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Craven Community College met the eligibility requirements under the Higher Education Act to receive federal funds from the U. S. Department of Education, Title IV. The college's program participation agreement was approved May 15, 2001 and continues to be valid thru March 31, 2007, which allows the college to participate in Federal financial aid programs. The college's financial aid programs are audited as part of the annual financial audit performed by the N.C. Office of State Auditor under the Single Audit Act. The Office of the State Auditor selects a sample of colleges and universities to test for compliance each year. The random nature of this process requires the College be prepared annually for testing for compliance under the Single Audit Act. As reflected in the Office of the State Auditor's transmittal for the college's financial audit for the Fiscal Year Ended June 30, 2004, the auditors indicate in paragraph three "as part of the audit work necessary for the State's Comprehensive Annual Financial Report (CAFR) and the Single Audit Report, the accounts and operations of the College were subjected to audit procedures, as we considered necessary." For the year ending June 30, 2005 the Office of the State Auditor's transmittal letter was streamlined and some of the language was dropped. As evidenced by an email from a representative of the Auditor's office, the audit of Craven Community College was subject to the Single Audit Act and was covered in the Statewide Single Audit Report. Page 308 of the report reflects the federal grants received by Craven Community College for the Fiscal Year Ended June 30, 2005.
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