EIN: 131656667
UEI: VVWCW5BPNGC6
Audited by: Crowe LLP
Oversight agency: 84 [Department of Education]
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Data as of September 7, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on March 2, 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 2, 2026 (7 days ago).
What is a management decision? →FAC accepted this audit on December 20, 2024 — management decision was due June 20, 2025.
For one of 23 samples tested, the student's information was inaccurately recorded from the Jenzabar system that resulted in inaccurate information reported to NSLDS. The student status effective date was October 2, 2023 and the information reported to NSLDS was December 15, 2023. Additionally, for twenty-two of 23 samples tested, the students’ graduation date was reported to NSLDS more than 60 days from its effective date. Graduation status date was January 18, 2024 compared to NSLDS certification of March 11, 2024.
Show full finding ▾Hide full finding ▴For one of 23 samples tested, the student's information was inaccurately recorded from the Jenzabar system that resulted in inaccurate information reported to NSLDS. The student status effective date was October 2, 2023 and the information reported to NSLDS was December 15, 2023. Additionally, for twenty-two of 23 samples tested, the students’ graduation date was reported to NSLDS more than 60 days from its effective date. Graduation status date was January 18, 2024 compared to NSLDS certification of March 11, 2024.
MSM remain stronly committed to timely and accurate reporting. NSC, MSM's 3rd party processor, investigated the matter and identified a breakdown of its standard processing procedure to notify an institution of any errors in uploaded files to NSLDS. Had NSC followed its standard, MSM would have resubmitted the file to NSC, and no error or delay in reporting would have occurred Yes MSM acknowledges its responsibility for actions taken by third-party service providers. MSM has reinforced training for the Office of the Registrar staff related to NSC reporting and requested updates of its NSC procedure manual, inlcuding date validation that ensures accurate and timely submission of information to NSC from MSM and, ultimately, NSLDS. Specifically, the Office of the Registrar staff will complete live and on-demand webinards to reinforce knowledge and the strict adherence to federal reporting requirements and timeliness by the end of the calendar year 2024. In addition, training on NSC reporting from our Student Information System (SIS) (Jenzabar 1) will be conducted yearly, or as necessary when upgrades or patches are released affecting NSC reporting. MSM Office of the Registrar staff attended such training on November 25, 2024.
2023-005
FAC accepted this audit on March 25, 2024 — management decision was due September 25, 2024.
During the audit of several key transaction cycles, it was noted that management did not have adequate controls in place over financial reporting, specifically the journal entry process, to allow for timely and accurate financial reporting, resulting in an audit adjustment being posted by management. Context: As a result of audit procedures performed, several accounts had to be adjusted to recognize the appropriate balances at year-end. These accounts included cash with negative balances, accounts receivable with negative balances, accounts payable with positive balances. Also, the accounts receivable allowance for doubtful accounts balance was greater than the gross accounts receivable and the unearned revenue account had a positive balance. Total adjustment aggregated to $2,491,439.
Show full finding ▾Hide full finding ▴Condition: During the audit of several key transaction cycles, it was noted that management did not have adequate controls in place over financial reporting, specifically the journal entry process, to allow for timely and accurate financial reporting, resulting in an audit adjustment being posted by management. Context: As a result of audit procedures performed, several accounts had to be adjusted to recognize the appropriate balances at year-end. These accounts included cash with negative balances, accounts receivable with negative balances, accounts payable with positive balances. Also, the accounts receivable allowance for doubtful accounts balance was greater than the gross accounts receivable and the unearned revenue account had a positive balance. Total adjustment aggregated to $2,491,439.
Over the course of the past few fiscal years, the Finance Department experienced unprecedented turnover in critical positions including multiple CFOs and Controllers. That employee turnover even with accounting contractors challenged the School to maintain effective controls throughout its accounting and financial reporting functions. The accounting and financial reporting results were ultimately achieved; however, the manner to arrive at the outcome lacked sufficient control aspects. Absent a Bursar which will soon be searched, the Finance Department is now fully staffed with experienced professionals with an Interim SVP and CFO since October 2023; Associate Vice President of Finance and Controller since September 2023; Assistant Controller since November 2023, and a Senior Accountant since January 2024. The roles and responsibilities have been or will be designated and in such a way that the concept of preparer, detail reviewer, and final reviewer will be embedded within the culture of the Finance Department
During the audit of net assets, several adjustments were made to the endowment portfolio to reflect the appropriate net assets with donor restrictions balance at year-end. Context: As a result of audit procedures performed, several corrections related to the endowment portfolio were made which is attributable to inadequate review process and monitoring over endowment. The review oversight stemmed from high turnover within the Finance Department.
