Audit 334398

FY End
2024-06-30
Total Expended
$78.84M
Findings
14
Programs
25
Organization: Yeshiva University (NY)
Year: 2024 Accepted: 2024-12-20

Organization Exclusion Status:

Checking exclusion status...

Findings

ID Ref Severity Repeat Requirement
516497 2024-001 - - N
516498 2024-001 - - N
516499 2024-002 - - N
516500 2024-001 - - N
516501 2024-002 - - N
516502 2024-001 - - N
516503 2024-002 - - N
1092939 2024-001 - - N
1092940 2024-001 - - N
1092941 2024-002 - - N
1092942 2024-001 - - N
1092943 2024-002 - - N
1092944 2024-001 - - N
1092945 2024-002 - - N

Contacts

Name Title Type
CSSJGCRUZ9F3 Joseph Dandic Auditee
6465924003 Carol Ruiz Auditor
No contacts on file

Notes to SEFA

Title: Basis of Presentation and Summary of Significant Accounting Policies Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of Yeshiva University and its subsidiaries (the “University” or “Yeshiva”) under programs of the federal government for the year ended June 30, 2024. The information presented in the Schedule is presented on the accrual basis of accounting, which is in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only the federal award activity of the University, it is not intended to and does not present the financial position, changes in net assets and cash flows of the University. Negative amounts represent adjustments to amounts reported in prior years in the normal course of business. The Uniform Guidance provides for a 10% de minimus indirect cost rate election; however, the University did not make this election and uses a negotiated indirect cost rate when charging indirect costs to federal awards. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and agencies and departments of the federal government and all sub-awards to the University by non-federal organizations pursuant to federal grants, contracts and similar agreements. All Assistance Listing Numbers and passthrough awards’ numbers are presented where available and applicable. De Minimis Rate Used: N Rate Explanation: The University did not make this election and uses a negotiated indirect cost rate when charging indirect costs to federal awards. The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of Yeshiva University and its subsidiaries (the “University” or “Yeshiva”) under programs of the federal government for the year ended June 30, 2024. The information presented in the Schedule is presented on the accrual basis of accounting, which is in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only the federal award activity of the University, it is not intended to and does not present the financial position, changes in net assets and cash flows of the University. Negative amounts represent adjustments to amounts reported in prior years in the normal course of business. The Uniform Guidance provides for a 10% de minimus indirect cost rate election; however, the University did not make this election and uses a negotiated indirect cost rate when charging indirect costs to federal awards. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and agencies and departments of the federal government and all sub-awards to the University by non-federal organizations pursuant to federal grants, contracts and similar agreements. All Assistance Listing Numbers and passthrough awards’ numbers are presented where available and applicable.
Title: Federal Student Financial Assistance Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of Yeshiva University and its subsidiaries (the “University” or “Yeshiva”) under programs of the federal government for the year ended June 30, 2024. The information presented in the Schedule is presented on the accrual basis of accounting, which is in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only the federal award activity of the University, it is not intended to and does not present the financial position, changes in net assets and cash flows of the University. Negative amounts represent adjustments to amounts reported in prior years in the normal course of business. The Uniform Guidance provides for a 10% de minimus indirect cost rate election; however, the University did not make this election and uses a negotiated indirect cost rate when charging indirect costs to federal awards. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and agencies and departments of the federal government and all sub-awards to the University by non-federal organizations pursuant to federal grants, contracts and similar agreements. All Assistance Listing Numbers and passthrough awards’ numbers are presented where available and applicable. De Minimis Rate Used: N Rate Explanation: The University did not make this election and uses a negotiated indirect cost rate when charging indirect costs to federal awards. Campus Based Loan Program The Federal Perkins Loan Program is administered directly by the University and balances and transactions relating to this program are included in the University’s consolidated financial statements. At June 30, 2024, the amount of the Federal Perkins Loan Program (Assistance Listing Number 84.038) outstanding is $1,240,423. The University did not issue new loans under Federal Perkins Loan during fiscal year 2024. Loans outstanding at the beginning of the fiscal year 2024 are included in the federal expenditures presented in the Schedule. With respect to the Federal Direct Lending Program, the University is only responsible for the performance of certain administrative functions; therefore, the transactions and the balances of loans outstanding related to this program are not included in the University’s consolidated financial statements. The Schedule includes the amounts loaned to students under this program during the year ended June 30, 2024. It is not practical to estimate the outstanding balance of loans under this program.

