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

Summary

Cape Fear Community College (CFCC) demonstrates compliance with this comprehensive standard by providing evidence that its financial aid programs are audited by the North Carolina Office of the State Auditor in accordance with federal and state regulations.

Narrative

Cape Fear Community College is audited by the North Carolina Office of the State Auditor as required by federal (Compliance Audits and Audited Financial Statements) and state (Audit of Community Colleges) regulations. Auditing financial aid records are part of these audits. For the last four years, the North Carolina Office of the State Auditor has determined that CFCC is in compliance and shows no weaknesses in internal control (2004 Audit, 2003 Audit, 2002 Audit, 2001 Audit).

CFCC Financial Aid audits comply with the standards of The Single Audit Act Amendments of 1996 (Public Law 104-156) (Requirements for Single Audits) and the Executive Office of the President’s Office of Management and Budget Circular A-133, Audits of States, Local Governments and Non-Profit Organizations (Circular No. A-133). These standards call for an annual audit by an independent auditor for all non-Federal entities that expend $500,000 or more in a year in Federal awards. The North Carolina Office of the State Auditor is considered an independent auditor under state (Duties and Responsibilities) and federal (Independent Auditor) regulations.

Documentation