EIN: 640303805
UEI: GN85GH5ZLGE9
Data as of August 24, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on October 8, 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 April 8, 2025 (504 days ago).
What is a management decision? →Cash Drawdowns Per General Ledger for Federal Programs Other Than Title IV
Show full finding ▾Hide full finding ▴Cash Drawdowns Per General Ledger for Federal Programs Other Than Title IV
The Finance and Business Department, with the Chief Information Officer, will need more training for procedures for cash drawdowns and expenditure's reconciliation per records and accounts on a timely basis.
2022-001
Accounting Records System - Additional Module
Show full finding ▾Hide full finding ▴Accounting Records System - Additional Module
Rust College is implementing a new Project Accounting Module of Colleague Software which will be to capture and track expenditures from the inception of the grant period until the end date, including award numbers and other relevant information. In addition, the Finance and Business Office is developing a plan to convert the critical grant information from the old system to the new system.
FAC accepted this audit on March 29, 2023 — management decision was due September 29, 2023.
Cash reconciliations were not prepared on a regular basis to complete the accounting cycle during the year and Voucher payable system was not posted to the General Ledger on a timely basis during the year. Criteria: Code of Federal Regulations PART 200, Subpart F. Green Book, GAO.gov, Compliance Supplements, July 2021. Effect: General Ledger accounts are not properly stated on a monthly basis. Cause: Accounting system was compromised due to power outage that resulted in data loss. Recommendations: New accounting system should be backed up daily to eliminate the possibility of data loss. Views of the Responsible Officials: Management concurs with finding 2202-001 and will mandate adherence to best practices as it relates to system back-up.
Show full finding ▾Hide full finding ▴Condition: Cash reconciliations were not prepared on a regular basis to complete the accounting cycle during the year and Voucher payable system was not posted to the General Ledger on a timely basis during the year. Criteria: Code of Federal Regulations PART 200, Subpart F. Green Book, GAO.gov, Compliance Supplements, July 2021. Effect: General Ledger accounts are not properly stated on a monthly basis. Cause: Accounting system was compromised due to power outage that resulted in data loss. Recommendations: New accounting system should be backed up daily to eliminate the possibility of data loss. Views of the Responsible Officials: Management concurs with finding 2202-001 and will mandate adherence to best practices as it relates to system back-up.
Finance and Business Department, along with Chief Information Officer, will be working together to ensure that back-ups are done daily to the Cloud and offsite data storage and, in addition, all upgrades to the system are promptly addressed.
Conditions: The new accounting system did not provide accounting for comparison of the grant/contract budgeted amount with the actual expenditures on a monthly basis, comparison of various actual line expenses to budgeted line items and comparison of total expenses with total grant awards; also the new system did not correlate the grant contract numbers with the general ledger accounts. Criteria: Code of Federal Regulations, Part 200, Subpart F., Green Book at GAO.gov and applicable regulations per Compliance Supplements. Effect: Condition reduces objectivity and efficiency of monitoring activities. Cause: Installation of new system and upgrade. Questioned Costs: None. Recommendations: The Accounting department will maintain grant accounting system for all federal funds in accordance with the Green Book, GAO.gov and Code of Federal Regulations, Part 200, subpart F. Views of the Responsible Official: Management concurs with 2022-002 and will mandate adherence to the GAO's standards and Code of Federal Regulations, Part 200, subpart F and make adjustments on a current basis.
Show full finding ▾Hide full finding ▴Conditions: The new accounting system did not provide accounting for comparison of the grant/contract budgeted amount with the actual expenditures on a monthly basis, comparison of various actual line expenses to budgeted line items and comparison of total expenses with total grant awards; also the new system did not correlate the grant contract numbers with the general ledger accounts. Criteria: Code of Federal Regulations, Part 200, Subpart F., Green Book at GAO.gov and applicable regulations per Compliance Supplements. Effect: Condition reduces objectivity and efficiency of monitoring activities. Cause: Installation of new system and upgrade. Questioned Costs: None. Recommendations: The Accounting department will maintain grant accounting system for all federal funds in accordance with the Green Book, GAO.gov and Code of Federal Regulations, Part 200, subpart F. Views of the Responsible Official: Management concurs with 2022-002 and will mandate adherence to the GAO's standards and Code of Federal Regulations, Part 200, subpart F and make adjustments on a current basis.