Show full finding ▾Hide full finding ▴Condition: During the audit of net assets, several adjustments were made to the endowment portfolio to reflect the appropriate net assets with donor restrictions balance at year-end. Context: As a result of audit procedures performed, several corrections related to the endowment portfolio were made which is attributable to inadequate review process and monitoring over endowment. The review oversight stemmed from high turnover within the Finance Department.
During the spring 2023, the Interim SVP and CFO recognized the School’s Trial Balance needed to better distinguish between Net Assets without Donor Restrictions and Net Assets with Donor Restrictions. That enhanced viewing was accomplished during the spring 2023 and the Interim SVP and CFO believes that effort and Management’s Response to Finding 2023-001 will improve the accounting and reporting of net assets including the endowment.
During fiscal year ended June 30, 2023, reconciliations of the direct loans were done on an annual basis instead of monthly as prescribed.
Show full finding ▾Hide full finding ▴During fiscal year ended June 30, 2023, reconciliations of the direct loans were done on an annual basis instead of monthly as prescribed.
Monthly reconciliation reports resumed in a more detailed manner effective December 2022 with the arrival of the new Senior Associate Director of Financial Aid. The process was a collaborative effort between the Senior Associate Director and MSM’s Financial Aid consultant through August 2023 after which the function resides with the Senior Associate Director.
The information included in FISAP should agree with the School’s records. However, several variances were noted in comparison to School's records, as follows: 1) For fiscal year ending June 30, 2022, the most recent FISAP submitted during fiscal year ending June 30, 2023, Federal Work Study’s (FWS) institutional and federal share did not agree to the general ledger. FISAP disclosed $47,927 and $86,616 of Institutional and Federal Share, respectively, while the School's general ledger included a total of $35,366 and $97,909 of Institutional and Federal Share, respectively. This resulted in a variance of $12,561 and $(11,293) of Institutional and Federal Share, respectively; 2) Part II, Section A, line 22 included total tuition and fees of $48,931,400 as compared to the School's trial balance of $49,648,675. This resulted in a variance of $717,275; 3) Part III, Sections A and B included various differences in comparison to the ECSI report and trial balance, as illustrated below:
Show full finding ▾Hide full finding ▴The information included in FISAP should agree with the School’s records. However, several variances were noted in comparison to School's records, as follows: 1) For fiscal year ending June 30, 2022, the most recent FISAP submitted during fiscal year ending June 30, 2023, Federal Work Study’s (FWS) institutional and federal share did not agree to the general ledger. FISAP disclosed $47,927 and $86,616 of Institutional and Federal Share, respectively, while the School's general ledger included a total of $35,366 and $97,909 of Institutional and Federal Share, respectively. This resulted in a variance of $12,561 and $(11,293) of Institutional and Federal Share, respectively; 2) Part II, Section A, line 22 included total tuition and fees of $48,931,400 as compared to the School's trial balance of $49,648,675. This resulted in a variance of $717,275; 3) Part III, Sections A and B included various differences in comparison to the ECSI report and trial balance, as illustrated below:
The School’s Finance and Financial Aid departments will more closely coordinate the vetting of the numbers before entering on FISAP. The two departments will schedule annual meeting to discuss and review the numbers.
For one out of fifteen samples tested, the students’ status was not reported to NSLDS. Additionally, the submission was not made in a timely manner. The student’s status change was reported to NSLDS more than a year after the change and after the student was selected for testing.
Show full finding ▾Hide full finding ▴For one out of fifteen samples tested, the students’ status was not reported to NSLDS. Additionally, the submission was not made in a timely manner. The student’s status change was reported to NSLDS more than a year after the change and after the student was selected for testing.
