The Fifth-Year Interim Report

Part III: The Fifth-Year Compliance Certification


3.10.2 Financial Aid Audits

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

Judgment of Compliance

Compliance

Narrative

Alcorn State University (ASU) is in good standing with federal and state requirements, as evidenced by the independent audit of the institution’s financial aid programs. As required by federal and state regulations, ASU has its financial aid programs audited as a part of the state Mississippi Institutions of Higher Learning annual audit. These audits are conducted in accordance with Government Auditing Standards issued by the Comptroller General, and requirements of OMB Circular A-133 and audited financial statements for FY 14, FY 15, and FY16. Student financial aid is audited as a major program consistently in these annual audits. These audits have shown no findings related to compliance with applicable financial aid and Title IV regulations. The single audits report for FY 16, will be available after March 31, 2017.

Full audit statements for FY14, FY15, and FY16 are attached.

The university receives federal financial aid through the Department of Education. The university makes disbursements to students for the amount they are eligible to receive under the Federal Title IV funds requirements. Funds are transmitted to institutional accounts from the Department of Education once the amount to be disbursed is determined and reconciled.

ASU has been approved to participate in the Title IV programs through March 31, 2017, as evidenced by the Program Participation Agreement from the U. S. Department of Education. All university Title IV programs are in good standing with the Department of Education.