Audit 329772

FY End
2024-06-30
Total Expended
$62.77M
Findings
8
Programs
46
Organization: Vermont State Colleges (VT)
Year: 2024 Accepted: 2024-11-25

Organization Exclusion Status:

Checking exclusion status...

Findings

ID Ref Severity Repeat Requirement
512047 2024-001 Significant Deficiency - N
512048 2024-002 Significant Deficiency - N
512049 2024-001 Significant Deficiency - N
512050 2024-002 Significant Deficiency - N
1088489 2024-001 Significant Deficiency - N
1088490 2024-002 Significant Deficiency - N
1088491 2024-001 Significant Deficiency - N
1088492 2024-002 Significant Deficiency - N

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $25.46M Yes 2
84.063 Federal Pell Grant Program $14.51M Yes 2
84.042 Trio Student Support Services $1.58M - 0
84.033 Federal Work-Study Program $1.29M Yes 0
93.575 Child Care and Development Block Grant $1.27M Yes 0
84.007 Federal Supplemental Educational Opportunity Grants $1.22M Yes 0
84.047 Trio Upward Bound $1.13M - 0
16.753 Congressionally Recommended Awards $1.01M Yes 0
59.077 Community Navigator Pilot Program $975,940 - 0
11.611 Manufacturing Extension Partnership $907,728 Yes 0
59.037 Small Business Development Centers $832,025 Yes 0
84.031 Higher Education Institutional Aid $532,393 - 0
90.601 Northern Border Regional Development $531,400 - 0
84.116 Fund for the Improvement of Postsecondary Education $445,066 - 0
10.855 Distance Learning and Telemedicine Loans and Grants $400,146 Yes 0
21.027 Coronavirus State and Local Fiscal Recovery Funds $389,157 Yes 0
94.006 Americorps State and National 94.006 $380,970 - 0
93.859 Biomedical Research and Research Training $308,640 - 0
84.217 Trio McNair Post-Baccalaureate Achievement $259,916 - 0
11.307 Economic Adjustment Assistance $245,188 - 0
47.083 Integrative Activities $206,105 - 0
84.334 Gaining Early Awareness and Readiness for Undergraduate Programs $168,427 - 0
93.434 Every Student Succeeds Act/preschool Development Grants $150,000 - 0
84.184 School Safely National Activities $149,870 - 0
84.048 Career and Technical Education -- Basic Grants to States $148,835 Yes 0
93.391 Activities to Support State, Tribal, Local and Territorial (stlt) Health Department Response to Public Health Or Healthcare Crises $89,629 - 0
59.059 Congressional Grants $74,263 - 0
17.280 Wioa Dislocated Worker National Reserve Demonstration Grants $72,065 - 0
10.351 Rural Business Development Grant $62,500 - 0
17.289 Community Project Funding/congressionally Directed Spending $48,764 - 0
93.084 Prevention of Disease, Disability, and Death by Infectious Diseases $45,296 - 0
93.778 Medical Assistance Program $45,164 - 0
20.205 Highway Planning and Construction $42,246 - 0
10.500 Cooperative Extension Service $37,117 - 0
84.181 Special Education-Grants for Infants and Families $33,910 - 0
45.162 Promotion of the Humanities Teaching and Learning Resources and Curriculum Development $31,940 - 0
93.958 Block Grants for Community Mental Health Services $29,500 - 0
47.084 Nsf Technology, Innovation, and Partnerships $29,459 - 0
93.959 Block Grants for Prevention and Treatment of Substance Abuse $26,371 - 0
21.031 State Small Business Credit Initiative Technical Assistance Grant Program $25,609 - 0
17.720 Disability Employment Policy Development $20,266 - 0
93.855 Allergy and Infectious Diseases Research $19,403 - 0
43.001 Science $14,606 - 0
47.074 Biological Sciences $10,574 - 0
93.243 Substance Abuse and Mental Health Services Projects of Regional and National Significance $10,000 - 0
10.326 Capacity Building for Non-Land Grant Colleges of Agriculture (nlgca) $4,282 - 0

Contacts

Name Title Type
XKUDY4MDJHX5 Toby Stewart Auditee
8024987568 Zachary Laflash Auditor
No contacts on file

Notes to SEFA

Title: BASIS OF PRESENTATION Accounting Policies: Uniform Guidance De Minimis Rate Used: N Rate Explanation: The Colleges have elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards includes the federal award activity of Vermont State Colleges (the “Colleges”) under programs of the Federal Government for the year ended June 30, 2024. The information on this schedule is prepared in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the schedule presents only a selected portion of the operations of the Colleges, it is not intended to and does not present the financial position, changes in net position or cash flows of the Colleges.