EIN: 620476301
UEI: F51NKQLSLHT4
Data as of August 20, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on March 8, 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 8, 2026 (19 days from today).
What is a management decision? →Finding No. 2025-001 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Reporting Condition: The date of disbursement of federal funds per the College's records did not agree to date of disbursement reported to the Common Origination and Disbursement (“COD”) system. Criteria: Disbursement data reported to the COD system should agree to the institution's records. Cause: The College did not have all appropriate safeguards in place to ensure accurate reporting of disbursement data to the COD system. Context: The College transitioned to a new financial aid system during the 2024 fiscal year, but the process still requires manual updates, which lead to errors during the 2025 fiscal year. As a result, the College’s records did not support the disbursement data reported to the COD system for seven out of twenty-five sampled students. Effect: The College did not report disbursement data to the COD system accurately. Repeat Finding: This is a repeat finding from prior year, finding no. 2024-001. Recommendation: The College should continue to review the process for reporting under the financial aid system to ensure accurate reporting of disbursement data to the COD system, focusing on eliminating manual updates. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management’s corrective action plan.
Finding No. 2025-001 Recommendation: The College shouId continue to review the process for reporting under the financial aid system to ensure accurate reporting of disbursement data to the COD system, focusing on eliminating manual updates. Management Response: The College concurs with this finding. College Corrective Plan: 1. Automation of Data lntegrations: The College has scheduled automated nightly integrations to ensure timely and accurate transfer of disbursement data between PowerFAIDS and Workday. These integrations will run in coordination with the 1 :00 a.m. nightly orchestration to maintain consistency across systems and reduce manual intervention. 2. Staff Training and Support: Rhodes will provide additional training and ongoing support for multiple members of the Financial Aid staff. This training will focus specifically on the processes required to transmit data from the PowerFAIDS system to the Common Origination and Disbursement (COD) system. Strengthening staff proficiency in these procedures will help ensure compliance, reduce transmission errors, and improve overall operational efficiency. Sincerely, Michael D. Morgan, Director of Financial Aid, Rhodes College
2024-001
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on November 5, 2024. 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 May 5, 2025, which was (472 days ago).
What is a management decision? →Finding No. 2024-001 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Reporting Condition: The date of disbursement of federal funds per the College's records did not agree to date of disbursement reported to the Common Origination and Disbursement (“COD”) system. Criteria: Disbursement data reported to the COD system should agree to the institution's records. Cause: Subsequent to the implementation of a new financial aid system, the College did not have all appropriate safeguards in place to ensure accurate reporting of disbursement data to the COD system. Context: The College transitioned to a new financial aid system during the fiscal year and had not reviewed all types of students to identify errors in reporting. As a result, the College’s records did not support the disbursement data reported to the COD system for five out of twenty-five sampled students. Effect: The College did not report disbursement data to the COD system accurately. Recommendation: The College should continue to review the process for reporting under the new financial aid system to ensure accurate reporting of disbursement data to the COD system. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.
Finding No. 2024-001 Recommendation: The College should continue to review the process for reporting under the new financial aid system to ensure accurate reporting of disbursement data to the COD system. Management Response: The College concurs with the finding. College Corrective Plan: The College scheduled automated integrations to be set ovemight to transfer disbursement data between PowerFaids and WorkDay; unfortunately, the portion of the automation which transferred the information to Workday was set after midnight resulting in dates recorded in Workday as the next business day, a one- to-three day discrepancy. Rhodes will set the scheduled processes and integrations to complete prior to midnight of the scheduled day, which will record the days accurately with the same date. In addition, financial aid staff will systematically review Disbursement error reports, Integration error reports, COD Reject reports and other reports out of both PowerFAIDS and WorkDay systems that will alert our staff of possible date errors for immediate resolution. As part of the implementation of two new financial aid systems, the staff will continue to develop reports and monitor processes to address issues as they present themselves. Members of the Financial Aid Office, Information Services and Enrollment Services will meet periodically to review all current process and discuss ideas to make the delivery of aid more efficient as we move forward.
Finding No. 2024-002 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing #: 84.007, 84.033, 84.063, 84.268 Compliance Requirement: Special Test and Provisions – Return of Title IV Funds Condition: Title IV funds were not returned within the allowable 45-day time frame. Criteria: Returns of Title IV funds are required to be deposited or transferred into the Student Financial Aid account or electronic fund transfers initiated to the Department of Education as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew. Cause: The process in which the College identifies required return of funds did identify this return of funds calculation properly, however there was not procedure in place to track that funds were paid out in the appropriate time frame. Context: The College transitioned to a new financial aid system during the fiscal year and did not have a process in place to track number of days remaining to return funds. As a result, the College returned funds after the 45-day allowable period for one sampled student. Effect: The College did not return Title IV funds timely. Recommendation: The College should develop a Title IV return monitoring system to ensure timely return of funds. Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.
Finding No. 2024-002 Recommendation: The College should develop a Title IV monitoring system to ensure timely return of funds. Management Response: The College concurs with the finding. College Corrective Plan: The Office of Financial Aid has met with the Bursars Office to develop a multi-pronged approach to track withdrawal of studens and the return of Title IV funds. The office will add to the Withdrawal Process currently implemented in WorkDay to include a confirmation funds were returned. In addition to the update in the WorkDay process, a return deadline will be stored and monitored in PowerFAIDS as a scheduled task for the Associate Director and Director of Financial Aid, to insure funds are returned and confirmed prior to thirty days of the determined withdrawal. We believe this delay in the return of funds to be an isolated issue. But the additional notification and tasks will insure that it does not happen in the future.
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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