Single Audit Report Fiscal Year Ended June 30, 2012 - State ...

State of GeorgiaAuditee’s Corrective Action PlansFor the Fiscal Year Ended June 30, 2012Finding Control Number: FS-571-12-05CASH AND CASH EQUIVALENTSInadequate Separation of DutiesManagement agrees with this recommendation. It should be noted that the significant deficiency in this case relates to thepossibility of significant misstatement. The audit did not uncover any significant misstatement or impropriety related to Cash.This control deficiency was corrected in the fourth quarter of fiscal year 2012, when responsibility for cash wires and cashjournals was moved to a different staff member than the one reconciling the bank account.Contact Person: Diane Hickey, Associate Vice President for Financial AffairsTelephone: 678-891-2304 E-mail: Diane.Hickey@gpc.eduEAST GEORGIA STATE COLLEGEFinding Control Number: FA-572-12-01SPECIAL TEST AND PROVISIONSDeficiencies in Student Financial Assistance Refund ProcessWe concur with this finding. The College has implemented procedures to ensure that refunds are properly calculated forstudents that withdraw. Additional documentation will be required during the calculation of refunds and during the reviewprocess to ensure accuracy. Title IV refunds will be properly calculated, reviewed, and returned in a timely manner inaccordance with Federal regulations.Contact Person: Massie Kight, Student Accounts ManagerTelephone: 478-289-2005 Fax: 478-289-2144 E-mail: mkight@ega.eduGORDON STATE COLLEGEFinding Control Number: FA-576-12-01SPECIAL TEST AND PROVISIONSDeficiencies Over the Title IV Refund ProcessWe concur with this finding. The Gordon State College Financial Aid Office acknowledges that the unearned portion of theTitle IV funds for the five students identified in the sample were not returned in a timely manner. In order to ensure that thefunds are returned in a timely manner, the Gordon State College Financial Aid Office has implemented the followingprocedure:1. The Gordon State College Registrar's Office will forward copies of all students who withdraw during a semester tothe Gordon State College Financial Aid Office. These records will be reviewed to determine which of the studentsreceived Title IV funding.2. The Gordon State College Financial Aid Office will also utilize these copies to verify that the Title IV recipients areincluded on our internal reports so as to ensure timely processing and return of the unearned portion of the Title IVfunding.3. The Gordon State College Financial Aid Office will use our Banner system to schedule our internal reportingsequence which will allow us to maintain a history of when each student was identified as having withdrawn fromthe institution.In addition to the steps listed above, the Gordon College Financial Aid Office will use the following procedure to monitor theproper and timely return of the unearned portion of the Title IV funding:1. Upon completion of the student calculation, a copy will be forwarded to the Gordon State College Business Officefor review to ensure all calculations are correct.341