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Uniform Guidance De Minimis Rate Used: N Rate Explanation: The Colleges have elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Title: DE MINIMIS INDIRECT COST RATE Accounting Policies: Uniform Guidance De Minimis Rate Used: N Rate Explanation: The Colleges have elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Colleges have elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: FEDERAL STUDENT LOAN PROGRAM Accounting Policies: Uniform Guidance De Minimis Rate Used: N Rate Explanation: The Colleges have elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Perkins Loan Program The Federal Perkins Loan Program (“Perkins”) is administered directly by the Colleges and balances and transactions relating to the program are included in the Colleges’ basic financial statements. As of June 30, 2024, loan balances receivable, net under Perkins was $827,573. There was no Federal capital contribution or match by the Colleges during the current year. Direct Student Loan Program The Colleges disbursed $25,459,607 of loans under the Federal Direct Student Loans program, which include Stafford Subsidized and Unsubsidized Loans and Parent Plus Loans. It is not practical to determine the balances of the loans outstanding to students of the Colleges under the program as of June 30, 2024. The Colleges are only responsible for the performance of certain administrative duties and, accordingly, these loans are not included in the Colleges’ financial statements.

Finding Details

Criteria According to 34 CFR 668.59: (a) For the subsidized student financial assistance programs, if an applicant's FAFSA information changes as a result of verification, the applicant or the institution must submit to the Secretary any changes to – (1) A nondollar item; or (2) A single dollar item of $25 or more. (b) For the Federal Pell Grant Program, if an applicant's FAFSA information changes as a result of verification, an institution must – (1) Recalculate the applicant's Federal Pell Grant on the basis of the EFC on the corrected valid SAR or valid ISIR; and (2) (i) Disburse any additional funds under that award only if the institution receives a corrected valid SAR or valid ISIR for the applicant and only to the extent that additional funds are payable based on the recalculation; (ii) Comply with the procedures specified in §668.61 for an interim disbursement if, as a result of verification, the Federal Pell Grant award is reduced; or – (iii) Comply with the procedures specified in 34 CFR 690.79 for an overpayment that is not an interim disbursement if, as a result of verification, the Federal Pell Grant award is reduced. (c) For the subsidized student financial assistance programs, excluding the Federal Pell Grant Program, if an applicant's FAFSA information changes as a result of verification, the institution must – (1) Adjust the applicant's financial aid package on the basis of the EFC on the corrected valid SAR or valid ISIR; and (2) (i) Comply with the procedures specified in §668.61 for an interim disbursement if, as a result of verification, the financial aid package must be reduced; (ii) Comply with the procedures specified in 34 CFR 673.5(f) for a Federal Perkins loan or an FSEOG overpayment that is not the result of an interim disbursement if, as a result of verification, the financial aid package must be reduced; and (iii) Comply with the procedures specified in 34 CFR 685.303(e) for Direct Subsidized Loan excess loan proceeds that are not the result of an interim disbursement if, as a result of verification, the financial aid package must be reduced. Condition The financial aid award process includes consideration of financial and demographic data provided by the student applicant. To evaluate the reliability of this data, a participating institution is required by the Federal Government to select a sample from its student population and verify certain prescribed data. The selected students’ files should be revised to incorporate any changes in the supplied data. The College’s policy is to verify the information of those students identified by the Federal Government’s processor. During our testing, we noted 1 student, out of a sample of 40, that did not complete verification before aid was disbursed. Cause The Colleges failed to have the proper review procedures in place to ensure students flagged for verification complete verification before aid was disbursed. Effect The student’s EFC was calculated using incorrect data. Since the student’s EFC is used to calculate the financial aid award, an incorrect EFC can result in an improper award. Questioned Costs Not applicable. Identification as a Repeat Finding Not applicable. Recommendation The Colleges should continue to strengthen their controls surrounding verification. The Colleges should implement policies that require all student ISIR’s subject to verification be reviewed once the verification process is complete. The reviewer should be well-versed in the verification process and requirements. Once reviewed, all verified ISIR’s should be re-submitted to the Federal Government’s processor for recalculation of the applicant’s EFC prior to awarding aid. View of Responsible Officials The Colleges agrees with the finding.