The school will continue to effectively streamline processes regarding leaves of absences and withdrawals and data entry into the Student Information System (SIS). In part, the separation dates will be manually entered with the National Student Clearinghouse (NSC). To note, the school permits students to take leave of absences (LOA) for up to two semesters, which is greater than the Federal Student Aid (FSA) allows (180 days). The Registrar’s Office codes students on leave with a separation date in our SIS, the student will also be coded as such with NSC. If the student does not return from a LOA after 180 days (6 months), the NSC student record will be updated to a withdrawn status effective one day before or one day after the leave began as recommended by NSC.
2022-002
FAC accepted this audit on March 26, 2023 — management decision was due September 26, 2023.
During fiscal year ended June 30, 2022, approximately $156,000 (or 26% of the total $597,416) of the CRRSAA and ARP student portion was disbursed more than 15 days after the G5 cash draw receipt
Show full finding ▾Hide full finding ▴During fiscal year ended June 30, 2022, approximately $156,000 (or 26% of the total $597,416) of the CRRSAA and ARP student portion was disbursed more than 15 days after the G5 cash draw receipt
Ultimately, all funds were disbursed, however the school acknowledges that a portion of the Student Aid HEERF Funds were not disbursed within 15 calendar days of the G5 cash draw receipt. The School experienced turnover in multiple staff positions during FY22, which led to the absence of consistent and appropriate review processes related to HEERF disbursements. Staff turnover has been more limited the past few months and management is better equipped to ensure federal funds are disbursed in accordance with the disbursement guidelines
For three out of forty samples tested, the students? status was not accurately reflected to the NSLDS. Additionally, the submission was not made in a timely manner
Show full finding ▾Hide full finding ▴For three out of forty samples tested, the students? status was not accurately reflected to the NSLDS. Additionally, the submission was not made in a timely manner
The School acknowledges that, following the departure of the previous Registrar in September 2021 and before the arrival of current Registrar in Spring 2022, enrollment files were not sent in a consistent or timely manner to the National Student Clearinghouse (NSC) for reporting to the National Student Loan Data System (NSLDS), nor was internal coding of these students' records done in Jenzabar promptly. Staffing is now stabilized in the Office of the Registrar, and management is better equipped to ensure federal NSLDS information is entered and reported accurately at the beginning of each semester and periodically until the end of term.
FAC accepted this audit on February 25, 2022 — management decision was due August 25, 2022.
Federal Agency: Department of Education Program Name (Assistance Listing #): Student Financial Cluster (Assistance Listing No. 84.038) and COVID-19 Higher Education Emergency Relief Fund (HEERF) Cluster (Assistance Listing Nos. 84.425E and 84.425F) Federal Award Year: July 1, 2020 to June 30, 2021 Federal Award Number: 00275900, P425F202290-20A and P425E202562-20A Compliance Requirement: Reporting (SEFA presentation) Criteria or specific requirement (including statutory, regulatory, or other citation) Per 2 CFR section 200.510(b), auditees must complete the SEFA and include Assistance Listing numbers when reporting their federal awards and subawards. To maximize the transparency and accountability of COVID-19 related award expenditures, OMB M-20-26 (June 18, 2020) instructed recipients and subrecipients to separately identify the COVID-19 Emergency Acts expenditures on the Schedules of Expenditures of Federal Awards. Therefore, non-federal entities should separately identify COVID-19 expenditures on the SEFA and the federal Data Collection Form (Form SF-SAC). As such, on a separate line by Assistance Listing number with ?COVID-19? as a prefix to the program name. Additionally, Department of Education requires colleges and universities to report the balance of their Perkins loan fund on the SEFA in addition to amounts lent during the year. Questioned costs None Context The School prepared its SEFA but was missing several required information related to presentation, specifically related to identification of COVID-19 related awards and Perkins loans outstanding balance. Effect There was no documented evidence of an independent review process, and the preparation of SEFA and resulted in the omission of several required presentations items. Cause Absence of consistent and appropriate review processes related to the SEFA preparation. Identification as a repeat finding, if applicable No Recommendation We recommend that the School continuously enhance its monitoring control over SEFA preparation to include proper review and documentation, in order to ascertain compete and accurate reporting of the SEFA. Views of responsible officials The School agrees that accurate reporting of SEFA is required. See corrective action plan.
