EIN: 221500483
UEI: R944EMRC7JN5
Audited by: PKF O'Connor Davies, 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 5, 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 5, 2026 (7 days from today).
What is a management decision? →FAC accepted this audit on February 10, 2025 — management decision was due August 10, 2025.
The University did not report disbursements records to the COD for 8 out of the 40 students sampled, out of a population of 1,316 students that received aid, within the required timeframe. Cause: Management oversight and staff shortages. Effect: Noncompliance with OMB federal grant compliance requirements. Questioned Costs: None. Repeat Finding: No. Recommendation: The University should develop a process to ensure disbursements records are reported to the COD within the required timeline. In addition, the University should assess the staffing needs of the financial aid department and plan for increasing capacity through hiring or reorganizing the current responsibilities of its staff. Views of Responsible Officials: See corrective action plan attached.
Show full finding ▾Hide full finding ▴2024-001 Special Tests and Provisions – Disbursements to or on Behalf of Students Federal Assistance Listing Number: 84.007, 84.033, 84.063 and 84.268 Name of Program or Cluster: Student Financial Aid Cluster Agency: U.S. Department of Education Criteria: N. Special Tests and Provisions – Disbursements to or on Behalf of Students - Institutions submit Direct Loan, Pell, TEACH, and IASG origination records and disbursement records to the Common Origination & Disbursement ("COD"). Origination records can be sent well in advance of any disbursements, as early as the institution chooses to submit for any student the institution reasonably believes will be eligible for a payment. Institutions must report student disbursement data within 15 calendar days after the institution makes a disbursement or becomes aware of the need to make an adjustment to previously reported student disbursement data or expected student disbursement data. Condition: The University did not report disbursements records to the COD for 8 out of the 40 students sampled, out of a population of 1,316 students that received aid, within the required timeframe. Cause: Management oversight and staff shortages. Effect: Noncompliance with OMB federal grant compliance requirements. Questioned Costs: None. Repeat Finding: No. Recommendation: The University should develop a process to ensure disbursements records are reported to the COD within the required timeline. In addition, the University should assess the staffing needs of the financial aid department and plan for increasing capacity through hiring or reorganizing the current responsibilities of its staff. Views of Responsible Officials: See corrective action plan attached.
Starting with the 2024-25 program year, the Office has reinstated its standard for disbusrement reporting to COD, following the replacement of the dedicted Loan Coordinator. Disbursements will now be reported within 48 hours of the internal disbursement to the student account. Furthermore, the procedures for monthly fund reconciliation and disbursement monitoring will be rigorously followed to ensure compliance with federal regulations and to uphold Financial Aid Best Practices in awarding federal aid and managing funds.
The University did not submit an accurate status change notification or timely notification to the NSLDS website for 4 out of 25 students sampled, out of a population of 627 students, who graduated, withdrew, or had an increase/decrease in attendance level during the year. Cause: Management oversight and staff shortages. Effect: Noncompliance with OMB federal grant compliance requirements. Questioned Costs: None. Repeat Finding: Yes. Recommendation: The University should properly follow its policies and procedures over enrollment reporting to ensure that all status changes are submitted to the NSLDS website accurately and within the required timeframe. In addition, the University should assess the staffing needs of the financial aid department and plan for increasing capacity through hiring or reorganizing the current responsibilities of its staff. Views of Responsible Officials: See corrective action plan attached.
Show full finding ▾Hide full finding ▴2024-002 Special Tests and Provisions – Enrollment Reporting Federal Assistance Listing Number: 84.007, 84.033, 84.063 and 84.268 Name of Program or Cluster: Student Financial Aid Cluster Agency: U.S. Department of Education Criteria: N. Special Tests and Provisions – Enrollment Reporting – Institutions are required to update students’ statuses on the National Student Loans Data System (“NSLDS”) website if they graduate, withdraw or have an increase/decrease in attendance level during the year within 60 days of the date the institution becomes aware of the change in enrollment status. Condition: The University did not submit an accurate status change notification or timely notification to the NSLDS website for 4 out of 25 students sampled, out of a population of 627 students, who graduated, withdrew, or had an increase/decrease in attendance level during the year. Cause: Management oversight and staff shortages. Effect: Noncompliance with OMB federal grant compliance requirements. Questioned Costs: None. Repeat Finding: Yes. Recommendation: The University should properly follow its policies and procedures over enrollment reporting to ensure that all status changes are submitted to the NSLDS website accurately and within the required timeframe. In addition, the University should assess the staffing needs of the financial aid department and plan for increasing capacity through hiring or reorganizing the current responsibilities of its staff. Views of Responsible Officials: See corrective action plan attached.