Finding Details

2024-001 - Untimely submissions of Accurate Student Enrollment Change to the National Student Loan Data System (NSLDS) Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Pell Grant Program and Federal Direct Loan Program Award Year: 7/1/2023 - 6/30/2024 Award Number: Not applicable Assistance Listing Numbers: 84.063 and 84.268 Criteria: In accordance with 34 CFR 690.83(b)(2) and 685.309, institutions are required to report enrollment information under the Federal Pell Grant and Federal Direct Loan programs through NSLDS. The enrollment information, inclusive of Campus Level and Program Level data, must be reviewed, updated and validated by the institution in a timely manner. Furthermore, specific to the Federal Direct Loan program, for a student that received a Direct Loan and was enrolled or accepted for enrollment at the institution, and the student had 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, the institution must report the change within 60 days from which the change was identified. Condition: We reviewed a sample of twenty-five students enrolled at the University who received either Pell and/or Direct Loans and had a change of enrollment status during the fiscal year. Of the twenty-five students tested, we identified four students whose campus level statuses were certified after the required 60-day timeframe. Questioned Costs: None Cause: The University experienced a student information system update which resulted in errors in the enrollment reporting file. When the errors were identified, the University manually submitted Off-cycle “Degree Verify” files to mitigate the impact and allow for the earliest possible date of submission. This strategy was not effective in all cases, which resulted in a delay in NSC processing the enrollment reporting files. Effect: A student’s enrollment status determines eligibility for in-school status, deferment, and grace periods, as well as for the payment of interest subsidies all of which are impacted by inaccurate and late reporting. Recommendation: We recommend the University review its policies, procedures, and controls for accurate and timely enrollment reporting. We also recommend that the University review the records of all students whose enrollment status could have been affected by the system update to ensure that their status is properly reported.
2024-001 - Untimely submissions of Accurate Student Enrollment Change to the National Student Loan Data System (NSLDS) Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Pell Grant Program and Federal Direct Loan Program Award Year: 7/1/2023 - 6/30/2024 Award Number: Not applicable Assistance Listing Numbers: 84.063 and 84.268 Criteria: In accordance with 34 CFR 690.83(b)(2) and 685.309, institutions are required to report enrollment information under the Federal Pell Grant and Federal Direct Loan programs through NSLDS. The enrollment information, inclusive of Campus Level and Program Level data, must be reviewed, updated and validated by the institution in a timely manner. Furthermore, specific to the Federal Direct Loan program, for a student that received a Direct Loan and was enrolled or accepted for enrollment at the institution, and the student had 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, the institution must report the change within 60 days from which the change was identified. Condition: We reviewed a sample of twenty-five students enrolled at the University who received either Pell and/or Direct Loans and had a change of enrollment status during the fiscal year. Of the twenty-five students tested, we identified four students whose campus level statuses were certified after the required 60-day timeframe. Questioned Costs: None Cause: The University experienced a student information system update which resulted in errors in the enrollment reporting file. When the errors were identified, the University manually submitted Off-cycle “Degree Verify” files to mitigate the impact and allow for the earliest possible date of submission. This strategy was not effective in all cases, which resulted in a delay in NSC processing the enrollment reporting files. Effect: A student’s enrollment status determines eligibility for in-school status, deferment, and grace periods, as well as for the payment of interest subsidies all of which are impacted by inaccurate and late reporting. Recommendation: We recommend the University review its policies, procedures, and controls for accurate and timely enrollment reporting. We also recommend that the University review the records of all students whose enrollment status could have been affected by the system update to ensure that their status is properly reported.
