Audit 415053

Untimely Returns of Title IV Funds (R2T4) Significant Deficiency DEPARTMENT OF EDUCATION ALN #: 84.063 Federal Pell Grants and 84.268 Federal Direct Student Loans Federal Award Identification #: 2025-2026 Financial Aid Year Condition: When students withdrew, the University did not always return unearned Title IV aid timely. Criteria: 34 CFR 668.22 Questioned Costs: $2,885 Context: Out of 15 students tested for timely R2T4s, there was 1 student who did not have an R2T4 completed until the audit. During the audit, $658 in Pell grant and $2,227 in Subsidized Direct Loans were returned to the Department of Education, 149 days late. Cause: The registrar did not receive the last date of attendance timely; therefore, the return could not be completed timely. Effect: Return of Title IV funds were not performed timely. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend a 0-credit report be run at the end of each semester to ensure all unofficial withdrawals are followed up on so that R2T4s are completed timely when required. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.