Caldwell University's Office of Registrar will strictly comply with the enrollment reporting timeframes of the National Student Clearinghouse by partnering and communicating more closely with the Office of Financial Aid to make sure they are aware of all changes in student enrollment statuses in a timely manner. In addition, the Office of the Registrar will review internal student coding to make sure it is accurate and properly reported.
FAC accepted this audit on March 27, 2024 — management decision was due September 27, 2024.
FAC accepted this audit on March 30, 2023 — management decision was due September 30, 2023.
FAC accepted this audit on September 29, 2022 — management decision was due March 29, 2023.
FAC accepted this audit on May 9, 2021 — management decision was due November 9, 2021.
Item 2020-001 Exit Counseling Department of Education Federal Direct Student Loans (CFDA # 84.268) Condition We noted two instances where the University failed to document exit counseling which should have been conducted with these participating students during the award year. Criteria According to the Federal Register (34 CFR 685.304 (b) (1)), an institution must ensure exit counseling is conducted with each Federal Direct Loans Program borrower and the institution must maintain in the student borrower's file documents substantiating compliance with these requirements (34 CFR 685.304 (b)(7)). Questioned Costs - None Cause This finding appears to be due to a clerical oversight. Effect The effect of this finding is noncompliance with U.S. Department of Education regulations. Context Of the eight participating students subject to exit counseling included in the 25 randomly selected sample of participating students, exit counseling was not documented for two participating students. Identification as a repeat finding - No Recommendation We recommend the University continue its efforts to ensure all required exit counseling procedures are conducted and documented in compliance with U.S. Department of Education regulations. Views of Responsible Officials We concur with this finding and have addressed it in our Corrective Action Plan.
Show full finding ▾Hide full finding ▴Item 2020-001 Exit Counseling Department of Education Federal Direct Student Loans (CFDA # 84.268) Condition We noted two instances where the University failed to document exit counseling which should have been conducted with these participating students during the award year. Criteria According to the Federal Register (34 CFR 685.304 (b) (1)), an institution must ensure exit counseling is conducted with each Federal Direct Loans Program borrower and the institution must maintain in the student borrower's file documents substantiating compliance with these requirements (34 CFR 685.304 (b)(7)). Questioned Costs - None Cause This finding appears to be due to a clerical oversight. Effect The effect of this finding is noncompliance with U.S. Department of Education regulations. Context Of the eight participating students subject to exit counseling included in the 25 randomly selected sample of participating students, exit counseling was not documented for two participating students. Identification as a repeat finding - No Recommendation We recommend the University continue its efforts to ensure all required exit counseling procedures are conducted and documented in compliance with U.S. Department of Education regulations. Views of Responsible Officials We concur with this finding and have addressed it in our Corrective Action Plan.
This letter is to provide the Department of Education (DoE) a corrective action plan response to to the findings during the audit under compliance requirements described in the OMB Compliance Supplement by the outside auditor, Cohn Reznick for the Fiscal year ended June 30, 2020. Citation Needing Immediate Correction: Two instances were noted where the University failed to document exit counseling which should have been conducted with these participating students during the award year. According to the Federal Register (34 CFR 685.304 (b) (1)), an institution must ensure exit counseling is conducted with each Federal Direct Loans Program borrower and the institution must maintain in the student borrower's file documents substantiating compliance with these requirements (34 CFR 685.304 (b)(7)). Caldwell University Action Plan: The Financial Aid Office will continue its Exit Interview procedure of using potential graduate lists to send notices, outlining federal requirements for Exit Interviews and providing the direct link to the Exit Interview webpage and giving directions to attend the ?Salute to Grad? event as a way to complete the Interview, with strengthened follow-up procedures to assure all graduating students have received the requisite notice. As a final check to make sure all graduating students have been contacted, the Aid Office will, within a week of graduation, request a final report of graduates from the Registrar and double check the student records for Exit Interview completion.
FAC accepted this audit on March 26, 2020 — management decision was due September 26, 2020.