Finding 2024-002 – Student Financial Assistance Return of Title IV Funds Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Direct Loan Program Award Year: 7/1/2023 - 6/30/2024 Award Number: Not applicable Assistance Listing Number: 84.268 Criteria: The University is subject to compliance requirements pertaining to the timely return of Title IV funds under Federal Student Aid (“FSA”) programs within the Student Financial Assistance cluster. Under 34 CFR 688.22 (j) (1), an institution must return the amount of title IV funds for which it is responsible as soon as possible but no later than 45 days after the date of the institution's determination that the student withdrew. Condition: Through our testing of a sample of 6 students, we noted that for one student, direct unsubsidized and graduate plus direct loan funds were not returned for 67 days. Questioned Costs: None Cause: The registrar originally processed the student's leave of absence using an incorrect last date of attendance which then caused a delay in performing a Return of Title IV calculation and a delay in return of funds. Effect: The funds to be returned belong to the federal government and thus should be returned to prevent a direct loan cash draw balance that is greater than the amount of disbursements made to students. Recommendation: We recommend that the Registrar, on a regular basis, provide the daily Leave of Absence and Withdrawal report to the Student Finance office. This report should include the list of students with enrollment changes that includes student name, Student ID Number, date of change, and type of change. We further recommend the total return of Title IV calculations are reviewed by the Director of Student Finance or the Director of Student Aid Operations to ensure that the details provided on the registrar’s report are accurately reflected in the return of Title IV funds application.
2024-001 - Untimely submissions of Accurate Student Enrollment Change to the National Student Loan Data System (NSLDS) Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Pell Grant Program and Federal Direct Loan Program Award Year: 7/1/2023 - 6/30/2024 Award Number: Not applicable Assistance Listing Numbers: 84.063 and 84.268 Criteria: In accordance with 34 CFR 690.83(b)(2) and 685.309, institutions are required to report enrollment information under the Federal Pell Grant and Federal Direct Loan programs through NSLDS. The enrollment information, inclusive of Campus Level and Program Level data, must be reviewed, updated and validated by the institution in a timely manner. Furthermore, specific to the Federal Direct Loan program, for a student that received a Direct Loan and was enrolled or accepted for enrollment at the institution, and the student had 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, the institution must report the change within 60 days from which the change was identified. Condition: We reviewed a sample of twenty-five students enrolled at the University who received either Pell and/or Direct Loans and had a change of enrollment status during the fiscal year. Of the twenty-five students tested, we identified four students whose campus level statuses were certified after the required 60-day timeframe. Questioned Costs: None Cause: The University experienced a student information system update which resulted in errors in the enrollment reporting file. When the errors were identified, the University manually submitted Off-cycle “Degree Verify” files to mitigate the impact and allow for the earliest possible date of submission. This strategy was not effective in all cases, which resulted in a delay in NSC processing the enrollment reporting files. Effect: A student’s enrollment status determines eligibility for in-school status, deferment, and grace periods, as well as for the payment of interest subsidies all of which are impacted by inaccurate and late reporting. Recommendation: We recommend the University review its policies, procedures, and controls for accurate and timely enrollment reporting. We also recommend that the University review the records of all students whose enrollment status could have been affected by the system update to ensure that their status is properly reported.
