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3.10.3

Financial Resources: Submission of financial statements
The institution audits financial aid programs as required by federal and state regulations.

Judgment
  Compliant      Non-Compliant      Not Applicable

Narrative

Morehouse College is in compliance with its financial aid program responsibilities under the Title IV of the 1998 Higher Education Amendments. Morehouse College Office of Financial Aid provides a broad range of services to approximately 92 percent of the Morehouse student population which receives some form of financial aid.

Each year, the Office of Financial Aid undergoes an in-depth A133 Federal Audit conducted by KPMG in accordance with auditing standards generally accepted in the United States of America. KPMG covers the entire federal audit requirement which includes federal compliance. KPMG performs detailed tests of Morehouse’s financial aid programs. KPMG tests for all applicable compliance requirements for Morehouse’s major programs and for general requirement for all other programs.

KPMG issues the A133 Audit Report (hard copy and electronic version) to the College  and the College electronically submits the report to the Department of Education. The reports for the years ending June 30, 2005 and 2006, reported no cost findings in Morehouse’s financial aid operations.

Finally, the Office of Financial Aid submits all reports required by the U.S. Department of Education in an accurate and timely manner. Morehouse College continuously monitors the quality of the administration and delivery of student aid.


Partial Compliance Recommendation

The 2007 A133 Financial Aid Audit has not been completed. However, it will be completed before May 1, 2008, and submitted to SACS at that time.

 
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