Rust College is implementing the Project Accounting Module of the Colleague software. This module will be used to capture grant tracking from the inception of the grant period until the end date, including award numbers and other relevant information. In addition, the Finance and Business office is developing a plan to convert the critical grant information from the old system to the new system.
FAC accepted this audit on October 12, 2022 — management decision was due April 12, 2023.
The College disbursed to student's accounts $ 2,339,878 which was less than the drawdowns from federal clearing of $ 2,3341,249, resulting in a net shortage of $ 1,409 not drawdown for the year.
Show full finding ▾Hide full finding ▴The College disbursed to student's accounts $ 2,339,878 which was less than the drawdowns from federal clearing of $ 2,3341,249, resulting in a net shortage of $ 1,409 not drawdown for the year.
Student Loan Program (Sub/Unsub); Award Identification information: 84.268; Management will mandate adherence to the U.S. Department of Education's guidelines for Student Financial Aid and make the necessary and appropriate adjustments in its reports, which will include monthly or quarterly external reconciliations to the amount disbursed to the drawdown and the G5 report.
The College disbursed to the student's accounts $ 2,818,771 which was less than the drawdowns from the federal clearing of $ 2,801,640, resulting in a net shortage of $ 12,131 not drawdown for the year.
Show full finding ▾Hide full finding ▴The College disbursed to the student's accounts $ 2,818,771 which was less than the drawdowns from the federal clearing of $ 2,801,640, resulting in a net shortage of $ 12,131 not drawdown for the year.
Federal Program name: PELL; Award Identification Information: 84.06; Management will mandate adherence to U. S. Department of Education's guidelines for PELL disbursements by insuring that all PELL disbursements are equal to the drawdowns and to the amount that is credited to the students' accounts. $ 2,818,771 was credited to the students' accounts but only $ 2,801,640 was drawdown from the federal clearing.
The College disbursed to the students $ 83,815 which was less than the drawdowns from the federal clearing of $ 84,958, resulting in a net excess of $ 1,143 drawdown for the year.
Show full finding ▾Hide full finding ▴The College disbursed to the students $ 83,815 which was less than the drawdowns from the federal clearing of $ 84,958, resulting in a net excess of $ 1,143 drawdown for the year.
Federal Program Name: FWS (Federal College WorkStudy Program). Award Identification Information; 84.033. Management will mandate adherence to the U.S. Department of Education's guidelines for Student Financial Aid and make the necessary adjustments
The College disbursed to student's accounts $552,253 which represents eligible expenditures for FY21, however, as of October 8, 2021, the College has only drawn down funds of $ 174,078. The College's grant award letter showed $440,244 but the Financial Aid Department failed to request the funds from the Business Office to cover the additional expenditures. Failure of the Financial Aid Department to notify the Business Office of the needed disbursements on a timely manner and on a current basis is not in accordance with SFA rules and regulations. Nevertheless, the Financial Aid Department subsequently notified the Business Office to drawdown the required amount.
Show full finding ▾Hide full finding ▴The College disbursed to student's accounts $552,253 which represents eligible expenditures for FY21, however, as of October 8, 2021, the College has only drawn down funds of $ 174,078. The College's grant award letter showed $440,244 but the Financial Aid Department failed to request the funds from the Business Office to cover the additional expenditures. Failure of the Financial Aid Department to notify the Business Office of the needed disbursements on a timely manner and on a current basis is not in accordance with SFA rules and regulations. Nevertheless, the Financial Aid Department subsequently notified the Business Office to drawdown the required amount.
Federal Program Name: SEOG; Award Identification Information Number:84.007. Management will mandate adherence to the U. S. Department of Education's guidelines for Student Financial Aid as it related to SEOG and make the necessary adjustments. The College will notify the Business Office on a timely and current basis so that the drawdowns will be available in accordance with SFA rules and regulations.
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.
Track your findings and corrective action plans across audit cycles.
Start tracking findings →Monitor subrecipient audit findings and compliance status.
Start monitoring →© 2026 Single Audit Intelligence. All data is public domain.