Two McClintock Auditors Achieve CFAA Certifications

By McClintock & Associates | March 2, 2020

Further highlighting McClintock & Associates’ expertise in the higher-education sector, two members of our team, Luke Hoey and Cathy Demchak, became the only auditors to achieve a new certification designed for financial aid administrators at postsecondary institutions.

Offered by the National Association of Student Financial Aid Administrators (NASFAA), the Certified Financial Aid Administrator® (CFAA) Program is meant to increase opportunities for career growth and validate professional and ethical competencies for administrators. While we are public accounting firm, we nevertheless find it important for our auditors to take the CFAA examination in order to live up to our values and mission of being a thought leader in Title IV compliance and consulting services for postsecondary institutions.

To become certified, Hoey and Demchak demonstrated their industry-related experience over a 115-question multiple choice exam, proving their credibility and understanding of 12 knowledge domains and competencies. These domains include institutional eligibility, data management, administrative capability, consumer information, cash management, student eligibility, cost of attendance and need analysis, awarding and packaging, verification, return of Title IV funds, satisfactory academic progress and professional judgment.

“The fact we are the first and, right now, only auditors on the CFAA registry is special,” Hoey said. “I appreciate the investment that the firm continues to make in my personal development and, by extension, its ultimate vision. By providing the services we do and showing that we understand the challenges financial administrators face, we help them focus on their mission of changing students’ lives. Earning the CFAA is another step in that direction, and I believe we have several more CFAA-caliber employees already here at the firm.”

Hoey has been with McClintock & Associates since 2013 and was promoted to supervisor in 2018. He has deep knowledge of Title IV compliance, especially as it relates to calculating awards and packing, cash management, Gainful Employment and the Clery Act. Prior to joining the firm, he worked within the financial services department at a four-year for-profit institution.

Demchak is also a supervisor in the audit department and the newest member of the McClintock & Associates team, having joined just this year. Previously, she was an associate director of financial aid at a large private not-for-profit university, where she gained extensive experience in researching and interpreting regulations that govern Federal Student Aid programs.

“This was a challenging exam, but well worth the effort,” Demchak said. “The experience and opportunity to take the test, and passing it alongside Luke, only confirms what I already knew — joining the collaborative team here at McClintock was the right choice.”

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