Finding 2024-002 – Student Financial Assistance Return of Title IV Funds Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Direct Loan Program Award Year: 7/1/2023 - 6/30/2024 Award Number: Not applicable Assistance Listing Number: 84.268 Criteria: The University is subject to compliance requirements pertaining to the timely return of Title IV funds under Federal Student Aid (“FSA”) programs within the Student Financial Assistance cluster. Under 34 CFR 688.22 (j) (1), an institution must return the amount of title IV funds for which it is responsible as soon as possible but no later than 45 days after the date of the institution's determination that the student withdrew. Condition: Through our testing of a sample of 6 students, we noted that for one student, direct unsubsidized and graduate plus direct loan funds were not returned for 67 days. Questioned Costs: None Cause: The registrar originally processed the student's leave of absence using an incorrect last date of attendance which then caused a delay in performing a Return of Title IV calculation and a delay in return of funds. Effect: The funds to be returned belong to the federal government and thus should be returned to prevent a direct loan cash draw balance that is greater than the amount of disbursements made to students. Recommendation: We recommend that the Registrar, on a regular basis, provide the daily Leave of Absence and Withdrawal report to the Student Finance office. This report should include the list of students with enrollment changes that includes student name, Student ID Number, date of change, and type of change. We further recommend the total return of Title IV calculations are reviewed by the Director of Student Finance or the Director of Student Aid Operations to ensure that the details provided on the registrar’s report are accurately reflected in the return of Title IV funds application.
2024-001 - Untimely submissions of Accurate Student Enrollment Change to the National Student Loan Data System (NSLDS) Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Pell Grant Program and Federal Direct Loan Program Award Year: 7/1/2023 - 6/30/2024 Award Number: Not applicable Assistance Listing Numbers: 84.063 and 84.268 Criteria: In accordance with 34 CFR 690.83(b)(2) and 685.309, institutions are required to report enrollment information under the Federal Pell Grant and Federal Direct Loan programs through NSLDS. The enrollment information, inclusive of Campus Level and Program Level data, must be reviewed, updated and validated by the institution in a timely manner. Furthermore, specific to the Federal Direct Loan program, for a student that received a Direct Loan and was enrolled or accepted for enrollment at the institution, and the student had 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, the institution must report the change within 60 days from which the change was identified. Condition: We reviewed a sample of twenty-five students enrolled at the University who received either Pell and/or Direct Loans and had a change of enrollment status during the fiscal year. Of the twenty-five students tested, we identified four students whose campus level statuses were certified after the required 60-day timeframe. Questioned Costs: None Cause: The University experienced a student information system update which resulted in errors in the enrollment reporting file. When the errors were identified, the University manually submitted Off-cycle “Degree Verify” files to mitigate the impact and allow for the earliest possible date of submission. This strategy was not effective in all cases, which resulted in a delay in NSC processing the enrollment reporting files. Effect: A student’s enrollment status determines eligibility for in-school status, deferment, and grace periods, as well as for the payment of interest subsidies all of which are impacted by inaccurate and late reporting. Recommendation: We recommend the University review its policies, procedures, and controls for accurate and timely enrollment reporting. We also recommend that the University review the records of all students whose enrollment status could have been affected by the system update to ensure that their status is properly reported.
Finding 2024-002 – Student Financial Assistance Return of Title IV Funds Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Direct Loan Program Award Year: 7/1/2023 - 6/30/2024 Award Number: Not applicable Assistance Listing Number: 84.268 Criteria: The University is subject to compliance requirements pertaining to the timely return of Title IV funds under Federal Student Aid (“FSA”) programs within the Student Financial Assistance cluster. Under 34 CFR 688.22 (j) (1), an institution must return the amount of title IV funds for which it is responsible as soon as possible but no later than 45 days after the date of the institution's determination that the student withdrew. Condition: Through our testing of a sample of 6 students, we noted that for one student, direct unsubsidized and graduate plus direct loan funds were not returned for 67 days. Questioned Costs: None Cause: The registrar originally processed the student's leave of absence using an incorrect last date of attendance which then caused a delay in performing a Return of Title IV calculation and a delay in return of funds. Effect: The funds to be returned belong to the federal government and thus should be returned to prevent a direct loan cash draw balance that is greater than the amount of disbursements made to students. Recommendation: We recommend that the Registrar, on a regular basis, provide the daily Leave of Absence and Withdrawal report to the Student Finance office. This report should include the list of students with enrollment changes that includes student name, Student ID Number, date of change, and type of change. We further recommend the total return of Title IV calculations are reviewed by the Director of Student Finance or the Director of Student Aid Operations to ensure that the details provided on the registrar’s report are accurately reflected in the return of Title IV funds application.
