The following are the requirements for the Accounting Scandal Report for a Governmental or Non-Profit Organization (can be federal, state, municipality or non-profit hospital, clinic, agency, etc.) :...

The board of directors of any organization are responsible for the organization‟s activities.
They are the people who oversee the company‟s actions and compliance with ethical
regulations. What happened at PHEAA can be correctly considered an outrageous waste of
public funds. The board members were held responsible for this scandal and they too were
among the recipients of these generous „bonuses‟. The list of people who were serving as
members of the board then were William F. Adolph Jr., Sean Logan, Rep. Ronald I. Buxton,
Jake Corman, J. Doyle Corman, Craig A. Dally, Jane Earll, Vince Fumo, Vincent J. Hughes,
Sandra J. Major, Jennifer L. Mann, Joseph F. Markosek, Michael A. O'Pake, Roy Reinhard,
James J. Rhoades, James R. Roebuck, Jr., Jess Stairs, Robert M. Tomlinson, Gerald L.
Zahorchak. They were all directly responsible for this scandal.
Starting in 1980s, the Congress granted subsidies to the agencies that offered financial aid to
students to steer them to pursue education. The central government also guaranteed student
loans against default. These schemes ensured a return of approximately 9.5% to the lenders.
However, this 9.5% guarantee was ended by 1993.
PHEAA, somehow, continued to take advantage of the scheme by taking the payments from
college students that were made before 1993 and used these funds for giving out to loans to
other students after 1993. Therefore, the agency, PHEAA took advantage of the 9.5%
guarantee scheme post 1993 loans. Even the government was not vary cautious in this case.
They continued to pay the subsidy without considering the merit of the claims or raising any
questions. As soon as this fraud was brought to notice, the government stopped further
payments for the 9.5% scheme.
It was more surprising to know that PHEAA was not the only one involved in the fraud that
was committed to deceive the American taxpayer. Nelnet, another big name in the area of
student loan lending, was also involved.
http://www.premierstudentloan.com/
Between the period of 2002 and 2006, the Pennsylvania loan agency made many claims on
between $1.2 billion and $2 billion each year. A good amount of this money...