3.10.3 Financial aid audits

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

Judgment of Compliance

Compliance

Narrative of Justification

Bennett College’s financial aid programs are audited in accordance with the Office of Management and Budget (OMB) Circular A-133 as required by federal law and are included in the OMB A-133 Single Audit work performed by the Wesley Peachtree Auditing Firm.  Compliance is substantiated in the FY 2005-A-133 Audit Report, FY 2006 A-133 Audit Report and FY 2007 A-133 Audit Report.  Additionally, the College has utilized peer quality assurance review opportunities to evaluate compliance of the College’s operation with federal regulations and with best practices.  There have been no material audit findings concerning the College’s financial aid programs since the 2003 SACS reaffirmation review.

Audit requirements for the College’s financial aid program are also contained in its Financial Aid Operating Manual.

Supporting Documents

SOURCE	LOCATION/Special Instructions
Financial Aid Operating Manual	Office of Financial Aid
FY 2005-A-133 Audit Report	Office of Business and Finance
FY 2006 A-133 Audit Report	Office of Business and Finance
FY 2007 A-133 Audit Report	Office of Business and Finance