Audit Committee March 19, 2008 Meeting Review 2007 Federal Financial Assistance Audit Report Beth Buse, Deputy Director of Internal Auditing Christopher Halling, System Director for Financial Aid Steve Wischmann, Partner with Kern, DeWenter, Viere - PowerPoint PPT Presentation

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Audit Committee March 19, 2008 Meeting Review 2007 Federal Financial Assistance Audit Report Beth Buse, Deputy Director of Internal Auditing Christopher Halling, System Director for Financial Aid Steve Wischmann, Partner with Kern, DeWenter, Viere

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Title: Audit Committee March 19, 2008 Meeting Review 2007 Federal Financial Assistance Audit Report Beth Buse, Deputy Director of Internal Auditing Christopher Halling, System Director for Financial Aid Steve Wischmann, Partner with Kern, DeWenter, Viere


1
Audit CommitteeMarch 19, 2008 MeetingReview
2007 Federal Financial Assistance Audit
ReportBeth Buse, Deputy Director of Internal
AuditingChristopher Halling, System Director for
Financial AidSteve Wischmann, Partner with Kern,
DeWenter, Viere
2
Background
  • Annual audit required by federal law
  • Focus on major programs
  • Student Financial Aid
  • Testing performed by Principal Auditor
  • With assistance from Internal Auditing
  • Results included with State of Minnesota Report
  • To be submitted to federal government by 3/31/08

3
(No Transcript)
4
Note Excludes Federal Work Study and Perkins
Loans
5
Federal Student Financial Aid - Summary of
Questioned Costs Fiscal Year 2003 - 2007

Fiscal Year Questioned Cost Type Questioned Cost Type Questioned Cost Type Questioned Cost Type Grand Total
Fiscal Year Loan Maximums Return to Title IV (R2T4) Satisfactory Academic Progress Other Grand Total
2003 7,055 794,803 4,852,888   5,654,746
2004 12,551 33,581 629,633   675,765
2005 10,466 117,289   13,294 141,049
2006 3,540 945,859 530,245   1,479,644
2007   10,323     10,323
Grand Total 33,612 1,901,855 6,012,766 13,294 7,961,527
6
FY 2007 Single Audit Findings
  • Return of Title IV Funds
  • St. Paul College (questioned costs - 10,323)
  • Timely return of loan funds (3 institutions)
  • Timely reporting
  • NSLDS (multiple institutions)
  • Pell (2 institutions)
  • Notification of loan disbursement information
    (multiple institutions)

7
FY 2007 Single Audit Findings continued
  • Administrative requirements - reconciliations (3
    colleges)
  • Verification policies incomplete
  • (3 colleges)
  • Satisfactory academic progress policy did not
    reflect practice (1 college)

8
USDOE Program Review Status
  • Final Determination Letters Received
  • St. Cloud State University Return to Title IV
  • Metropolitan State University Return to Title IV
  • Awaiting Final Determination
  • Minneapolis Community and Technical College
    Satisfactory Academic Progress
  • Information sent to USDOE November 2006

9
FY 2007 Single Audit Prior Audit Finding
  • Excessive Security Access to Financial Aid System
  • Reported in 2005
  • Implementation planned for April 2008
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