NMU's Compliance Database - Northern Michigan University

The compliance audit and audited financial statements must be submitted to the Secretary no later than six months after the last day of the institution's fiscal year. However, the University has nine months to file as it is covered by the A-133 (which allows universities to adjust for single yearly audits). Our fiscal year ends June 30, so the audit must be submitted by June 31 (although we often submit long before the deadline).

The University must at least annually have an independent auditor (independent certified public accountant or a government auditor) conduct a compliance audit of its administration of that program and an audit of the institution's general purpose financial statements. An audit conducted per Office of Management and Budget Circular A-133 satisfies this requirement.The audit must cover all Title IV, HEA program transactions.Fine of up to $27,500 per violation and/or program suspension for failure to comply.