EIN: 133643485
UEI: VQ1NVERADET5
Audited by: CohnReznick LLP
Oversight agency: 84 [Department of Education]
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Data as of August 28, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on March 6, 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 6, 2026 (7 days from today).
What is a management decision? →FAC accepted this audit on March 31, 2025 — management decision was due October 1, 2025.
FAC accepted this audit on January 31, 2024 — management decision was due July 31, 2024.
FAC accepted this audit on January 15, 2023 — management decision was due July 15, 2023.
FAC accepted this audit on March 3, 2022 — management decision was due September 3, 2022.
FAC accepted this audit on April 20, 2021 — management decision was due October 20, 2021.
Item 2020-001 Excess Cash U.S. Department of Education -Federal Work-Study Program (CFDA # 84.033) Criteria According to the Federal Register (Section 668.166), Title IV, HEA funds drawn down by the institution in excess of its immediate needs must be returned within the allowable timeframe as codified in the Federal Register. Condition The Academy maintained excess cash in one of its accounts containing Title IV funds under the Federal Work-Study Program. Cause This finding appears to be due to an administrative oversight. Effect The effect of this finding is noncompliance with the U.S. Department of Education regulations. Questioned Costs - None Context Authorized 2019-20 Federal Work-Study Program funds of $33,015 were drawn down via EDCAPS G5 and deposited on September 18, 2020. The $2,013 excess of 2019-20 Federal Work-Study Program funds drawn down and deposited of $33,015 over 2019-20 Federal Work-Study Program expenditures of $31,002 was not returned until November 2, 2020. Identification as a Repeat Finding ? Yes-2019-001. Recommendation We recommend that the Academy review its cash draw down and monitoring procedures to ensure all draw downs in excess of immediate needs are returned within allowable timeframes and in compliance with U.S. Department of Education regulations. Views of Responsible Officials We concur with this finding and have reviewed the Academy?s cash draw down and monitoring procedures to ensure that going forward all draw downs in excess of immediate need are returned within allowable timeframe and in compliance with US. Department of Education regulations.
Show full finding ▾Hide full finding ▴Item 2020-001 Excess Cash U.S. Department of Education -Federal Work-Study Program (CFDA # 84.033) Criteria According to the Federal Register (Section 668.166), Title IV, HEA funds drawn down by the institution in excess of its immediate needs must be returned within the allowable timeframe as codified in the Federal Register. Condition The Academy maintained excess cash in one of its accounts containing Title IV funds under the Federal Work-Study Program. Cause This finding appears to be due to an administrative oversight. Effect The effect of this finding is noncompliance with the U.S. Department of Education regulations. Questioned Costs - None Context Authorized 2019-20 Federal Work-Study Program funds of $33,015 were drawn down via EDCAPS G5 and deposited on September 18, 2020. The $2,013 excess of 2019-20 Federal Work-Study Program funds drawn down and deposited of $33,015 over 2019-20 Federal Work-Study Program expenditures of $31,002 was not returned until November 2, 2020. Identification as a Repeat Finding ? Yes-2019-001. Recommendation We recommend that the Academy review its cash draw down and monitoring procedures to ensure all draw downs in excess of immediate needs are returned within allowable timeframes and in compliance with U.S. Department of Education regulations. Views of Responsible Officials We concur with this finding and have reviewed the Academy?s cash draw down and monitoring procedures to ensure that going forward all draw downs in excess of immediate need are returned within allowable timeframe and in compliance with US. Department of Education regulations.
Finding 2020-001 Excess Cash Federal Work-Study Program (CFDA # 84.033) Recommendation from CohnReznick It was recommended the Academy reviews its cash draw down and monitor procedure to ensure all draw downs in excess of immediate needs are returned within allowable timeframe and in compliance with U.S. Department of Education regulations. New York Academy of Art Corrective Action Plan We concur with this finding. Authorized 2019-20 Federal Work-Study Program funds of 33,015 were draw down via EDCAPS G5 and deposited on September 18, 2020. The $2,013 excess of 2019-20 Federal Work-Study Program funds draw down and deposited of $33,015 over 2019-2020 Federal Work-Study Program expenditures of $31,002 was not returned until November 2, 2020. We have reviewed Academy?s cash draw down and monitoring procedures to ensure that going forward all drawn downs in excess of immediate need are returned within allowable timeframe and in compliance with US Department of Education Regulation.