2024-001 - Untimely submissions of Accurate Student Enrollment Change to the National Student Loan Data System (NSLDS) Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Pell Grant Program and Federal Direct Loan Program Award Year: 7/1/2023 - 6/30/2024 Award Number: Not applicable Assistance Listing Numbers: 84.063 and 84.268 Criteria: In accordance with 34 CFR 690.83(b)(2) and 685.309, institutions are required to report enrollment information under the Federal Pell Grant and Federal Direct Loan programs through NSLDS. The enrollment information, inclusive of Campus Level and Program Level data, must be reviewed, updated and validated by the institution in a timely manner. Furthermore, specific to the Federal Direct Loan program, for a student that received a Direct Loan and was enrolled or accepted for enrollment at the institution, and the student had 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, the institution must report the change within 60 days from which the change was identified. Condition: We reviewed a sample of twenty-five students enrolled at the University who received either Pell and/or Direct Loans and had a change of enrollment status during the fiscal year. Of the twenty-five students tested, we identified four students whose campus level statuses were certified after the required 60-day timeframe. Questioned Costs: None Cause: The University experienced a student information system update which resulted in errors in the enrollment reporting file. When the errors were identified, the University manually submitted Off-cycle “Degree Verify” files to mitigate the impact and allow for the earliest possible date of submission. This strategy was not effective in all cases, which resulted in a delay in NSC processing the enrollment reporting files. Effect: A student’s enrollment status determines eligibility for in-school status, deferment, and grace periods, as well as for the payment of interest subsidies all of which are impacted by inaccurate and late reporting. Recommendation: We recommend the University review its policies, procedures, and controls for accurate and timely enrollment reporting. We also recommend that the University review the records of all students whose enrollment status could have been affected by the system update to ensure that their status is properly reported.
2024-001 - Untimely submissions of Accurate Student Enrollment Change to the National Student Loan Data System (NSLDS) Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Pell Grant Program and Federal Direct Loan Program Award Year: 7/1/2023 - 6/30/2024 Award Number: Not applicable Assistance Listing Numbers: 84.063 and 84.268 Criteria: In accordance with 34 CFR 690.83(b)(2) and 685.309, institutions are required to report enrollment information under the Federal Pell Grant and Federal Direct Loan programs through NSLDS. The enrollment information, inclusive of Campus Level and Program Level data, must be reviewed, updated and validated by the institution in a timely manner. Furthermore, specific to the Federal Direct Loan program, for a student that received a Direct Loan and was enrolled or accepted for enrollment at the institution, and the student had 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, the institution must report the change within 60 days from which the change was identified. Condition: We reviewed a sample of twenty-five students enrolled at the University who received either Pell and/or Direct Loans and had a change of enrollment status during the fiscal year. Of the twenty-five students tested, we identified four students whose campus level statuses were certified after the required 60-day timeframe. Questioned Costs: None Cause: The University experienced a student information system update which resulted in errors in the enrollment reporting file. When the errors were identified, the University manually submitted Off-cycle “Degree Verify” files to mitigate the impact and allow for the earliest possible date of submission. This strategy was not effective in all cases, which resulted in a delay in NSC processing the enrollment reporting files. Effect: A student’s enrollment status determines eligibility for in-school status, deferment, and grace periods, as well as for the payment of interest subsidies all of which are impacted by inaccurate and late reporting. Recommendation: We recommend the University review its policies, procedures, and controls for accurate and timely enrollment reporting. We also recommend that the University review the records of all students whose enrollment status could have been affected by the system update to ensure that their status is properly reported.