Criteria According to 34 CFR 685.309(b)(2): Unless the Colleges expects to submit its next updated enrollment report to the Secretary within the next 60 days, a school must notify the Secretary within 30 days after the date the school discovers that – (i) A loan under title IV of the Act was made to or on behalf of a student who was enrolled or accepted for enrollment at the school, and the student has ceased to be enrolled on at least a half-time basis or failed to enroll on at least a half-time basis for the period for which the loan was intended; or (ii) A student who is enrolled at the school and who received a loan under title IV of the Act has changed his or her permanent address. The Dear Colleague Letter GEN-12-6 issued by the U.S. Department of Education (“ED”) on March 30, 2012 states that in addition to student loan borrowers, Enrollment Reporting files will include two additional groups of students: Pell Grant and Perkins Loan recipients. According to 2 CFR Part 200, Appendix XI Compliance Supplement: Under the Pell Grant and loan programs, institutions must complete and return within 15 days the Enrollment Reporting roster file placed in their Student Aid Internet Gateway mailboxes sent by ED via the National Student Loan Data System (“NSLDS”). The institution determines how often it receives the Enrollment Reporting roster file with the default set at a minimum of every 60 days. Once received, the institution must update for changes in student status, report the date the enrollment status was effective, enter the new anticipated completion date, and submit the changes electronically through the batch method or the NSLDS website. Institutions are responsible for timely reporting, whether they report directly or via a third-party servicer. Condition The Federal Government requires the Colleges to report student enrollment changes to the National Student Loan Data System (“NSLDS”) within 60 days. During our testing, we noted 1 student, out of a sample of 40, that were not reported to NSLDS. During our testing, we noted that three of the Colleges merged into one entity during year ending June 30, 2024. We observed the records and noted 18 students out of 3,789 students did not have their NSLDS status properly transferred to the new institution. Cause The Colleges did not have adequate procedures in place to ensure that status changes were properly reported to NSLDS. The College did not have procedures in place to ensure student statuses were properly transferred during the merger of three of the Colleges. Effect The Colleges did not report the student’s correct status change to NSLDS, which may impact the student’s loan grace periods and enrollment reporting statistics collected by the Department of Education. Questioned Costs Not applicable. Perspective Our sample was not, and was not intended to be, statistically valid. Of the 40 students selected for testing, 1 student, or 2.5% of our sample, were not reported to NSLDS. Of the 3,789 students merged into one institution, 18 students, or 0.5% of merged students, were not reported to NSLDS. Identification as a Repeat Finding, if applicable Not applicable. Recommendation The Colleges should provide training to employees responsible for processing information for the NSLDS and ensure that they have adequate knowledge in the related rules and regulations. This training should include an explanation of the status changes, the importance of reporting the correct status changes and the consequences of incorrect reporting. Additionally, the Colleges should implement reconciliation procedures between enrollment records and NSLDS to ensure that information is properly maintained. View of Responsible Officials The Colleges agrees with the finding.