Show full finding ▾Hide full finding ▴Federal Agency: Department of Education Program Name (Assistance Listing #): Student Financial Cluster (Assistance Listing No. 84.038) and COVID-19 Higher Education Emergency Relief Fund (HEERF) Cluster (Assistance Listing Nos. 84.425E and 84.425F) Federal Award Year: July 1, 2020 to June 30, 2021 Federal Award Number: 00275900, P425F202290-20A and P425E202562-20A Compliance Requirement: Reporting (SEFA presentation) Criteria or specific requirement (including statutory, regulatory, or other citation) Per 2 CFR section 200.510(b), auditees must complete the SEFA and include Assistance Listing numbers when reporting their federal awards and subawards. To maximize the transparency and accountability of COVID-19 related award expenditures, OMB M-20-26 (June 18, 2020) instructed recipients and subrecipients to separately identify the COVID-19 Emergency Acts expenditures on the Schedules of Expenditures of Federal Awards. Therefore, non-federal entities should separately identify COVID-19 expenditures on the SEFA and the federal Data Collection Form (Form SF-SAC). As such, on a separate line by Assistance Listing number with ?COVID-19? as a prefix to the program name. Additionally, Department of Education requires colleges and universities to report the balance of their Perkins loan fund on the SEFA in addition to amounts lent during the year. Questioned costs None Context The School prepared its SEFA but was missing several required information related to presentation, specifically related to identification of COVID-19 related awards and Perkins loans outstanding balance. Effect There was no documented evidence of an independent review process, and the preparation of SEFA and resulted in the omission of several required presentations items. Cause Absence of consistent and appropriate review processes related to the SEFA preparation. Identification as a repeat finding, if applicable No Recommendation We recommend that the School continuously enhance its monitoring control over SEFA preparation to include proper review and documentation, in order to ascertain compete and accurate reporting of the SEFA. Views of responsible officials The School agrees that accurate reporting of SEFA is required. See corrective action plan.
Finding: The School prepared its SEFA but was missing required information related to presentation, specifically related to identification of COVID-19 related awards and Perkins loans outstanding balance. Views of Responsible Officials Management agrees with the finding related to information missing from the SEFA. Corrective Action Plan Management is working with Finance staff to improve the processes utilized to identify, track, and report on award activity with the goal of accurate federal reporting. The corrective actions will include the following: ? Divisional meetings to identify weaknesses and gaps within current processes and procedures used to identify, track, and report on grant activity ? Analyze the accounting structure utilized to track Federal Awards ? Develop procedures for identifying, tracking and reporting Federal Awards that includes oversight and management review Anticipated Completion Date New Processes implemented by April 30, 2022. Contact Person Tangella S. Maddox, Senior Vice President and Chief Financial Officer
Federal Agency: Department of Education Program Name (Assistance Listing #): COVID-19 Higher Education Emergency Relief Fund (HEERF) Cluster (Assistance Listing Nos. 84.425E and 84.425F) Federal Award Year: July 1, 2020 to June 30, 2021 Federal Award Number: P425F202290-20A and P425E202562-20A Compliance Requirement: Reporting Criteria or specific requirement (including statutory, regulatory, or other citation) On May 13, 2021, Department of Education (ED) published an additional notice for student aid public reporting under CRRSAA and ARP, which requires that institutions publicly post certain information on their website. Institutions must publicly post their report as soon as possible, but no later than 30 days after the publication of the notice or 30 days after the date ED first obligated funds under HEERF I, II, or III to the institution for Emergency Financial Aid Grants to Students, whichever comes later. The report must be updated no later than 10 days after the end of each calendar quarter (September 30, and December 31, March 31, June 30). It is noted that ED did not previously affirmatively indicate this reporting requirement was in place for HEERF II CRRSAA funds. As such, institutions may have until the end of the second calendar quarter, June 30, 2021, to post these retroactive reports if they have not already done so. Questioned costs None Context The School prepared the required quarterly reporting and submitted on August 24, 2021. Additionally, it was published in the School?s website on August 30, 2021. These dates are beyond the due date of June 30, 2021. Effect The School's monitoring control over review of the HEERF reporting to ascertain timely compliance with the federal requirements is not functioning effectively. This resulted to the submission of the required quarterly report beyond the required due date. Cause The School has experienced turnover in multiple staff positions during the year, which lead to the absence of consistent and appropriate review processes related to HEERF reporting. Identification as a repeat finding, if applicable No Recommendation We recommend that the School continuously enhance its monitoring control over HEERF reporting to include proper review and documentation, in order to ascertain compete and accurate reporting of HEERF Views of responsible officials and planned corrective actions The School agrees that timely and accurate HEERF reporting is required. See corrective action plan.
