Audit 402635

Criteria: Per the Federal Register and the Federal Student Aid Electronic Communication, the deadline for the electronic submission of the Fiscal Operations Report for the 2024-25 and the Application to Participate for 2026-27 (“FISAP”) was 11:59 pm eastern time on October 1, 2025. Transmission must be completed prior to midnight. Additionally, the signature page must be printed, signed, and mailed by the October 1, 2025 deadline. Condition: The College did not submit the FISAP for Award Year July 1, 2024 - June 30, 2025 (Application Award Year July 1, 2026 - June 30, 2027) until April 17, 2026, with revisions submitted on May 5, 2026. Additionally, the most recent signature page is dated April 28, 2026. Cause: The College Financial Aid Department was affected by significant staff turnover whereas when it was time to prepare and submit the FISAP, the employees available were not those who had been with the College during the award year in the report which resulted in the College not meeting the submission and filing deadline. Effect: The College is not in compliance with the federal regulations regarding the submission of the FISAP and related signature page which may require the College to return campus-based aid drawn down for the FSEOG and FWS programs in the amount of approximately $517,827 (FSEOG of $267,966 and FWS of $249,861) for the 2024-2025 award year. Additionally, this may impact the College’s eligibility to receive campus-based aid for the 2026-2027 school year. The College has indicated the DOE accepted the late submission and does not expect any material adverse impact to the funding of these programs. Prevalence: The College did not submit the FISAP before the required deadline. Recommendation: The College should improve their control processes to ensure timely reporting and submission of the FISAP and related signature page. Management Response and Corrective Action Plan: The College recognizes the importance of timely and accurate reporting. The significant turnover during the fiscal year in the Financial Aid department resulted in challenges of timely reporting. The late submission of the FISAP was accepted by the DOE and the College does not expect any material adverse impact to the funding of these programs. The College is currently reviewing current staffing levels and other resources to ensure compliance with all regulations and timely submissions moving forward.

Criteria: Per CFR 668.164, credit balances resulting from the application of Title IV aid must be paid directly to the student or parent as soon as possible, but no later than fourteen days after the credit balance occurred or fourteen days after the first day of classes if the credit balance occurred on or before the first day of class of a payment period. Condition: The College self-identified that for a significant number of credit balances resulting from Title IV aid, refunds were not processed and paid within the 14 day timeframe as required by CFR 668.164. Cause: The College noted during fiscal year 2024-25, the College’s system stopped calculating students’ refund amounts and processing the refunds automatically. The College staff began manually calculating refund amounts which created a backlog to processing the refunds timely. Additionally, there has been a high level of turnover of College employees in the department that resulted in further disruptions in the flow of the refund process. These factors contributed to the College’s ability to consistently meet the 14 day timeframe as required. Effect: The College was not in compliance with the federal regulations regarding the return of credit balances to students. Prevalence: This matter effected a significant number of students’ accounts, however the full pervasiveness of this issue could not be determined by management at this moment. Recommendation: The College should evaluate and enhance its procedures and report programming to ensure all Title IV credit balances are refunded timely. Management Response and Corrective Action Plan: The College recognizes the importance of complying with all regulations including the timely refunding of credit balances resulting from Title IV aid. As noted above, during the fiscal year 2024-25, the College’s system stopped automatically calculating students’ refund amounts which resulted in the College staff having to manually calculate the refunds. This labor-intensive manual process in addition to staff turnover during the fiscal year contributed to systematic delays in the College’s ability to consistently meet the 14-day refund disbursement requirement. To address the problem, the College established a cross-functional task force consisting of staff from Information Technology, the Bursar’s Office, and the Comptroller’s Office. The task force has engaged peer SUNY institutions to better understand current practices. Additionally, the College is in the process of filling vacant positions (including a Bursar) in addition to enhancing control processes to ensure accurate calculations and timely refunds moving forward as of May 2026.