2019-001
FAC accepted this audit on March 30, 2020 — management decision was due September 30, 2020.
Item 2019-001 Excess Cash Federal Work-Study Program (CFDA # 84.033) Criteria According to the Federal Register (Section 668.166), Title IV, HEA funds drawn down by the institution in excess of its immediate needs must be returned within the allowable timeframe as codified in the Federal Register. Condition The Academy maintained excess cash in one of its accounts containing Title IV funds under the Federal Work-Study Program. Cause This finding appears to be due to an administrative oversight. Effect The effect of this finding is noncompliance with the U.S. Department of Education regulations. Questioned Costs - None Context Authorized 2018-19 Federal Work-Study Program funds of $28,026 were drawn down via EDCAPS G5 and deposited on July 2, 2019. The $1,103.51 excess of 2018-19 Federal Work-Study Program funds drawn down and deposited of $28,026 over 2018-19 Federal Work-Study Program expenditures of $26,922.49 was not returned until September 23, 2019. Identification as a Repeat Finding ? No Recommendation We recommend that the Academy review its cash draw down and monitoring procedures to ensure all draw downs in excess of immediate needs are returned within allowable timeframes and in compliance with U.S. Department of Education regulations. Views of Responsible Officials and Planned Corrective Actions We concur with this finding and have reviewed the Academy?s cash draw down and monitoring procedures to ensure that going forward all draw downs in excess of immediate need are returned within allowable timeframe and in compliance with US. Department of Education regulations.
Show full finding ▾Hide full finding ▴Item 2019-001 Excess Cash Federal Work-Study Program (CFDA # 84.033) Criteria According to the Federal Register (Section 668.166), Title IV, HEA funds drawn down by the institution in excess of its immediate needs must be returned within the allowable timeframe as codified in the Federal Register. Condition The Academy maintained excess cash in one of its accounts containing Title IV funds under the Federal Work-Study Program. Cause This finding appears to be due to an administrative oversight. Effect The effect of this finding is noncompliance with the U.S. Department of Education regulations. Questioned Costs - None Context Authorized 2018-19 Federal Work-Study Program funds of $28,026 were drawn down via EDCAPS G5 and deposited on July 2, 2019. The $1,103.51 excess of 2018-19 Federal Work-Study Program funds drawn down and deposited of $28,026 over 2018-19 Federal Work-Study Program expenditures of $26,922.49 was not returned until September 23, 2019. Identification as a Repeat Finding ? No Recommendation We recommend that the Academy review its cash draw down and monitoring procedures to ensure all draw downs in excess of immediate needs are returned within allowable timeframes and in compliance with U.S. Department of Education regulations. Views of Responsible Officials and Planned Corrective Actions We concur with this finding and have reviewed the Academy?s cash draw down and monitoring procedures to ensure that going forward all draw downs in excess of immediate need are returned within allowable timeframe and in compliance with US. Department of Education regulations.
Finding 2019-001 Excess Cash Federal Work-Study Program (CFDA # 84.033) Recommendation from CohnReznick We recommend that the Academy review its cash draw down and monitoring procedures to ensure all draw downs in excess of immediate needs are returned within allowable timeframes and in compliance with U.S. Department of Education regulations. New York Academy of Art Corrective Action Plan We concur with this finding. Authorized 2018-19 Federal Work-Study Program funds of $28,026 were drawn down via G5 and deposited on July 2, 2019. The $1,103.51 excess was not returned until September 23, 2019. We have reviewed Academy?s cash draw down and monitoring procedures to ensure that going forward all draw downs in excess of immediate need are returned within allowable timeframe and in compliance with US. Department of Education regulation.
FAC accepted this audit on March 14, 2019 — management decision was due September 14, 2019.
FAC accepted this audit on March 27, 2018 — management decision was due September 27, 2018.
FAC accepted this audit on March 29, 2017 — management decision was due September 29, 2017.
Data source: This information comes from the Federal Audit Clearinghouse, the official repository of Single Audit data. All data is public domain. Verify this organization's audit history at fac.gov.
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