Comprehensive Standard 3.10.3
The institution audits financial aid programs as required by federal and state regulations. (Financial aid audits)
Federal Aid Programs
Federal awards program expenditures and control measures are audited annually in a USC System audit and include the University of South Carolina Upstate (USC Upstate) financial aid programs. The audit indicates compliance with the United States Office of Management and Budget (OMB) Circular A-133(A-133 Audit Report 2006, 2007, 2008, 2009, and 2010). In addition, the Fiscal Operations Report and Application to Participate (FISAP) is submitted annually for appropriate disclosure of federally-funded financial aid programs and future participation funding(FISAP, 2008-2009, 2009-2010, and 2010-2011).
State Aid Programs
South Carolina provides lottery-funded scholarship awards to USC Upstate students based on merit-based and need-based criteria. These awards receive appropriations as passed in the annual state budget. The South Carolina Commission on Higher Education (SCCHE) conducts audits of the various scholarship programs for compliance and expenditure reporting. All financial activities required by SCCHE for reconciliation of funds and processing of awards were accomplished. The Data Verification Audit conducted by SCCHE indicated that appropriate systems are in place to administer the state aid programs and no findings or exceptions were reported based on an on-site evaluation of files and financial records (South Carolina Commission on Higher Education Data Verification Audit, August 17, 2007).
The number of lottery-funded awards and scholarship disbursements for USC Upstate students has grown continuously with 2,183 awards being made in 2008-2009 and total scholarship expenditures exceeding $8.4 million.