standard 3.10.3


2.0 Core Requirements
3.0 Comprehensive Standards
4.0 Federal Requirements



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


      Compliance             Partial Compliance         Non-Compliance


Fayetteville Technical Community College is in compliance with this comprehensive standard as evidenced by the audit of its financial aid programs conducted by the Office of the State Auditor of North Carolina.


The College follows federal and state regulations for auditing financial aid programs.  The Office of State Auditor (OSA) selected federal FTCC Title IV funds as part of the testing necessary to obtain adequate coverage to issue an opinion on the State’s compliance with federal regulations in 2006-07.  Auditors issued a management letter in January 2008 for the 2006-07 audit. 

The College’s Title IV compliance audit management letter revealed three audit findings for the 2006-07 fiscal year.  Two of the findings did not result in any questioned costs.  In the third finding, auditors reported “likely questioned costs estimated to exceed $10,000.”  The College responded to all of the audit issues.  As a result, OSA only included two of the audit findings in the Statewide Single Audit Report.  The Department of Education responded by letter on October 3, 2008, and closed both of the College’s Single Audit findings.  Based on documentation submitted by the College in response to the finding that questioned costs in excess of $10,000, FTCC was found in fault for over-awarding one student by $576.00.  The $576.00 amount was refunded to the Department of Education on November 12, 2008.  OSA has followed up on all three of the audit findings reported in January 2008 and has concluded that FTCC has resolved all of the audit issues.  Documentation of OSA’s Summary Schedule of Prior Year Audit Findings can be found in the 2008 Statewide Single Audit Report.  The two findings are mentioned in several locations within the report as prior-year audit findings.  In all instances, the current status of the findings is “full corrective action has been taken,” which is indicated as follows:  page 418, page 426, and page 428.

The Veterans Administration Benefits Federal Audit was completed on October 22, 2008.  The discrepancies initiated procedural improvements in the FTCC VA Office as reported in the President’s response.  No funds were refunded.

The Veterans Administration Benefits State Audit was completed on January 28, 2009.  The FTCC VA Office corrected all discrepancies.  No funds were refunded.

Supporting Documentation

# Source Location

Single Audit Management Letter
Fiscal year 2006-07


Department of Education Response to Fiscal Year 2006-07 Single Audit Findings, October 3, 2008


FTCC refund to Department of Education resulting from 2006-07 Single Audit Findings


2008 Single Audit Report


VA Benefits Federal Audit


VA Benefits Federal Audit Response


VA Benefits State Audit


VA Benefits State Audit Corrections

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