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Office of Internal Audit
PO Box 1510
Pembroke, NC 28372

Phone: 910.775.4403
Fax: 910.521.6176
Email: larry.jacobs@uncp.edu

Location: Lumbee Hall, Room 324
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Notes for Completion of the Major Financial Assistance Cycle

Agency: UNC Pembroke

Year-End: June 30, 2005

The Major Financial Assistance Cycle pertains to all State and Federal grants. A separate form can be used for State and Federal grants by copying the questionnaire and designating whether questions pertain to State or Federal programs.

The internal control questionnaire is a standardized document which may need to be interpreted according to the terminology of your programs. For example, in the eligibility segment, the intake form could be the need analysis in federal financial aid programs at universities and community colleges.

There are numerous cycles within the major financial assistance section that pertain to subrecipients. Not all grants have subrecipients. An example of a subrecipient would be as follows:

The U.S. Department of Labor awards a Job Training Partnership Act grant to the N.C. Department of Commerce. The Department of Commerce awards a grant to the Employment Security Commission. The Employment Security Commission awards a grant to Perdue Farms for on the job training. Perdue Farms would be a subrecipient under the Employment Security Commission. The Employment Security Commission would complete sections of the internal control questionnaire relating to subrecipients. At a university or community college, a Pell grant award to a student would not be a subrecipient relationship.

Monitoring requirements for each grant are stated in federal regulations of the grant. Refer to the Code of Federal Regulations or grant award agreement.

Updated: Friday, May 20, 2011

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