Section III: Comprehensive Standards (Resources: Financial and Physical Resources)

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

JUDGMENT OF COMPLIANCE

Compliance.

NARRATIVE/JUSTIFICATION FOR JUDGMENT OF COMPLIANCE

Northeast Alabama Community College demonstrates compliance in the auditing of financial aid programs as required by federal and state regulations.

The financial aid programs are audited annually by the State of Alabama, Department of Examiners of Public Accounts, as a part of the regular institutional audit. Federal financial assistance programs are audited in accordance with the Single Audit Act Amendments of 1996, the U.S. Office of Management and Budget Revised Circular A-133, “Audits of States, Local Governments, and Non-Profit Organizations,” and the Office of Management and Budget (OMB) Compliance Supplement.

Northeast has received “unqualified” auditor’s reports for the last several years, which include audit of federal financial aid programs. Northeast complies, in all material respects, with the requirements referred to above that are applicable to its federal programs. No material weaknesses were found in internal controls that could have a direct and material effect on any federal program.  Northeast’s federal financial aid programs consist of the Federal Pell Grant program, Federal College Work Study, the Federal Supplemental Educational Opportunity Grant and, starting in 2003, the Federal Family Educational Loan program.

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