State University of New York
Board of Trustees Audit Committee
2011-12 State Single Audit – SUNY Component
January 17, 2013


1.	Introduction
* New York State Single Audit
* Auditors: KPMG, LLC 
* SUNY Component – Federal Funds for Student Financial Aid 

2.	Scope
* $1.5 billion in Federal financial aid programs
* Major programs audited for the year ended March 31, 2013:
* Federal Supplemental Educational Opportunity Grants (84.007)
* Federal Family Education Loans (FFEL) (84.032)
* Federal Work-Study Program (84.033)
* Federal Perkins Loan Program – Federal Capital Contributions (84.038)
* Federal Pell Grant Program (84.063)
* Federal Direct Student Loans (84.268)
* Academic Competitiveness Grants (84.375)
* National Science and Mathematics Access to Retain Talent (SMART) Grants (84.376)
* Health Professions Student Loans, Including Primary Care Loans/Loans for Disadvantaged Students (93.342)
* Nursing Student Loans (93.364)
* Scholarships for Health Professions Students from Disadvantaged Backgrounds (93.925)

* Campuses selected for visitation:
- SUNY Albany
- SUNY Buffalo
- SUNY Stony Brook
- SUC Brockport
- SUC Oswego
- Empire State College
- Student Loan Service Center

* Follow-up of prior year findings:
- Upstate Medical University

3.	Single Audit Findings and Observations

* The campuses reviewed generally complied with the federal rules and regulations for student financial aid program.  There were no questioned costs. There were three findings.

- State University of New York at Buffalo
* Finding 12-13 – Some borrowers were not provided with the required loan notification.

- State University of New York at Buffalo and Empire State College
* Finding 12-14 – Title IV funds were not returned to the lender on a timely basis.

- Empire State College
* Finding 12-15 – Verification for two students was not submitted to the NSLDS. Empire State College identified and addressed the issue prior to the disclosure in the audit.

* The auditors were not aware of any significant deficiencies or material weaknesses in the design or operation of internal controls.
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