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SACS Fifth Year Interim Report – CS 3.10.3 Required Federal and State Financial Aid Audits   The institution audits financ...
  SACS Fifth Year Interim Report – CS 3.10.3 Re quired Federal and State Financial Aid Audits   Handbook for Reaffirmation...
SACS Fifth Year Interim Report – CS 3.10.3 Required Federal and State Financial Aid Audits  Resource Manual for The Princi...
SACS Fifth Year Interim Report – CS 3.10.3 Required Federal and State Financial Aid Audits  Resource Manual for The Princi...
SACS Fifth Year Interim Report – CS 3.10.3 Required Federal and State Financial Aid Audits     Resource Manual for The Pri...
  SACS Fifth Year Interim Report – CS 3.10.3 Required Federal and State Financial Aid Audits   Directions for Completion o...
SACS Fifth Year Interim Report – FR 4.7 Title IV Compliance The institution is in compliance with its program responsibili...
    SACS Fifth Year Interim Report – FR 4.7  Title IV Compliance  Handbook for Reaffirmation of Accreditation  P 72   <ul>...
SACS Fifth Year Interim Report – FR 4.7 Title IV Compliance   Resource Manual for The Principles of Accreditation:  pages ...
SACS Fifth Year Interim Report – FR 4.7 Title IV Compliance   Resource Manual for The Principles of Accreditation:  pages ...
SACS Fifth Year Interim Report – FR 4.7 Title IV Compliance   Resource Manual for The Principles of Accreditation:  pages ...
  SACS Fifth Year Interim Report – FR 4.7 Title IV Compliance   Directions for Completion of Fifth-Year Interim Report- Ad...
SACS Fifth Year Interim Report – CS 3.10.3 and FR 4.7 Financial Aid Audits and Compliance <ul><li>Two samples of documenta...
SACS Fifth Year Interim Report – CS 3.10.3 and FR 4.7 Financial Aid Audits and Compliance  <ul><li>Two samples of document...
SACS Fifth Year Interim Report – CS 3.10.3 and FR 4.7 Financial Aid Audits and Compliance   <ul><li>Two samples of documen...
SACS Fifth Year Interim Report – CS 3.10.3  and FR 4.7   Financial Aid Audits and Compliance  <ul><li>Two samples of docum...
SACS Fifth Year Interim Report – CS 3.10.3 and FR 4.7  Financial Aid Audits and Compliance    Two Samples of Documentation...
SACS Fifth Year Interim Report – CS 3.10.3 and FR 4.7 Financial Aid Audits and Compliance   <ul><li>Comparison of Two samp...
SACS Fifth Year Interim Report – CS 3.10.3  and  FR 4.7  Financial Aid Audits and Compliance   GCSU Past Documentation - 2...
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Comprehensive Standard 3.10.31 and Federal Requirement 4.7

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Transcript of "Comprehensive Standard 3.10.31 and Federal Requirement 4.7"

  1. 1. SACS Fifth Year Interim Report – CS 3.10.3 Required Federal and State Financial Aid Audits The institution audits financial aid programs as required by federal and state regulations.  
  2. 2. SACS Fifth Year Interim Report – CS 3.10.3 Re quired Federal and State Financial Aid Audits Handbook for Reaffirmation of Accreditation P 70 <ul><li>Supporting Documents </li></ul><ul><li>Financial Aid Audits </li></ul>
  3. 3. SACS Fifth Year Interim Report – CS 3.10.3 Required Federal and State Financial Aid Audits Resource Manual for The Principles of Accreditation: pages 64-65 <ul><li>Rationale and Notes </li></ul><ul><li> Financial aid programs often have an important and significant impact on the finances of an institution. Many institutions and their students are highly dependent on federal and state funds, thus continued compliance with regulations is critical to long-term financial health. Institutional integrity dictates that if governmental funds are accepted, governmental regulations will be followed. A full program of audit using the OMB A-133 audit procedure is necessary to determine the accountability and integrity of an institution’s financial aid program. </li></ul>
  4. 4. SACS Fifth Year Interim Report – CS 3.10.3 Required Federal and State Financial Aid Audits Resource Manual for The Principles of Accreditation: pages 64-65 <ul><li>Relevant Questions for Consideration: </li></ul><ul><li>For public institutions: </li></ul><ul><li>Did the institution receive an unqualified opinion in the auditor’s report on compliance and on internal control over financial reporting based on an audit of auditing standards? Have there been findings? If so, have they been resolved? Are findings repeated and unclear? </li></ul><ul><li>• Is the institution on electronic transfer or has it been placed on direct reimbursement method for federal funds? </li></ul><ul><li>• Has the institution been obligated to post a letter of credit on behalf of the U.S. Department of Education or other financial regulatory agencies? </li></ul>