Criteria According to 34 CFR 668.59: (a) For the subsidized student financial assistance programs, if an applicant's FAFSA information changes as a result of verification, the applicant or the institution must submit to the Secretary any changes to – (1) A nondollar item; or (2) A single dollar item of $25 or more. (b) For the Federal Pell Grant Program, if an applicant's FAFSA information changes as a result of verification, an institution must – (1) Recalculate the applicant's Federal Pell Grant on the basis of the EFC on the corrected valid SAR or valid ISIR; and (2) (i) Disburse any additional funds under that award only if the institution receives a corrected valid SAR or valid ISIR for the applicant and only to the extent that additional funds are payable based on the recalculation; (ii) Comply with the procedures specified in §668.61 for an interim disbursement if, as a result of verification, the Federal Pell Grant award is reduced; or – (iii) Comply with the procedures specified in 34 CFR 690.79 for an overpayment that is not an interim disbursement if, as a result of verification, the Federal Pell Grant award is reduced. (c) For the subsidized student financial assistance programs, excluding the Federal Pell Grant Program, if an applicant's FAFSA information changes as a result of verification, the institution must – (1) Adjust the applicant's financial aid package on the basis of the EFC on the corrected valid SAR or valid ISIR; and (2) (i) Comply with the procedures specified in §668.61 for an interim disbursement if, as a result of verification, the financial aid package must be reduced; (ii) Comply with the procedures specified in 34 CFR 673.5(f) for a Federal Perkins loan or an FSEOG overpayment that is not the result of an interim disbursement if, as a result of verification, the financial aid package must be reduced; and (iii) Comply with the procedures specified in 34 CFR 685.303(e) for Direct Subsidized Loan excess loan proceeds that are not the result of an interim disbursement if, as a result of verification, the financial aid package must be reduced. Condition The financial aid award process includes consideration of financial and demographic data provided by the student applicant. To evaluate the reliability of this data, a participating institution is required by the Federal Government to select a sample from its student population and verify certain prescribed data. The selected students’ files should be revised to incorporate any changes in the supplied data. The College’s policy is to verify the information of those students identified by the Federal Government’s processor. During our testing, we noted 1 student, out of a sample of 40, that did not complete verification before aid was disbursed. Cause The Colleges failed to have the proper review procedures in place to ensure students flagged for verification complete verification before aid was disbursed. Effect The student’s EFC was calculated using incorrect data. Since the student’s EFC is used to calculate the financial aid award, an incorrect EFC can result in an improper award. Questioned Costs Not applicable. Identification as a Repeat Finding Not applicable. Recommendation The Colleges should continue to strengthen their controls surrounding verification. The Colleges should implement policies that require all student ISIR’s subject to verification be reviewed once the verification process is complete. The reviewer should be well-versed in the verification process and requirements. Once reviewed, all verified ISIR’s should be re-submitted to the Federal Government’s processor for recalculation of the applicant’s EFC prior to awarding aid. View of Responsible Officials The Colleges agrees with the finding.
Criteria According to 34 CFR 685.309(b)(2): Unless the Colleges expects to submit its next updated enrollment report to the Secretary within the next 60 days, a school must notify the Secretary within 30 days after the date the school discovers that – (i) A loan under title IV of the Act was made to or on behalf of a student who was enrolled or accepted for enrollment at the school, and the student has ceased to be enrolled on at least a half-time basis or failed to enroll on at least a half-time basis for the period for which the loan was intended; or (ii) A student who is enrolled at the school and who received a loan under title IV of the Act has changed his or her permanent address. The Dear Colleague Letter GEN-12-6 issued by the U.S. Department of Education (“ED”) on March 30, 2012 states that in addition to student loan borrowers, Enrollment Reporting files will include two additional groups of students: Pell Grant and Perkins Loan recipients. According to 2 CFR Part 200, Appendix XI Compliance Supplement: Under the Pell Grant and loan programs, institutions must complete and return within 15 days the Enrollment Reporting roster file placed in their Student Aid Internet Gateway mailboxes sent by ED via the National Student Loan Data System (“NSLDS”). The institution determines how often it receives the Enrollment Reporting roster file with the default set at a minimum of every 60 days. Once received, the institution must update for changes in student status, report the date the enrollment status was effective, enter the new anticipated completion date, and submit the changes electronically through the batch method or the NSLDS website. Institutions are responsible for timely reporting, whether they report directly or via a third-party servicer. Condition The Federal Government requires the Colleges to report student enrollment changes to the National Student Loan Data System (“NSLDS”) within 60 days. During our testing, we noted 1 student, out of a sample of 40, that were not reported to NSLDS. During our testing, we noted that three of the Colleges merged into one entity during year ending June 30, 2024. We observed the records and noted 18 students out of 3,789 students did not have their NSLDS status properly transferred to the new institution. Cause The Colleges did not have adequate procedures in place to ensure that status changes were properly reported to NSLDS. The College did not have procedures in place to ensure student statuses were properly transferred during the merger of three of the Colleges. Effect The Colleges did not report the student’s correct status change to NSLDS, which may impact the student’s loan grace periods and enrollment reporting statistics collected by the Department of Education. Questioned Costs Not applicable. Perspective Our sample was not, and was not intended to be, statistically valid. Of the 40 students selected for testing, 1 student, or 2.5% of our sample, were not reported to NSLDS. Of the 3,789 students merged into one institution, 18 students, or 0.5% of merged students, were not reported to NSLDS. Identification as a Repeat Finding, if applicable Not applicable. Recommendation The Colleges should provide training to employees responsible for processing information for the NSLDS and ensure that they have adequate knowledge in the related rules and regulations. This training should include an explanation of the status changes, the importance of reporting the correct status changes and the consequences of incorrect reporting. Additionally, the Colleges should implement reconciliation procedures between enrollment records and NSLDS to ensure that information is properly maintained. View of Responsible Officials The Colleges agrees with the finding.