Finding 2024-002 – Student Financial Assistance Return of Title IV Funds Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Direct Loan Program Award Year: 7/1/2023 - 6/30/2024 Award Number: Not applicable Assistance Listing Number: 84.268 Criteria: The University is subject to compliance requirements pertaining to the timely return of Title IV funds under Federal Student Aid (“FSA”) programs within the Student Financial Assistance cluster. Under 34 CFR 688.22 (j) (1), an institution must return the amount of title IV funds for which it is responsible as soon as possible but no later than 45 days after the date of the institution's determination that the student withdrew. Condition: Through our testing of a sample of 6 students, we noted that for one student, direct unsubsidized and graduate plus direct loan funds were not returned for 67 days. Questioned Costs: None Cause: The registrar originally processed the student's leave of absence using an incorrect last date of attendance which then caused a delay in performing a Return of Title IV calculation and a delay in return of funds. Effect: The funds to be returned belong to the federal government and thus should be returned to prevent a direct loan cash draw balance that is greater than the amount of disbursements made to students. Recommendation: We recommend that the Registrar, on a regular basis, provide the daily Leave of Absence and Withdrawal report to the Student Finance office. This report should include the list of students with enrollment changes that includes student name, Student ID Number, date of change, and type of change. We further recommend the total return of Title IV calculations are reviewed by the Director of Student Finance or the Director of Student Aid Operations to ensure that the details provided on the registrar’s report are accurately reflected in the return of Title IV funds application.
2024-001 - Untimely submissions of Accurate Student Enrollment Change to the National Student Loan Data System (NSLDS) Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Pell Grant Program and Federal Direct Loan Program Award Year: 7/1/2023 - 6/30/2024 Award Number: Not applicable Assistance Listing Numbers: 84.063 and 84.268 Criteria: In accordance with 34 CFR 690.83(b)(2) and 685.309, institutions are required to report enrollment information under the Federal Pell Grant and Federal Direct Loan programs through NSLDS. The enrollment information, inclusive of Campus Level and Program Level data, must be reviewed, updated and validated by the institution in a timely manner. Furthermore, specific to the Federal Direct Loan program, for a student that received a Direct Loan and was enrolled or accepted for enrollment at the institution, and the student had 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, the institution must report the change within 60 days from which the change was identified. Condition: We reviewed a sample of twenty-five students enrolled at the University who received either Pell and/or Direct Loans and had a change of enrollment status during the fiscal year. Of the twenty-five students tested, we identified four students whose campus level statuses were certified after the required 60-day timeframe. Questioned Costs: None Cause: The University experienced a student information system update which resulted in errors in the enrollment reporting file. When the errors were identified, the University manually submitted Off-cycle “Degree Verify” files to mitigate the impact and allow for the earliest possible date of submission. This strategy was not effective in all cases, which resulted in a delay in NSC processing the enrollment reporting files. Effect: A student’s enrollment status determines eligibility for in-school status, deferment, and grace periods, as well as for the payment of interest subsidies all of which are impacted by inaccurate and late reporting. Recommendation: We recommend the University review its policies, procedures, and controls for accurate and timely enrollment reporting. We also recommend that the University review the records of all students whose enrollment status could have been affected by the system update to ensure that their status is properly reported.
Finding 2024-002 – Student Financial Assistance Return of Title IV Funds Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Direct Loan Program Award Year: 7/1/2023 - 6/30/2024 Award Number: Not applicable Assistance Listing Number: 84.268 Criteria: The University is subject to compliance requirements pertaining to the timely return of Title IV funds under Federal Student Aid (“FSA”) programs within the Student Financial Assistance cluster. Under 34 CFR 688.22 (j) (1), an institution must return the amount of title IV funds for which it is responsible as soon as possible but no later than 45 days after the date of the institution's determination that the student withdrew. Condition: Through our testing of a sample of 6 students, we noted that for one student, direct unsubsidized and graduate plus direct loan funds were not returned for 67 days. Questioned Costs: None Cause: The registrar originally processed the student's leave of absence using an incorrect last date of attendance which then caused a delay in performing a Return of Title IV calculation and a delay in return of funds. Effect: The funds to be returned belong to the federal government and thus should be returned to prevent a direct loan cash draw balance that is greater than the amount of disbursements made to students. Recommendation: We recommend that the Registrar, on a regular basis, provide the daily Leave of Absence and Withdrawal report to the Student Finance office. This report should include the list of students with enrollment changes that includes student name, Student ID Number, date of change, and type of change. We further recommend the total return of Title IV calculations are reviewed by the Director of Student Finance or the Director of Student Aid Operations to ensure that the details provided on the registrar’s report are accurately reflected in the return of Title IV funds application.