  5. 5. SACS Fifth Year Interim Report – CS 3.10.3 Required Federal and State Financial Aid Audits Resource Manual for The Principles of Accreditation: pages 64-65 <ul><li>Sample Documentation </li></ul><ul><li>Audits of financial aid programs for the past 3 years </li></ul><ul><li>Institutional responses to all audits and/or findings </li></ul><ul><li>Copies of all correspondence received from the U.S. Department of Education for the past 3 years </li></ul>
  6. 6. SACS Fifth Year Interim Report – CS 3.10.3 Required Federal and State Financial Aid Audits Directions for Completion of Fifth-Year Interim Report- Addendum B <ul><li>What types of documentation, or patterns of evidence, would document compliance with the standard? </li></ul><ul><li>• Most recent external audit of federal financial aid programs. </li></ul><ul><li>• Most recent external audit of state financial aid programs. </li></ul><ul><li>• If public, documentation from auditor indicating audit schedule and frequency. </li></ul><ul><li>• Recent copies of correspondence received from the U.S. Department of Education related to delays in receiving, or not receiving, federal awards audit information. </li></ul>
  7. 7. SACS Fifth Year Interim Report – FR 4.7 Title IV Compliance The institution is in compliance with its program responsibilities under Title IV of the 1998 Higher Education Amendments. (In reviewing the institution’s compliance with these program responsibilities, the Commission relies on documentation forwarded to it by the U.S. Secretary of Education.)  
  8. 8. SACS Fifth Year Interim Report – FR 4.7 Title IV Compliance Handbook for Reaffirmation of Accreditation P 72 <ul><li>Supporting Documents </li></ul><ul><li>Document that describes compliance with Title IV </li></ul>
  9. 9. SACS Fifth Year Interim Report – FR 4.7 Title IV Compliance Resource Manual for The Principles of Accreditation: pages 73-74 <ul><li>Rationale and Notes </li></ul><ul><li>Many institutions are dependent upon the availability of Title IV financial aid to assist </li></ul><ul><li>students with their educational expenses and maintain adequate levels of enrollment. In </li></ul><ul><li>order to secure these funds, an institution complies with the program responsibilities </li></ul><ul><li>under Title IV of the 1998 Higher Education Act or risks the loss of federal aid for both </li></ul><ul><li>its students and other organizational needs. </li></ul><ul><li>As the primary gatekeeper for many of its member and candidate institutions seeking </li></ul><ul><li>Title IV funds, the Commission is obligated to review any information submitted by </li></ul><ul><li>the institution or provided by the U.S. Department of Education that could affect an </li></ul><ul><li>institution’s continued compliance with Commission standards. Under this standard, </li></ul><ul><li>institutions are required to submit to the Commission any communication from the U.S. Department of Education related to continued compliance with Title IV provisions. </li></ul>
  10. 10. SACS Fifth Year Interim Report – FR 4.7 Title IV Compliance Resource Manual for The Principles of Accreditation: pages 73-74 <ul><li>Relevant Questions for Consideration: </li></ul><ul><li>What issues exist with Title IV programs for the institution, if any? </li></ul><ul><li>• Has the institution been placed on the reimbursement method? </li></ul><ul><li>• Has the institution been required to obtain a letter of credit in favor of the </li></ul><ul><li>Department of Education? </li></ul><ul><li>• Have complaints been filed with the Department of Education regarding the institution? </li></ul><ul><li>Do the independent audits of the institution’s financial aid programs evidence </li></ul><ul><li>significant noncompliance? </li></ul><ul><li>• Are there significant impending litigation issues with respect to financial aid </li></ul><ul><li>activities? </li></ul><ul><li>• Are there significant unpaid dollar amounts due back to the U.S. Department of </li></ul><ul><li>Education? </li></ul><ul><li>• Has adverse communication been received from the Department of Education? If </li></ul><ul><li>so, what was the institution’s response? </li></ul><ul><li>• What is the institution’s student loan default rate? </li></ul><ul><li>• Is the institution aware of infractions to regulations which would jeopardize Title IV </li></ul><ul><li>funding? </li></ul>