Criteria According to 34 CFR 668.59: (a) For the subsidized student financial assistance programs, if an applicant's FAFSA information changes as a result of verification, the applicant or the institution must submit to the Secretary any changes to – (1) A nondollar item; or (2) A single dollar item of $25 or more. (b) For the Federal Pell Grant Program, if an applicant's FAFSA information changes as a result of verification, an institution must – (1) Recalculate the applicant's Federal Pell Grant on the basis of the EFC on the corrected valid SAR or valid ISIR; and (2) (i) Disburse any additional funds under that award only if the institution receives a corrected valid SAR or valid ISIR for the applicant and only to the extent that additional funds are payable based on the recalculation; (ii) Comply with the procedures specified in §668.61 for an interim disbursement if, as a result of verification, the Federal Pell Grant award is reduced; or – (iii) Comply with the procedures specified in 34 CFR 690.79 for an overpayment that is not an interim disbursement if, as a result of verification, the Federal Pell Grant award is reduced. (c) For the subsidized student financial assistance programs, excluding the Federal Pell Grant Program, if an applicant's FAFSA information changes as a result of verification, the institution must – (1) Adjust the applicant's financial aid package on the basis of the EFC on the corrected valid SAR or valid ISIR; and (2) (i) Comply with the procedures specified in §668.61 for an interim disbursement if, as a result of verification, the financial aid package must be reduced; (ii) Comply with the procedures specified in 34 CFR 673.5(f) for a Federal Perkins loan or an FSEOG overpayment that is not the result of an interim disbursement if, as a result of verification, the financial aid package must be reduced; and (iii) Comply with the procedures specified in 34 CFR 685.303(e) for Direct Subsidized Loan excess loan proceeds that are not the result of an interim disbursement if, as a result of verification, the financial aid package must be reduced. Condition The financial aid award process includes consideration of financial and demographic data provided by the student applicant. To evaluate the reliability of this data, a participating institution is required by the Federal Government to select a sample from its student population and verify certain prescribed data. The selected students’ files should be revised to incorporate any changes in the supplied data. The College’s policy is to verify the information of those students identified by the Federal Government’s processor. During our testing, we noted 1 student, out of a sample of 40, that did not complete verification before aid was disbursed. Cause The Colleges failed to have the proper review procedures in place to ensure students flagged for verification complete verification before aid was disbursed. Effect The student’s EFC was calculated using incorrect data. Since the student’s EFC is used to calculate the financial aid award, an incorrect EFC can result in an improper award. Questioned Costs Not applicable. Identification as a Repeat Finding Not applicable. Recommendation The Colleges should continue to strengthen their controls surrounding verification. The Colleges should implement policies that require all student ISIR’s subject to verification be reviewed once the verification process is complete. The reviewer should be well-versed in the verification process and requirements. Once reviewed, all verified ISIR’s should be re-submitted to the Federal Government’s processor for recalculation of the applicant’s EFC prior to awarding aid. View of Responsible Officials The Colleges agrees with the finding.
