Federal Program Information: Student Financial Assistance Cluster: Federal Supplemental Education Opportunity Grants (Assistance Listing #84.007), Federal Work-Study Program (Assistance Listing #84.033), Federal Pell Grant Program (Assistance Listing #84.063), Federal Direct Loan Program (Assistance Listing #84.268) Criteria or Specific Requirement: N. Special Tests and Provisions ? Verification: For students selected for verification by the central processor, the University must obtain acceptable documentation to verify the information required, match information on the documentation to the student aid application, and, if necessary, submit data corrections to the central processor and recalculate awards (34 CFR Part 668 Subpart E). Condition: For certain students selected for verification, the information required to be verified either did not match the underlying supporting documentation (including certain tax information) or was not verified. Cause: Insufficient internal controls and administrative oversight with respect to verification requirements. Effect or Potential Effect: Federal awards were not disbursed in accordance with federal regulations and the University was not in compliance with verification compliance requirements. Questioned Costs: None. Context: For 6 of 25 students selected for testing, the University did not complete appropriate verification procedures prior to disbursing aid. Identification as a Repeat Finding: No similar findings noted in the prior year. Recommendation: We recommend that the University enhance is procedures and internal controls to ensure that students are verified as required. Views of Responsible Officials: The Financial Planning Office has reviewed the verification policies and added a supervisory review process and internal audit of verification records. Additional staff training will be provided to help team members identify potential instances of noncompliance.
Federal Program Information: Student Financial Aid Cluster (various ALN #?s) Criteria or Specific Requirement: N. Special Tests and Provisions ? Credit Balances ? Federal regulations (34 CFR 668.164(h)) state that when a Title IV Higher Education Act (?HEA?) credit balance occurs on a student?s account, the University must be pay the balance directly to the students or parents as soon as possible, but no later than 14 days after the balance occurred if the credit balance occurred after the first day of class of a payment period, or 14 days after the first day of class of a payment period if the credit balance occurred on or before the first day of class of that payment period. Condition: For certain students identified through our testing, the University did not issue a refund for a credit balance to the student within 14 days of the credit balance occurring as required. Cause: Administrative oversight with respect to the credit balance refund requirements. Effect or Potential Effect: The University is not in compliance with Title IV HEA refund requirements. Questioned Costs: None. Context: For 2 of 25 student refunds selected for testing, the University did not issue the refund within 14 days of the credit balance occurring as required. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend that the University enhance its procedures to ensure that credit refunds are disbursed to students as soon as possible, but no later than 14 days after the credit balance occurs. Views of Responsible Officials: The University Business Office and Financial Planning Office will review the institutional refund policies and put the proper controls in place to disburse Title IV credit balances to students/parents in the required timeframe.
Federal Program Information: Federal Supplemental Education Opportunity Grants (?FSEOG?) (ALN# 84.007) Criteria or Specific Requirement: E. Eligibility ? Selection of Students for FSEOG awards ? Federal regulations (34 CFR 676.10) require that in selecting among eligible students for FSEOG awards in each award year, the University is required to select those students with the lowest expected family contributions who will also receive Federal Pell Grants in that year. Only if the University has awarded FSEOG awards to all the Federal Pell Grant recipients can they award to FSEOG funds to those eligible students with the lowest expected family contributions who did not receive Federal Pell Grants. Condition: A student was disbursed FSEOG funds during the year who was not eligible to receive a Federal Pell Grant while there were other Federal Pell Grant recipients who were not awarded FSEOG funds. Cause: Administrative oversight with respect to awarding of FSEOG awards. Effect or Potential Effect: The University is not in compliance with prioritizing the awarding of FSEOG funds to Federal Pell Grant recipients. Questioned Costs: None. Context: 1 student out of 136 SEOG recipients was not also a Federal Pell Grant recipient. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend the University enhance its procedures to ensure FSEOG awards are going first to Federal Pell Grant recipients. Views of Responsible Officials: The Financial Planning Office has reviewed its policies surrounding FSEOG awarding and added additional quality control measures for the 2022-2023 award cycle so that FSEOG funding is provided solely to PELL recipients.