  11. 11. SACS Fifth Year Interim Report – FR 4.7 Title IV Compliance Resource Manual for The Principles of Accreditation: pages 73-74 <ul><li>Sample Documentation </li></ul><ul><li>Copies of all recent, relevant correspondence from the U.S. Department of Education </li></ul><ul><li>Copies of institutional responses to U.S. Department of Education correspondence </li></ul><ul><li>Negotiated settlement agreements for the payoff of any fines or monies owed in connection with program or fiscal audits </li></ul><ul><li>Copies of any reports on compliance from the U.S. Department of Education </li></ul>
  12. 12. SACS Fifth Year Interim Report – FR 4.7 Title IV Compliance Directions for Completion of Fifth-Year Interim Report- Addendum B <ul><li>What types of documentation, or patterns of evidence, would document compliance with the standard? </li></ul><ul><li>Most recent OMB A‐133 financial aid audit report </li></ul><ul><li>Institutional response to findings in the financial aid audit report </li></ul><ul><li>Copies of recent correspondence from the U.S. Department of Education </li></ul><ul><li>Copies of institutional response to U.S. Department of Education correspondence </li></ul><ul><li>Details regarding negotiated settlement agreements for the payoff of any fines or monies owed in connection with program or fiscal audits </li></ul><ul><li>Copies of any reports on compliance from the U.S. Department of Education </li></ul>
  13. 13. SACS Fifth Year Interim Report – CS 3.10.3 and FR 4.7 Financial Aid Audits and Compliance <ul><li>Two samples of documentation </li></ul><ul><li>Mountain View College- Monitoring unknown </li></ul><ul><li>TEXT </li></ul><ul><li> Mountain View College is in compliance with its program responsibilities under Title IV of the 1998 Higher Education Amendments. MVC as a part of the Dallas County Community College District, is annually audited by independent auditors. The auditors review the financial statements and compliance with Title IV as part of the audit. The financial statement and Office of Management and Budget Circular A-133 Supplemental Financial and Compliance Report for each of the last five years, have been in conformity with generally accepted accounting principles. </li></ul><ul><li>Mountain View College, doing business as Dallas County Community College District (DCCCD,) has a current “Program Participation Agreement with the U.S. Department of Education for Federal Student Aid.” MVC (DCCCD) also has a current “Agreement to Participate in Financial Aid Programs Administered by the Texas Higher Education Coordinating Board.” </li></ul>
  14. 14. SACS Fifth Year Interim Report – CS 3.10.3 and FR 4.7 Financial Aid Audits and Compliance <ul><li>Two samples of documentation </li></ul><ul><li>Mountain View College- Monitoring unk nown </li></ul><ul><li>Documentation </li></ul><ul><ul><li>“ DCCCD August 2007 Financial Statements and OMB Circular A-133 Supplemental Financial Compliance Report Together with Reports of Independent Auditors ” (pages 80-82) </li></ul></ul><ul><ul><li>USDE 2003-2009 Federal Student Aid Program Participation Agreement </li></ul></ul><ul><ul><li>THECB 2007 Agreement to Participate in Texas Financial Aid Programs </li></ul></ul>
  15. 15. SACS Fifth Year Interim Report – CS 3.10.3 and FR 4.7 Financial Aid Audits and Compliance <ul><li>Two samples of documentation </li></ul><ul><li>A Georgia Technical College- Monitoring Known-No Monitoring </li></ul><ul><li>TEXT pg 1 </li></ul><ul><li>XXXX Technical College is in compliance with its program responsibilities under Title IV of the 1998 Higher Education Amendments as supported by the Approval Notice dated 08/05/2008 and the Eligibility and Certification Approval Report . The College currently participates in the Federal Work-Study program, the Federal Pell Grant program and the Federal Supplemental Educational Opportunity Grant program. As a technical college in Georgia, XXX’Xs student financial aid activities are subject to periodic limited compliance audits as part of the Georgia Student Finance Commission on a three year cycle and will be reviewed near the close of FY2009. There are no outstanding issues between the Department of Education and XXXX with regard to the administration of the Title IV programs and no known complaints have been filed with the Department regarding XXXX’s administration of Title IV. XXXX’s current participation agreement is valid through June 30, 2013. The U.S. Department of Education has not audited the Office of Financial Aid in the past three years. </li></ul>