Criteria According to 34 CFR 685.309(b)(2): Unless the Colleges expects to submit its next updated enrollment report to the Secretary within the next 60 days, a school must notify the Secretary within 30 days after the date the school discovers that – (i) A loan under title IV of the Act was made to or on behalf of a student who was enrolled or accepted for enrollment at the school, and the student has ceased to be enrolled on at least a half-time basis or failed to enroll on at least a half-time basis for the period for which the loan was intended; or (ii) A student who is enrolled at the school and who received a loan under title IV of the Act has changed his or her permanent address. The Dear Colleague Letter GEN-12-6 issued by the U.S. Department of Education (“ED”) on March 30, 2012 states that in addition to student loan borrowers, Enrollment Reporting files will include two additional groups of students: Pell Grant and Perkins Loan recipients. According to 2 CFR Part 200, Appendix XI Compliance Supplement: Under the Pell Grant and loan programs, institutions must complete and return within 15 days the Enrollment Reporting roster file placed in their Student Aid Internet Gateway mailboxes sent by ED via the National Student Loan Data System (“NSLDS”). The institution determines how often it receives the Enrollment Reporting roster file with the default set at a minimum of every 60 days. Once received, the institution must update for changes in student status, report the date the enrollment status was effective, enter the new anticipated completion date, and submit the changes electronically through the batch method or the NSLDS website. Institutions are responsible for timely reporting, whether they report directly or via a third-party servicer. Condition The Federal Government requires the Colleges to report student enrollment changes to the National Student Loan Data System (“NSLDS”) within 60 days. During our testing, we noted 1 student, out of a sample of 40, that were not reported to NSLDS. During our testing, we noted that three of the Colleges merged into one entity during year ending June 30, 2024. We observed the records and noted 18 students out of 3,789 students did not have their NSLDS status properly transferred to the new institution. Cause The Colleges did not have adequate procedures in place to ensure that status changes were properly reported to NSLDS. The College did not have procedures in place to ensure student statuses were properly transferred during the merger of three of the Colleges. Effect The Colleges did not report the student’s correct status change to NSLDS, which may impact the student’s loan grace periods and enrollment reporting statistics collected by the Department of Education. Questioned Costs Not applicable. Perspective Our sample was not, and was not intended to be, statistically valid. Of the 40 students selected for testing, 1 student, or 2.5% of our sample, were not reported to NSLDS. Of the 3,789 students merged into one institution, 18 students, or 0.5% of merged students, were not reported to NSLDS. Identification as a Repeat Finding, if applicable Not applicable. Recommendation The Colleges should provide training to employees responsible for processing information for the NSLDS and ensure that they have adequate knowledge in the related rules and regulations. This training should include an explanation of the status changes, the importance of reporting the correct status changes and the consequences of incorrect reporting. Additionally, the Colleges should implement reconciliation procedures between enrollment records and NSLDS to ensure that information is properly maintained. View of Responsible Officials The Colleges agrees with the finding.
Criteria According to 34 CFR 668.59: (a) For the subsidized student financial assistance programs, if an applicant's FAFSA information changes as a result of verification, the applicant or the institution must submit to the Secretary any changes to – (1) A nondollar item; or (2) A single dollar item of $25 or more. (b) For the Federal Pell Grant Program, if an applicant's FAFSA information changes as a result of verification, an institution must – (1) Recalculate the applicant's Federal Pell Grant on the basis of the EFC on the corrected valid SAR or valid ISIR; and (2) (i) Disburse any additional funds under that award only if the institution receives a corrected valid SAR or valid ISIR for the applicant and only to the extent that additional funds are payable based on the recalculation; (ii) Comply with the procedures specified in §668.61 for an interim disbursement if, as a result of verification, the Federal Pell Grant award is reduced; or – (iii) Comply with the procedures specified in 34 CFR 690.79 for an overpayment that is not an interim disbursement if, as a result of verification, the Federal Pell Grant award is reduced. (c) For the subsidized student financial assistance programs, excluding the Federal Pell Grant Program, if an applicant's FAFSA information changes as a result of verification, the institution must – (1) Adjust the applicant's financial aid package on the basis of the EFC on the corrected valid SAR or valid ISIR; and (2) (i) Comply with the procedures specified in §668.61 for an interim disbursement if, as a result of verification, the financial aid package must be reduced; (ii) Comply with the procedures specified in 34 CFR 673.5(f) for a Federal Perkins loan or an FSEOG overpayment that is not the result of an interim disbursement if, as a result of verification, the financial aid package must be reduced; and (iii) Comply