A Report on State of Texas Compliance with Federal Requirements for the Student Financial Assistance Cluster of Federal Programs for the Fiscal Year Ended August 31, 2011
Report Number 12-017
The State of Texas complied in all material respects with the federal requirements for the Student Financial Assistance Cluster of federal programs in fiscal year 2011.
As a condition of receiving federal funding, U.S. Office of Management and Budget (OMB) Circular A-133 requires non-federal entities that expend at least $500,000 in federal awards in a fiscal year to obtain annual Single Audits. Those audits test compliance with federal requirements in 14 areas, such as eligibility and reporting. The requirements for 1 of those 14 areas vary by federal program and outline special tests that auditors are required to perform, such as tests of disbursement of funds and the return of unused Student Financial Assistance funds to the federal government. The Single Audit for the State of Texas included (1) all high-risk federal programs for which the State expended more than $86,555,601 in federal funds during fiscal year 2011 and (2) other selected federal programs.
From September 1, 2010, through August 31, 2011, the State of Texas expended $57.5 billion in federal funds for federal programs and clusters of federal programs. The State Auditor's Office audited compliance with requirements for the Student Financial Assistance Cluster of federal programs at 11 higher education institutions. Those 11 higher education institutions spent $2,151,165,152 in federal Student Financial Assistance funds during fiscal year 2011.
Auditors identified 40 findings classified as significant deficiencies and non-compliance for the Student Financial Assistance Cluster of federal programs. Auditors did not identify any Student Financial Assistance findings classified as material weaknesses or material non-compliance.
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