Thread regarding SAE Institute (formerly the School of Audio Engineering) layoffs

What are the results of 2014 Compliance Audits? They had to be posted to the Feds on EZ-Audit by Dec. 31, 2014. If there were repeated findings from the 2013 Federal Compliance Audits, then those campuses will probably be removed from Title IV Federal Financial Aid due to lack of oversight and the inability to properly process federal aid.

My guess would be laying off all the financial aid people was to cover their asses as they knew the compliance audits would be another repeat blood bath from the year prior.

Yes! SAE has to get cleared by the FEDS for each payment batch then they are reimbursed. Quite a task for upwards of 6 months. I don't understand how this is not company wide information/communication. How was this resolved???

53592- are you saying that because of HCM2, SAE has to figure out how to pay out of pocket it's expenses for a period of time?

Who's Ed? Did we meet him?..... Kidding of course

This happened at Miami campus, possibly New York, and yes for a moment it stopped the purchase of Expressions by the FEDS. This was one of the first chain reactions of all the layoffs.

Do we?

Does Navitas or SAE Global even know what that means?

I didn't even know any of our campuses had this issue. Again, goes to show how poor we are in communication.

When ED becomes concerned with respect to a school’s ‘administrative capability’ or ‘Financial Responsibility’, ED may change the method of reimbursement to a delayed and more rigorous form known as Heightened Cash Monitoring 2, (HCM2). The working capital implications of HCM2 are enormous as advances can be delayed from ED for as long as 60 days or more. A school may have to fund 90 days of its own operations.

What in the world is HCM2?