2024-001 - Untimely submissions of Accurate Student Enrollment Change to the National Student Loan Data System (NSLDS) Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Pell Grant Program and Federal Direct Loan Program Award Year: 7/1/2023 - 6/30/2024 Award Number: Not applicable Assistance Listing Numbers: 84.063 and 84.268 Criteria: In accordance with 34 CFR 690.83(b)(2) and 685.309, institutions are required to report enrollment information under the Federal Pell Grant and Federal Direct Loan programs through NSLDS. The enrollment information, inclusive of Campus Level and Program Level data, must be reviewed, updated and validated by the institution in a timely manner. Furthermore, specific to the Federal Direct Loan program, for a student that received a Direct Loan and was enrolled or accepted for enrollment at the institution, and the student had 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, the institution must report the change within 60 days from which the change was identified. Condition: We reviewed a sample of twenty-five students enrolled at the University who received either Pell and/or Direct Loans and had a change of enrollment status during the fiscal year. Of the twenty-five students tested, we identified four students whose campus level statuses were certified after the required 60-day timeframe. Questioned Costs: None Cause: The University experienced a student information system update which resulted in errors in the enrollment reporting file. When the errors were identified, the University manually submitted Off-cycle “Degree Verify” files to mitigate the impact and allow for the earliest possible date of submission. This strategy was not effective in all cases, which resulted in a delay in NSC processing the enrollment reporting files. Effect: A student’s enrollment status determines eligibility for in-school status, deferment, and grace periods, as well as for the payment of interest subsidies all of which are impacted by inaccurate and late reporting. Recommendation: We recommend the University review its policies, procedures, and controls for accurate and timely enrollment reporting. We also recommend that the University review the records of all students whose enrollment status could have been affected by the system update to ensure that their status is properly reported.
Finding 2024-002 – Student Financial Assistance Return of Title IV Funds Grantor: U.S. Department of Education Program Name: Student Financial Assistance Cluster Award Names: Federal Direct Loan Program Award Year: 7/1/2023 - 6/30/2024 Award Number: Not applicable Assistance Listing Number: 84.268 Criteria: The University is subject to compliance requirements pertaining to the timely return of Title IV funds under Federal Student Aid (“FSA”) programs within the Student Financial Assistance cluster. Under 34 CFR 688.22 (j) (1), an institution must return the amount of title IV funds for which it is responsible as soon as possible but no later than 45 days after the date of the institution's determination that the student withdrew. Condition: Through our testing of a sample of 6 students, we noted that for one student, direct unsubsidized and graduate plus direct loan funds were not returned for 67 days. Questioned Costs: None Cause: The registrar originally processed the student's leave of absence using an incorrect last date of attendance which then caused a delay in performing a Return of Title IV calculation and a delay in return of funds. Effect: The funds to be returned belong to the federal government and thus should be returned to prevent a direct loan cash draw balance that is greater than the amount of disbursements made to students. Recommendation: We recommend that the Registrar, on a regular basis, provide the daily Leave of Absence and Withdrawal report to the Student Finance office. This report should include the list of students with enrollment changes that includes student name, Student ID Number, date of change, and type of change. We further recommend the total return of Title IV calculations are reviewed by the Director of Student Finance or the Director of Student Aid Operations to ensure that the details provided on the registrar’s report are accurately reflected in the return of Title IV funds application.