Troy University
SACS Reaffirmation of Accreditation
3.10.3 The institution audits financial aid programs as required by federal and state regulations (Financial aid audits)
 
X Compliance   Partial Compliance   Non-Compliance

Narrative:  

Troy University is in compliance with this Comprehensive Standard.

Troy University participates in various federal financial aid programs to enable our students to obtain their educational goals and audits these programs as required by federal and state regulations.  Federal financial aid awards and disbursements are provided below.

Financial Aid Dollars Awarded and Disbursed
AY 2004-2007
Academic Year Number of Students
Awarded
Amount Awarded Total Amount Of Aid Disbursed For
An Academic Year
2003/2004 27,623 $176.6M $128.2M
2004/2005 30,258 $233.7M $170.7M
2005/2006 33,593 $246.5M $184.0M
2006/2007 34,018 $246.5M $195.2 M

Based upon the significance of federal funding to Troy University, it is important to maintain the integrity and credibility in the administration of the financial aid program.  To make sure the University is performing its fiduciary responsibilities, federal aid programs at Troy University are audited in accordance with the Single Audit Act Amendments of 1996, the     U. S. Office of Management and Budget Revised Circular A-133, Audits of States, Local Governments and Non-Profit Organizations, and the Office of Management and Budget (OMB) Compliance Supplement.

The financial aid audit report is incorporated as part of the University's general audit report conducted by the State of Alabama Department of Examiners of Public Accounts.  The examiners detailed their scope and objectives of the 2007 audit as follows:

This report encompasses audits of the financial statements of the University and its component unit and a review of compliance by the University with applicable laws and regulations of the State of Alabama and federal financial assistance programs. The audit of the University was conducted in accordance with Government Auditing Standards Generally Accepted in the United States of America for financial audits. The audit of the component unit was conducted in accordance with financial auditing standards generally accepted in the United States of America for financial audits. The objectives of the audits were to determine whether the financial statements present fairly the financial position and results of financial operations and whether the University has complied with applicable laws and regulations. [1, p. A]

For fiscal years ending 2005 through 2007, Troy University has been in compliance with regulations regarding financial aid and has, therefore, received a favorable audit opinion. The 2004-2005 audit and the 2005-2006 audit reports are attached.  The 2007 fiscal year’s auditor opinion states the following:

In our opinion, based on our audit and the report of other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of Troy University and Troy University Foundation, as of September 30, 2007, and the respective changes in financial position and cash flows, where applicable, thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. [1, pp.E.]

The affirmative opinion is also supported by the Schedule of Findings and Questioned Costs which summarizes the audit findings relating to the financial statements required by Government Auditing Standards and the university’s findings and questioned costs for federal awards as required by OMB Circular A-133. For the years 2005 through 2007 the Federal Awards Findings and Questioned Costs audit has indicated Troy University’s compliance with federal audit standards.

In summary, Troy University has an established financial aid audit review process and has a consistent record of compliance with federal regulations and is in compliance with this requirement.

Supporting Documentation Location
Audit Report 2004-2005, Alabama Department of Examiners of Public Accounts http://sacs.troy.edu/reference/SACS_03-10-03_Audit06-0392.pdf
Audit Report 2005-2006, Alabama Department of Examiners of Public Accounts http://sacs.troy.edu/reference/Audit07-0500.pdf
Audit Report 2006-2007, Alabama Department of Examiners of Public Accounts http://sacs.troy.edu/reference/Audit08-0237.pdf
OMB Circular A-133 http://www.whitehouse.gov/omb/circulars/a133/a133.html

 

Last Updated: 08/22/2008