Show full finding ▾Hide full finding ▴Federal Agency: Department of Education Program Name (Assistance Listing #): COVID-19 Higher Education Emergency Relief Fund (HEERF) Cluster (Assistance Listing Nos. 84.425E and 84.425F) Federal Award Year: July 1, 2020 to June 30, 2021 Federal Award Number: P425F202290-20A and P425E202562-20A Compliance Requirement: Reporting Criteria or specific requirement (including statutory, regulatory, or other citation) On May 13, 2021, Department of Education (ED) published an additional notice for student aid public reporting under CRRSAA and ARP, which requires that institutions publicly post certain information on their website. Institutions must publicly post their report as soon as possible, but no later than 30 days after the publication of the notice or 30 days after the date ED first obligated funds under HEERF I, II, or III to the institution for Emergency Financial Aid Grants to Students, whichever comes later. The report must be updated no later than 10 days after the end of each calendar quarter (September 30, and December 31, March 31, June 30). It is noted that ED did not previously affirmatively indicate this reporting requirement was in place for HEERF II CRRSAA funds. As such, institutions may have until the end of the second calendar quarter, June 30, 2021, to post these retroactive reports if they have not already done so. Questioned costs None Context The School prepared the required quarterly reporting and submitted on August 24, 2021. Additionally, it was published in the School?s website on August 30, 2021. These dates are beyond the due date of June 30, 2021. Effect The School's monitoring control over review of the HEERF reporting to ascertain timely compliance with the federal requirements is not functioning effectively. This resulted to the submission of the required quarterly report beyond the required due date. Cause The School has experienced turnover in multiple staff positions during the year, which lead to the absence of consistent and appropriate review processes related to HEERF reporting. Identification as a repeat finding, if applicable No Recommendation We recommend that the School continuously enhance its monitoring control over HEERF reporting to include proper review and documentation, in order to ascertain compete and accurate reporting of HEERF Views of responsible officials and planned corrective actions The School agrees that timely and accurate HEERF reporting is required. See corrective action plan.
Finding: The School prepared the required quarterly reporting and submitted on August 24, 2021. Additionally, it was published on the School?s website on August 30, 2021. These dates are beyond the due date of June 30, 2021. Views of Responsible Officials Management agrees with the finding related to the timely reporting of HEERF funds. Corrective Action Plan: To address this deficiency, training tools are being enhanced to improve access to policies and procedures and to provide guidance on compliance obligations. Management is committed to taking the necessary steps to address this item to achieve consistent and coordinated compliance. Following posting by the finance staff, the Controller/Asst. Controller will confirm the posted information is documented as prescribed by the granting agency. Anticipated Completion Date This internal control has been implemented effective with the latest quarterly reporting as of December 31, 2021. Contact Person Tangella S. Maddox, Senior Vice President and Chief Financial Officer
FAC accepted this audit on May 20, 2021 — management decision was due November 20, 2021.
FAC accepted this audit on November 9, 2019 — management decision was due May 9, 2020.
FAC accepted this audit on October 25, 2018 — management decision was due April 25, 2019.
FAC accepted this audit on November 27, 2017 — management decision was due May 27, 2018.
FAC accepted this audit on January 18, 2017 — management decision was due July 18, 2017.
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