FGC SACSCOC Fifth Year Report Header

Print page

Comprehensive Standard 3.10.2
Financial Aid Audits

14. The institution audits financial aid programs as required by federal and state regulations.

Judgment of Compliance:


Narrative/Justification for Judgment of Compliance:

Florida Gateway College (FGC) audits financial aid programs as required by federal and state regulations.

FGC participates in federal and state programs that provide financial assistance to eligible students to help cover college expenses. The college’s financial aid programs are audited annually by the State of Florida Auditor General in accordance with the U.S. Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations.

Federal programs the college participates in are the Federal Pell Grant, the Federal Work Study (FWS), the Federal Supplemental Educational Opportunity Grant (FSEOG), the Federal Subsidized Stafford Loan, the Federal Unsubsidized Stafford Loan, and the Federal Parent Loan for Undergraduate Student (PLUS).

State programs include the Florida Student Assistance Grant (FSAG), First Generation Matching Grant (FGMG), the Children of Deceased and Disabled Veterans, and the Bright Futures Scholarship Program. The college’s financial aid programs have been audited each year as required.

Audit Results

2013-2014: The 2013-14 Federal audit resulted in no questionable cost finding concerning any of its federal financial aid programs. The issue with access privileges were corrected during the audit process [1].

2012-2013: The 2012-13 Federal audit had no findings or questionable costs concerning any of its federal financial aid programs [2].

2011-2012: The 2011-2012 Federal audit finding related to return of Title IV funds and unofficial withdrawals [3]. The audit determined that FGC retained unearned Title IV funds that should have been returned to the applicable federal program. The college determined there was an error in its report that caused an inaccurate date calculation and omission of students on the report. The college reviewed its process for generating the report and implemented strategies to correct it. The college also reviewed and revised its procedures for notifying students, the National Student Loan Data System (NSLDS), and US Department of Education of grant overpayments in a timely manner. The finding is included in the summary schedule [4].

FGC received unqualified opinions on compliance and internal controls over financial reporting in the 2013-2014 Financial Audit Report [5]; the 2012-2013 Financial Audit Report [6]; and the 2011-2012 Financial Audit report [7]. Included in these audits is the evaluation of the processes and systems used to award, receive, and disburse student financial aid.

The Florida Bright Futures Scholarship Program is also audited annually according to Florida Statute 1009.53 [8]. Audits [9] have been conducted for fiscal years ended June 30, 2012 and June 30, 2013. FGC received no findings or questionable costs for both years.

Distance Learning Students

The annual audits included funds disbursed to distance learning students. There have been no questioned costs and no improvement recommendations which would impact distance learning.

[1] 2013-14 Compliance and Internal Controls Audit
[2] 2012-13 Compliance and Internal Controls Audit
[3] 2011-12 Compliance and Internal Controls Audit
[4] Summary Schedule Prior Audit Findings
[5] Financial Audit 2013-14
[6] Financial Audit 2012-13
[7] Financial Audit 2011-12
[8] Florida Statute 1009.53 Audit Requirements
[9] Florida Bright Futures Audit
Florida Gateway College 149 SE College Place   Lake City, FL 32025   |   (+1 386) 752-1822
© 2015 Florida Gateway College    |  http://www.fgc.edu/
Page Last Updated: July 13, 2015