EIN: 231382408
UEI: GSA_MIGRATION
Audited by: DETWEILER, HERSHEY & ASSOCIATES, P.C.
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 September 28, 2022. 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 March 28, 2023 (1255 days ago).
What is a management decision? →FAC accepted this audit on June 9, 2021 — management decision was due December 9, 2021.
FAC accepted this audit on April 20, 2020 — management decision was due October 20, 2020.
The University?s financial statements required an audit adjustment of approximately $150,000 to properly reflect the loans that were transferred to the Department of Education in 2019. As a result of this reclassification taking place subsequent to the University?s filing of the Fiscal Operations Report and Application to Participate (FISAP) form, the amounts included on the FISAP did not accurately reflect this activity. Criteria: Internal controls should be in place to ensure that a reconciliation is performed between the Federal Perkins Loan Program activity and the general ledger. Cause: Turnover in the financial aid and finance departments during fiscal year 2019. Effect: As a result of this reclassification taking place subsequent to the University?s filing of the Fiscal Operations Report and Application to Participate (FISAP) form, the amounts included on the FISAP did not accurately reflect this activity. Recommendation: University of Valley Forge should assign responsibility for reconciling Federal Perkins Loan Program activity to appropriate personnel. Views of Responsible Officials and Planned Corrective Actions: The University is in agreement with this finding and will assign the responsibility of reconciling this information to appropriate personnel that have replaced the former employees.
Show full finding ▾Hide full finding ▴Finding 2019-001: Perkins Loan Accounting Information on the Federal Programs: Federal Perkins Program: CFDA No. 84.038 Condition: The University?s financial statements required an audit adjustment of approximately $150,000 to properly reflect the loans that were transferred to the Department of Education in 2019. As a result of this reclassification taking place subsequent to the University?s filing of the Fiscal Operations Report and Application to Participate (FISAP) form, the amounts included on the FISAP did not accurately reflect this activity. Criteria: Internal controls should be in place to ensure that a reconciliation is performed between the Federal Perkins Loan Program activity and the general ledger. Cause: Turnover in the financial aid and finance departments during fiscal year 2019. Effect: As a result of this reclassification taking place subsequent to the University?s filing of the Fiscal Operations Report and Application to Participate (FISAP) form, the amounts included on the FISAP did not accurately reflect this activity. Recommendation: University of Valley Forge should assign responsibility for reconciling Federal Perkins Loan Program activity to appropriate personnel. Views of Responsible Officials and Planned Corrective Actions: The University is in agreement with this finding and will assign the responsibility of reconciling this information to appropriate personnel that have replaced the former employees.
2019-001 Perkins Loan Accounting Recommendation: University of Valley Forge should assign responsibility for reconciling Federal Perkins Loan Program activity to appropriate personnel. The University is in agreement with this finding and has taken the following corrective actions: a. As of the date of this letter, an employee in the Finance Department has been assigned the following responsibilities: ? Reconciling balance of loans outstanding to the financial statements on a monthly basis ? Ensuring the annual FISAP reconciles to the Perkins loans activity for the year and the year end balances If the U.S. Department of Education has questions regarding this plan, please call the University?s Chief Financial Officer, Frank Viola, in the Finance Department at (610)-917-1426.
FAC accepted this audit on March 27, 2019 — management decision was due September 27, 2019.
FAC accepted this audit on March 28, 2018 — management decision was due September 28, 2018.
GSA_MIGRATION
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GSA_MIGRATION
FAC accepted this audit on March 28, 2017 — management decision was due September 28, 2017.
GSA_MIGRATION
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GSA_MIGRATION
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