A133 Audit Are You Ready

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A-133 Audit Are You Ready?

• Linda Shiller
• Talent Search, EOC, GEAR UP
• Vermont Student Assistance Corporation
• shiller_at_vsac.org
• May 2003

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Main Goaland Outcome

• Understand importance of compliance
• Learn how to create systems to address compliance
• Share experiences and strategies

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Presentation Overview
Getting started

• What is an A-133 Audit
• Why you need to be ready
• How you can be ready

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Some Compliance Issues

• Eligibility
• Disbursing allowable costs
• Documenting in-kind match

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Compliance Methods
Getting Started

• Read EDGAR
• Read Higher Education Act
• Read your grant

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Create A System to Ensure Compliance

• Train and implement
• Audit the system test it
• Assess the system

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Major Areas to target

• Student files
• School reimbursements
• In-kind match
• Time commitment

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Student Files

• Nomination Forms
• Application Forms
• Parent information
• Academic records

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School Reimbursements

• Form properly completed
• Proof of expenditure
• Authorization

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In-kind Match

• Supporting documentation
• Appropriate authorization

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Time Commitment

• Counselor logs
• Administration sign off

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Audit Your System

• Conduct Internal or Mock audits
• Determine when and how
• Determine what to target

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Assess Your System

• Is the system working?
• Is it too burdensome?
• Do we need to create new tools?

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Will You Be Ready?

• Create
• Adhere
• Audit
• Assess