METROPOLITAN BRIDGEPORT INC.

SUMMARY OF FINDINGS RELATED TO FINANCIAL STATEMENTS REQUIRED UNDER GOVERNMENT AUDITING STANDARDS ? We issued reports, dated April 27, 2022 on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with Government Auditing Standards. ? Our report on compliance and other matters indicated no reportable instances of noncompliance. ? Our report on internal control over financial reporting indicated no material weaknesses. FEDERAL AWARD FINDINGS AND QUESTIONED COSTS FINDING #2021-001 Identification of the Federal Program Grantor: U.S. Department of Education Federal Program Name: Federal Perkins Loan Program Federal CFDA Number: 84.038 Criteria & Condition Under the Perkins Loan Program, institutions are required to keep the original promissory notes until the loans are satisfied. Cause A breakdown of controls over promissory notes occurred during departmental reorganizations, office moves, and the assignment process of the loan program which caused the original promissory notes to be erroneously discarded or misplaced. Context Failure to maintain the original promissory notes puts the University at risk that the loans will not be accepted when assigned. Effect or Potential Effect Failure to maintain the original promissory notes puts the University at risk that the loans will not be accepted when assigned. Recommendation We recommend strengthening controls around promissory notes and ongoing review of loan documents for federal loan recipients. Views of Responsible Officials and Planned Corrective Actions Management agrees with the finding and the reader?s attention is directed to the corrective action plan.

University of Bridgeport April 18, 2022 Federal Perkins Loan Program Re: University of Bridgeport Corrective Action Plan Fiscal Year Ended June 30, 2021 Finding Number: 2021-001 Condition: Under the Perkins Loan Program, institutions are required to keep the original promissory notes until the loans are satisfied. During testing, it was identified that the University was missing three out of twenty-five selections made by the auditors of original paper promissory notes. Views of Responsible Officials and Planned Corrective Action: Currently, the Controller, Assistant Bursar, and Student Financial Service representative are searching for the missing paper documents in the archive. We are in the process of closing the Perkins loan program and are assigning loans to ECSI (a federally appointed servicer). As it relates to Perkins, the program is winding down and all related documents are provided to ECSI, we anticipate ending the program by June 2022. The missing promissory notes are prior to 2006 when promissory notes were paper-based. Since 2006 all master promissory notes are electronic notes and we are in order. As a result of the finding and federal assignment process, management and financial aid review the remaining records for the closeout process. Contact person responsible for corrective action: Malhar Sharma, AVP of Finance & Controller ? 203-581-0070. Anticipated Completion Date: 06/30/2022

SUMMARY OF FINDINGS RELATED TO FINANCIAL STATEMENTS REQUIRED UNDER GOVERNMENT AUDITING STANDARDS

March 16, 2021

2019-001

SUMMARY OF FINDINGS RELATED TO FINANCIAL STATEMENTS REQUIRED UNDER GOVERNMENT AUDITING STANDARDS ? We issued reports, dated December 30, 2019 on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with Government Auditing Standards. ? Our report on compliance and other matters indicated no reportable instances of noncompliance. ? Our report on internal control over financial reporting indicated no material weaknesses. FEDERAL AWARD FINDINGS AND QUESTIONED COSTS FINDING #2019-001 Identification of the Federal Program Grantor: U.S. Department of Education Federal Program Name: Student Financial Assistance Cluster Federal CFDA Number: 84.063, 84.007, 84.033, 84.038, 84.268, and 84.379 Criteria A student?s enrollment status determines eligibility for in-school status, deferment, and grace periods. Enrollment information must be reported within 30 days whenever attendance changes for students. These changes include reductions or increases in attendance levels, withdrawals, graduations, or approved leaves-of-absence. The University must submit the changes electronically through the batch method or the National Student Loan Data System (?NSLDS?) website. Condition During our testing, it was identified that the University did not appropriately update the status within the required 30-day timeframe for certain students that had a status change during the year. Cause Due to personnel changes, as well as the lack of overall organization, review, and approval policies and procedures, there was a breakdown in internal control over compliance including the review and approval process related to the status changes over the enrolled students. Effect or Potential Effect Failure to report student enrollment status in a timely manner exposes the University to the risk of regulatory sanctions, which could include the reduction of program funding, program suspension or debarment. Questioned Costs N/A, no questioned costs. Context The enrollment status change was not appropriately reported for eight students out of our sample of 40. In some of the exceptions, the University did not appropriately notify the National Student Clearinghouse of students graduating or withdrawing from the University. In other instances, the University improperly reported Leave of Absence changes as withdrawals. Recommendation It is recommended that the University enhance their internal control process which would include a process whereby management formally reviews the Enrollment Reporting Summary Report (SCHER1) on the NSLDS website in a timely manner ensuring the accuracy and timeliness of the required information. Views of Responsible Officials See corrective action plan.

December 30, 2019 Federal Audit Clearinghouse Re: University of Bridgeport Corrective Action Plan Fiscal Year Ended June 30, 2019 Finding Number: 2019-001 Condition: During testing, it was identified that the University did not appropriately update the status for certain students within the required 30-day timeframe. Views of Responsible Officials and Planned Corrective Action: Currently, the Provost, Assistant Registrar, and Registrar clear students in a Pending Graduation status. Going forward, the Registrar is the only person that will be clearing students with a ?Pending Graduation? status. Since the Registrar?s process of clearing students with the status already includes updating the Clearing House with a ?Graduate? status, having the Registrar alone clear them should resolve the issue. Also after the initial report of Graduated students is sent to the Clearing House, Financial Aid will request a list of Pending Graduates. On a monthly basis, Financial Aid will check the student information system for any status change from Pending Graduate to Graduated. If there has been a status change in the student information system, Financial Aid will also ensure that the Clearing House/NSLDS has been updated to reflect the status change. Contact person responsible for corrective action: Carmen Rosa Completion Date: 9/1/2019