Item 2019-001 Federal Work-Study Program Funds Federal Work-Study Program (CFDA # 84.033) Criteria Students are not permitted to work in Federal Work-Study Program positions during scheduled class times. Exceptions are permitted if an individual class is cancelled, if the instructor has excused the student from attending for a particular day, and if the student is receiving credit for employment in an internship, externship, or community work-study experience. Any such exemptions must be documented. Condition We noted three Federal Work-Study Program participants with conflicts between documented Federal Work-Study Program hours and scheduled class hours without documentation of class cancellation or excusal from the scheduled class. Cause These findings appear to be due to clerical oversights. Effect The effect of these findings is that participating students were paid ineligible Federal Work-Study Program proceeds and noncompliance with U.S. Department of Education regulations. Questioned Costs The Federal share of ineligible Federal Work-Study Program proceeds is $106.70. Context A total of 16 Federal Work-Study Program participants were included in the randomly selected sample out of a total Federal Work-Study Program population of 158 participating students. Our testing noted three students with conflicts between documented Federal Work-Study Program hours and scheduled class hours. Identification as a Repeat Finding - No Recommendation We recommend the University review Federal Work-Study Program payroll procedures to ensure participating students are not working in Federal Work-Study Program positions during scheduled class hours. Views of Responsible Officials and Planned Corrective Actions We concur with this finding and have addressed it in our Corrective Action Plan.
Show full finding ▾Hide full finding ▴Item 2019-001 Federal Work-Study Program Funds Federal Work-Study Program (CFDA # 84.033) Criteria Students are not permitted to work in Federal Work-Study Program positions during scheduled class times. Exceptions are permitted if an individual class is cancelled, if the instructor has excused the student from attending for a particular day, and if the student is receiving credit for employment in an internship, externship, or community work-study experience. Any such exemptions must be documented. Condition We noted three Federal Work-Study Program participants with conflicts between documented Federal Work-Study Program hours and scheduled class hours without documentation of class cancellation or excusal from the scheduled class. Cause These findings appear to be due to clerical oversights. Effect The effect of these findings is that participating students were paid ineligible Federal Work-Study Program proceeds and noncompliance with U.S. Department of Education regulations. Questioned Costs The Federal share of ineligible Federal Work-Study Program proceeds is $106.70. Context A total of 16 Federal Work-Study Program participants were included in the randomly selected sample out of a total Federal Work-Study Program population of 158 participating students. Our testing noted three students with conflicts between documented Federal Work-Study Program hours and scheduled class hours. Identification as a Repeat Finding - No Recommendation We recommend the University review Federal Work-Study Program payroll procedures to ensure participating students are not working in Federal Work-Study Program positions during scheduled class hours. Views of Responsible Officials and Planned Corrective Actions We concur with this finding and have addressed it in our Corrective Action Plan.
March 24, 2020 CORRECTIVE ACTION PLAN Caldwell University 120 Bloomfield Avenue Caldwell, NJ 07006-6195 OPE ID: 00259800 DUNS: 07-754-7834 EIN: 22-1500483 Caldwell University respectfully submits the following Corrective Action Plan for the year ended June 30, 2019 Item 2019-001 Federal Work-Study Program Funds Federal Work-Study Program (CFDA # 84.033) Recommendation for CohnReznick LLP We recommend the University review Federal Work-Study Program payroll procedures to ensure participating students are not working in Federal Work-Study Program positions during scheduled class hours. Caldwell University Corrective Action Plan We concur with this finding. The findings noted are a result of isolated instances of a failure to adhere to established institutional procedures prohibiting participating Federal Work-Study Program students from working during scheduled class hours. Caldwell University will revise its procedures whereas the Office of Financial Aid will designate another individual to review class and work schedules for all Federal Work-Study Program participants to ensure that participating students do not work during scheduled class hours. Additionally, the University will reimburse the U.S. Department of Education for the ineligible Federal-Work-Study Program proceeds of $106.70. The actions will be implemented within the next 30 days. Respectfully submitted, Shin Moon Vice President of Finance
FAC accepted this audit on March 24, 2019 — management decision was due September 24, 2019.
FAC accepted this audit on March 23, 2018 — management decision was due September 23, 2018.
FAC accepted this audit on March 29, 2017 — management decision was due September 29, 2017.
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