with the procedures specified in 34 CFR 685.303(e) for Direct Subsidized Loan excess loan proceeds that are not the result of an interim disbursement if, as a result of verification, the financial aid package must be reduced. Condition The financial aid award process includes consideration of financial and demographic data provided by the student applicant. To evaluate the reliability of this data, a participating institution is required by the Federal Government to select a sample from its student population and verify certain prescribed data. The selected students’ files should be revised to incorporate any changes in the supplied data. The College’s policy is to verify the information of those students identified by the Federal Government’s processor. During our testing, we noted 1 student, out of a sample of 40, that did not complete verification before aid was disbursed. Cause The Colleges failed to have the proper review procedures in place to ensure students flagged for verification complete verification before aid was disbursed. Effect The student’s EFC was calculated using incorrect data. Since the student’s EFC is used to calculate the financial aid award, an incorrect EFC can result in an improper award. Questioned Costs Not applicable. Identification as a Repeat Finding Not applicable. Recommendation The Colleges should continue to strengthen their controls surrounding verification. The Colleges should implement policies that require all student ISIR’s subject to verification be reviewed once the verification process is complete. The reviewer should be well-versed in the verification process and requirements. Once reviewed, all verified ISIR’s should be re-submitted to the Federal Government’s processor for recalculation of the applicant’s EFC prior to awarding aid. View of Responsible Officials The Colleges agrees with the finding.
Criteria According to 34 CFR 685.309(b)(2): Unless the Colleges expects to submit its next updated enrollment report to the Secretary within the next 60 days, a school must notify the Secretary within 30 days after the date the school discovers that – (i) A loan under title IV of the Act was made to or on behalf of a student who was enrolled or accepted for enrollment at the school, and the student has ceased to be enrolled on at least a half-time basis or failed to enroll on at least a half-time basis for the period for which the loan was intended; or (ii) A student who is enrolled at the school and who received a loan under title IV of the Act has changed his or her permanent address. The Dear Colleague Letter GEN-12-6 issued by the U.S. Department of Education (“ED”) on March 30, 2012 states that in addition to student loan borrowers, Enrollment Reporting files will include two additional groups of students: Pell Grant and Perkins Loan recipients. According to 2 CFR Part 200, Appendix XI Compliance Supplement: Under the Pell Grant and loan programs, institutions must complete and return within 15 days the Enrollment Reporting roster file placed in their Student Aid Internet Gateway mailboxes sent by ED via the National Student Loan Data System (“NSLDS”). The institution determines how often it receives the Enrollment Reporting roster file with the default set at a minimum of every 60 days. Once received, the institution must update for changes in student status, report the date the enrollment status was effective, enter the new anticipated completion date, and submit the changes electronically through the batch method or the NSLDS website. Institutions are responsible for timely reporting, whether they report directly or via a third-party servicer. Condition The Federal Government requires the Colleges to report student enrollment changes to the National Student Loan Data System (“NSLDS”) within 60 days. During our testing, we noted 1 student, out of a sample of 40, that were not reported to NSLDS. During our testing, we noted that three of the Colleges merged into one entity during year ending June 30, 2024. We observed the records and noted 18 students out of 3,789 students did not have their NSLDS status properly transferred to the new institution. Cause The Colleges did not have adequate procedures in place to ensure that status changes were properly reported to NSLDS. The College did not have procedures in place to ensure student statuses were properly transferred during the merger of three of the Colleges. Effect The Colleges did not report the student’s correct status change to NSLDS, which may impact the student’s loan grace periods and enrollment reporting statistics collected by the Department of Education. Questioned Costs Not applicable. Perspective Our sample was not, and was not intended to be, statistically valid. Of the 40 students selected for testing, 1 student, or 2.5% of our sample, were not reported to NSLDS. Of the 3,789 students merged into one institution, 18 students, or 0.5% of merged students, were not reported to NSLDS. Identification as a Repeat Finding, if applicable Not applicable. Recommendation The Colleges should provide training to employees responsible for processing information for the NSLDS and ensure that they have adequate knowledge in the related rules and regulations. This training should include an explanation of the status changes, the importance of reporting the correct status changes and the consequences of incorrect reporting. Additionally, the Colleges should implement reconciliation procedures between enrollment records and NSLDS to ensure that information is properly maintained. View of Responsible Officials The Colleges agrees with the finding.