  16. 16. SACS Fifth Year Interim Report – CS 3.10.3 and FR 4.7 Financial Aid Audits and Compliance <ul><li>Two samples of documentation </li></ul><ul><li>A Georgia Technical College- Monitoring Known-No Monitoring </li></ul><ul><li>TEXT pg 2 </li></ul><ul><li>There are no significant unpaid dollar amounts due back to the Department and the institution is not aware of any infractions to regulations which would jeopardize Title IV funding. </li></ul><ul><li>XXXX Technical College’s financial aid program accounts are audited in accordance with the Georgia Department of Audits and Accounts on an annual basis. In the audit report for FY2007, the College received no findings. </li></ul><ul><li>  </li></ul><ul><li>The Georgia Student Finance Commission performs a periodic program review of the State Scholarships and Grant Programs that are offered through the Office of Financial Aid.  This review was performed on May 9, 2006, and covered all State Scholarships and Grant Programs awarded for the 2004-2005 award year. The program review did produce one finding.  The finding has been resolved and is not a repeated finding.  </li></ul>
  17. 17. SACS Fifth Year Interim Report – CS 3.10.3 and FR 4.7 Financial Aid Audits and Compliance Two Samples of Documentation- <ul><li>A Georgia Technical College- Monitoring Known-No Monitoring </li></ul><ul><li>Supporting Documentation: </li></ul><ul><li>US Department of Education Participation Agreement </li></ul><ul><li>US Department of Education Approval Letter (August 5, 2008) </li></ul><ul><li>US Department of Education Eligibility and Certification Approval Report </li></ul><ul><li>Georgia Student Finance Commission Audit (response and follow-up) </li></ul><ul><li>Audit Report FY2007 </li></ul>
  18. 18. SACS Fifth Year Interim Report – CS 3.10.3 and FR 4.7 Financial Aid Audits and Compliance <ul><li>Comparison of Two samples of documenta tion </li></ul><ul><li>Mountain View College – monitoring unknown </li></ul><ul><li>Financial Statements and OMB A-133 </li></ul><ul><li>Program Participation Agreements- Federal and State </li></ul><ul><li>No most recent external audit – federal and state </li></ul><ul><li>No audit schedule and frequency </li></ul><ul><li>No reference to issues or unpaid funds to USDE </li></ul><ul><li>A Georgia Technical College – known no monitoring </li></ul><ul><li>Federal Program Participation Agreement </li></ul><ul><li>USDE Approval letter </li></ul><ul><li>USDE Eligibility and Certification Report </li></ul><ul><li>States no issues with USDE, not unpaid funds to USDE </li></ul><ul><li>States and documents audit ,one finding and resolution with Georgia Student Finance Commission </li></ul><ul><li>Sates but does not document audit frequency nor schedule </li></ul><ul><li>Most recent external audit report – federal and state </li></ul><ul><li>No OMB A-133 </li></ul>
  19. 19. SACS Fifth Year Interim Report – CS 3.10.3 and FR 4.7 Financial Aid Audits and Compliance GCSU Past Documentation - 2004 <ul><li>FEDERAL MANDATE  8 -- Compliance with Title IV </li></ul><ul><li>Approximately 70% of GC&SU students receive aid from federal, state, institutional, or private sources.  GC&SU is in compliance with program responsibilities under Title IV of the 1998 Higher Education Amendments .  The dominant financial aid packages at GC&SU are the need-based Pell Grant and the Georgia merit-based HOPE scholarship.  A comparison of Pell and HOPE shows the growth in HOPE since 1998. </li></ul><ul><li>GC&SU has a valid and current Program Participation Agreement with the United States Department of Education to administer these federal programs. </li></ul><ul><li>All federal aid programs have mandated reporting and reconciliation requirements.  Required reports are completed prior to deadline dates.  The following reports are available in the Financial Aid Office (103 Parks Hall): </li></ul><ul><li>Fiscal operations reports for reporting federal campus-based programs; </li></ul><ul><li>Federal Pell grant reconciliation reports; </li></ul><ul><li>Monthly direct lending reconciliation reports.   </li></ul><ul><li>Also available in the Financial Aid Office are reports of federal loan default rates.  GC&SU has consistently been below the national and state average default rates.  In addition to other activities, the Financial Aid Office works with students for default awareness through loan entrance counseling and exit counseling. </li></ul><ul><li>The GC&SU Financial Aid Office produces a publication entitled GC&SU Financial Aid Guide (see Financial Aid: Types of Aid) to inform all prospective and returning students of aid programs and the regulations and policies used in eligibility determination.  Included in this publication is the Satisfactory Academic Progress Policy , which is mandated by the Higher Education Amendments. </li></ul>
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