of this condition is noncompliance with U.S. Department of Education regulations. Context: Our testing noted one participating student, out of a randomly selected sample size of twenty-five participating students, whose R2T4 calculation was calculated incorrectly. The total of this error was an understatement of the R2T4 funds returned of $1,402. Recommendation: We recommend that Albertus Magnus College review its current R2T4 policy and procedures manual and incorporate additional oversight to ensure that accurate institutional charges are used in the R2T4 calculations. Views of Responsible Officials and Planned Corrective Actions: In response to the Finding 2020-003 Return of Title IV Funds, Albertus Magnus College recognizes the incorrect tuition and fee charges used in the Return of Funds Calculation. An updated R2T4 will be processed in accordance with Federal guidelines. The 2019-2020 Loan Year will be opened for the additional $1,402 to be returned to the Department of Education as designated by the updated calculation. A revised award letter will be sent to the student with adjusted total loan borrowing for the 2019-2020 academic year. Albertus Magnus College is committed to adhering to the Department of Education?s regulations and requirements. The move to virtual administration of Title IV aid brought forth new opportunities for improvement in our compliance efforts. In the 2020-2021 academic year, we implemented several new enhancements to our R2T4 procedures. The Financial Aid Office instituted a Return of Funds Calculations Review Panel, comprised of at least three members of the Financial Aid Office, that meets regularly to confirm all proper documentation is collected for the calculation and data points are entered into the Financial Aid Management System, PowerFAIDS, appropriately. The Office has also created a quality control report that is run bi-weekly which highlights any data points that may have been left incomplete. This confirms that all data has been entered completely for an accurate return calculation. Albertus Magnus College is committed to professional development and actively invests in our employees to maintain proper knowledge and ability to manage Title IV aid. When the Federal Student Aid Annual Conference moved to a virtual platform in 2020, the entire Financial Aid Office staff was able to attend trainings directly from the Department of Education. The increased access of virtual content through both the Department of Education and NASFAA Association have allowed for additional opportunities to send more staff to trainings. The creation of the quality control report coupled with the internal review panel will ensure all R2T4s are completed accurately and within the Federal guidelines.
Show full finding ▾Hide full finding ▴Finding 2020-003 Return of Title IV Funds Identification of the Federal Program: Student Financial Assistance Cluster, United States Department of Education. Criteria: The Federal Register (34 CFR 668.22(g)) requires that the institution must return the lesser of the total amount of unearned Title IV assistance or the amount equal to the total institutional charges incurred by the student for the payment period or period of enrollment multiplied by the percentage of Title IV grant or loan assistance that has not been earned. Condition: During testing of the Return of Title IV Funds ("R2T4") process, the auditors noted one participating student whose R2T4 calculation was calculated incorrectly. Cause: As part of the R2T4 process, the College has procedures in place for preparing the R2T4 calculation timely and accurately once a student withdraws from the institution. However, it appears that due to administrative oversight the correct total institutional charges used in the R2T4 calculation were not accurate. Effect: The effect of this condition is noncompliance with U.S. Department of Education regulations. Context: Our testing noted one participating student, out of a randomly selected sample size of twenty-five participating students, whose R2T4 calculation was calculated incorrectly. The total of this error was an understatement of the R2T4 funds returned of $1,402. Recommendation: We recommend that Albertus Magnus College review its current R2T4 policy and procedures manual and incorporate additional oversight to ensure that accurate institutional charges are used in the R2T4 calculations. Views of Responsible Officials and Planned Corrective Actions: In response to the Finding 2020-003 Return of Title IV Funds, Albertus Magnus College recognizes the incorrect tuition and fee charges used in the Return of Funds Calculation. An updated R2T4 will be processed in accordance with Federal guidelines. The 2019-2020 Loan Year will be opened for the additional $1,402 to be returned to the Department of Education as designated by the updated calculation. A revised award letter will be sent to the student with adjusted total loan borrowing for the 2019-2020 academic year. Albertus Magnus College is committed to adhering to the Department of Education?s regulations and requirements. The move to virtual administration of Title IV aid brought forth new opportunities for improvement in our compliance efforts. In the 2020-2021 academic year, we implemented several new enhancements to our R2T4 procedures. The Financial Aid Office instituted a Return of Funds Calculations Review Panel, comprised of at least three members of the Financial Aid Office, that meets regularly to confirm all proper documentation is collected for the calculation and data points are entered into the Financial Aid Management System, PowerFAIDS, appropriately. The Office has also created a quality control report that is run bi-weekly which highlights any data points that may have been left incomplete. This confirms that all data has been entered completely for an accurate return calculation. Albertus Magnus College is committed to professional development and actively invests in our employees to maintain proper knowledge and ability to manage Title IV aid. When the Federal Student Aid Annual Conference moved to a virtual platform in 2020, the entire Financial Aid Office staff was able to attend trainings directly from the Department of Education. The increased access of virtual content through both the Department of Education and NASFAA Association have allowed for additional opportunities to send more staff to trainings. The creation of the quality control report coupled with the internal review panel will ensure all R2T4s are completed accurately and within the Federal guidelines.
Corrective Action Plan: In response to the Finding 2020-003 Return of Title IV Funds, Albertus Magnus College recognizes the incorrect tuition and fee charges used in the Return of Funds Calculation. An updated R2T4 will be processed in accordance with Federal guidelines. The 2019-2020 Loan Year will be opened for the additional $1,402 to be returned to the Department of Education as designated by the updated calculation. A revised award letter will be sent to the student with adjusted total loan borrowing for the 2019-2020 academic year. Albertus Magnus College is committed to adhering to the Department of Education?s regulations and requirements. The move to virtual administration of Title IV aid brought forth new opportunities for improvement in our compliance efforts. In the 2020-2021 academic year implemented several new enhancements to our R2T4 procedures. The Financial Aid Office instituted a Return of Funds Calculations Review Panel, comprised of at least three members of the Financial Aid Office that meets regularly to confirm all proper documentation is collected for the calculation and data points are entered into the Financial Aid Management System, PowerFAIDS, appropriately. The Office has also created a quality control report that is run bi-weekly which highlights any data points that may have been left incomplete. This confirms that all data has been entered completely for an accurate return calculation. Albertus is committed to professional development and actively invests in our employees to maintain proper knowledge and ability to manage Title IV aid. When the Federal Student Aid Annual Conference moved to a virtual platform in 2020, the entire Financial Aid Office staff was able to attend trainings directly from the Department of Education. The increased access of virtual content through both the Department of Education and NASFAA Association have allowed for additional opportunities to send more staff to trainings. The creation of the quality control report coupled with the internal review panel will ensure all R2T4s are completed accurately and within the Federal Guidelines.
FAC accepted this audit on October 21, 2019 — management decision was due April 21, 2020.
FAC accepted this audit on November 6, 2018 — management decision was due May 6, 2019.
GSA_MIGRATION
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GSA_MIGRATION
FAC accepted this audit on May 24, 2018 — management decision was due November 24, 2018.
GSA_MIGRATION
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GSA_MIGRATION
FAC accepted this audit on September 25, 2016 — management decision was due March 25, 2017.
GSA_MIGRATION
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GSA_MIGRATION
2015-001
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