Late audit filings is costing West Virginia

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  Years of late audit filings are now costing West Virginia millions in federal dollars, and could hurt the state’s reputation with financial institutions.

For years state agencies and colleges have fallen further and further behind deadlines. Now the U-S Department of Education has told schools to come up with the money themselves for Pell grants and loans, and that the federal government will reimburse schools later. The state has agreed to loan universities the money this year.

But it wasn’t just colleges submitting paperwork 10-20 weeks after the deadline. State agencies like the public defender corporation, the public retirement board and school building authority were some of the worst offenders.
   

An investigation into the matter will be completed by next Friday.
 

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