Wednesday, April 1, 2015

County Business School on Federal Financial Watch List

A Schuylkill County Business School has been placed on a Federal Financial Watch List to monitor how they spend taxpayer's money.

McCann School of Business Pottsville has been placed on a Financial Watch List, along with 560 other institutions from around the United States.  According to the U.S. Department of Education, , the measure is a taken to increase transparency and accountability.

The Department is calling it "Heightened Cash Monitoring".  The monitoring is a step that the Federal Student Aid office can take with institutions to provide additional oversight for a number of financial or federal compliance issues, some of which may be serious and others that may be less troublesome. Institutions may be on this list for a variety of specific reasons – for example, late financial statements, outstanding liabilities, accreditation issues, concerns about a school’s financial responsibility or possibly severe findings uncovered during a program review.

Heightened Cash Monitoring is not necessarily a red flag to students and taxpayers, but it can serve as a caution light. It means we are watching these institutions more closely to ensure that institutions are using federal student aid in a way that is accountable to both students and taxpayers.

WNEP also posted the story including a statement from McCann School of Business of Pottsville

Information regarding the measure from the U.S. Department of Education

No comments:

Post a Comment