Audit 331806

Finding 2024-001: Significant Deficiency – Lack of Documented Controls - Refunds of Title IV Funds Federal Program - Federal Direct Student Loans Federal Agency - U.S. Department of Education Pass-Through Entity - Not Applicable Assistance Listing Number - 84.268 Federal Award Number - P268K241776 Federal Award Year - June 30, 2024   Criteria: The Uniform Guidance requires recipients of federal awards to administer its federal programs with an adequate system of internal controls over applicable compliance requirements. Condition/Context: During the year, there was no documented internal controls in place over the Title IV refund calculations. Despite the lack of documented controls over the R2T4 calculations, in a sample of 5 students that withdrew from the University, there were no compliance exceptions noted. The sample was not a statistically valid sample. Questioned Costs: Not applicable Cause: The University’s financial aid department has a limited number of individuals, and they experienced turnover during the year. Effect: Not applicable Questioned Costs: Not applicable Recommendation: The University should document controls in place to ensure R2T4 calculations are complete and accurate. This should include a review of the calculations by someone other than the preparer prior to the refund being issued. Management Response: Management will implement a system of controls for all Title IV refund calculations.

Finding 2024-001: Significant Deficiency – Lack of Documented Controls - Refunds of Title IV Funds Federal Program - Federal Direct Student Loans Federal Agency - U.S. Department of Education Pass-Through Entity - Not Applicable Assistance Listing Number - 84.268 Federal Award Number - P268K241776 Federal Award Year - June 30, 2024   Criteria: The Uniform Guidance requires recipients of federal awards to administer its federal programs with an adequate system of internal controls over applicable compliance requirements. Condition/Context: During the year, there was no documented internal controls in place over the Title IV refund calculations. Despite the lack of documented controls over the R2T4 calculations, in a sample of 5 students that withdrew from the University, there were no compliance exceptions noted. The sample was not a statistically valid sample. Questioned Costs: Not applicable Cause: The University’s financial aid department has a limited number of individuals, and they experienced turnover during the year. Effect: Not applicable Questioned Costs: Not applicable Recommendation: The University should document controls in place to ensure R2T4 calculations are complete and accurate. This should include a review of the calculations by someone other than the preparer prior to the refund being issued. Management Response: Management will implement a system of controls for all Title IV refund calculations.