Section 3: Comprehensive Standards
3.10.3 The institution audits financial aid programs as required by federal and state regulations.
Judgment of Compliance:
Compliance
Narrative/Justification for Judgment of Compliance:
Christopher Newport University is in compliance with this comprehensive standard. Christopher Newport University 's financial aid programs are audited in accordance with the Office of Management and Budget (OMB) Circular A-133 as required by federal law and are included in the OMB A-133 Single Audit work performed by Virginia's Auditor of Public Accounts. The Auditor also audits the University's financial statements annually in accordance with the Government Auditing Standards issued by the Comptroller General of the United States. The University is audited every two years for Single Audit Compliance. For the audits in Fiscal Years 2002, 2004 and 2006, there were no findings. CNU receives electronic transfers on all federal student grants and direct reimbursements on all research grants. CNU has never had to post a letter of credit on behalf of the US Department of Education or any other financial regulatory agency.
Support Documentation:
FY 2002 Audit
FY 2003 Audit
FY 2004 Audit
FY 2005 Audit
FY 2002 Single Audit Report
FY 2003 Single Audit Report
FY 2004 Single Audit Report
Additional Live Web Resources:
None