Federal Program Information: Federal Supplemental Educational Opportunity Grants (FSEOG) (ALN 84.007), Federal Work-Study Program (ALN 84.033), Federal Direct Student Loan Program (ALN 84.268) Criteria or Specific Requirement: C. Cash Management - Institutions are permitted to draw down Title IV funds prior to disbursing funds to eligible students and parents. The institution?s request must not exceed the amount immediately needed to disburse funds to students or parents. A disbursement of funds occurs on the date an institution credits a student?s account or pays a student or parent directly with either student financial aid funds or institutional funds. The institution must make the disbursements as soon as administratively feasible, but no later than 3 business days following the receipt of funds. Any amounts not disbursed by the end of the third business day are considered to be excess cash and generally are required to be promptly returned to the U.S. Department of Education (the ?ED?) (34 CFR section 668.166(a)(1)). Excess cash includes any funds received from the ED that are deposited or transferred to the institution?s Federal account as a result of an award adjustment, cancellation, or recovery. However, an excess cash balance tolerance is allowed if that balance: (1) is less than one percent of its prior-year drawdowns; and (2) is eliminated within the next 7 calendar days (34 CFR sections 668.166(a) and (b)). Condition: Instances were identified where funds drawn were held in excess of the allowable time frame. Cause: Administrative oversight with respect to cash management. Effect or Potential Effect: The University is not in compliance with Cash Management compliance requirements. Questioned Costs: None. Context: 1 instance of cash held in excess of the allowable time frame was identified for each Federal program. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend the University enhance its policies and procedures to ensure that excess cash is returned timely. Views of Responsible Officials: The University Business Office and Financial Planning Office will review the institutional cash management policies and ensure the proper controls are in place to eliminate instances of excess cash.
Federal Program Information: Student Financial Assistance Cluster: Federal Supplemental Education Opportunity Grants (Assistance Listing #84.007), Federal Work-Study Program (Assistance Listing #84.033), Federal Pell Grant Program (Assistance Listing #84.063), Federal Direct Loan Program (Assistance Listing #84.268) Criteria or Specific Requirement: N. Special Tests and Provisions ? Verification: For students selected for verification by the central processor, the University must obtain acceptable documentation to verify the information required, match information on the documentation to the student aid application, and, if necessary, submit data corrections to the central processor and recalculate awards (34 CFR Part 668 Subpart E). Condition: For certain students selected for verification, the information required to be verified either did not match the underlying supporting documentation (including certain tax information) or was not verified. Cause: Insufficient internal controls and administrative oversight with respect to verification requirements. Effect or Potential Effect: Federal awards were not disbursed in accordance with federal regulations and the University was not in compliance with verification compliance requirements. Questioned Costs: None. Context: For 6 of 25 students selected for testing, the University did not complete appropriate verification procedures prior to disbursing aid. Identification as a Repeat Finding: No similar findings noted in the prior year. Recommendation: We recommend that the University enhance is procedures and internal controls to ensure that students are verified as required. Views of Responsible Officials: The Financial Planning Office has reviewed the verification policies and added a supervisory review process and internal audit of verification records. Additional staff training will be provided to help team members identify potential instances of noncompliance.
Federal Program Information: Student Financial Aid Cluster (various ALN #?s) Criteria or Specific Requirement: N. Special Tests and Provisions ? Credit Balances ? Federal regulations (34 CFR 668.164(h)) state that when a Title IV Higher Education Act (?HEA?) credit balance occurs on a student?s account, the University must be pay the balance directly to the students or parents as soon as possible, but no later than 14 days after the balance occurred if the credit balance occurred after the first day of class of a payment period, or 14 days after the first day of class of a payment period if the credit balance occurred on or before the first day of class of that payment period. Condition: For certain students identified through our testing, the University did not issue a refund for a credit balance to the student within 14 days of the credit balance occurring as required. Cause: Administrative oversight with respect to the credit balance refund requirements. Effect or Potential Effect: The University is not in compliance with Title IV HEA refund requirements. Questioned Costs: None. Context: For 2 of 25 student refunds selected for testing, the University did not issue the refund within 14 days of the credit balance occurring as required. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend that the University enhance its procedures to ensure that credit refunds are disbursed to students as soon as possible, but no later than 14 days after the credit balance occurs. Views of Responsible Officials: The University Business Office and Financial Planning Office will review the institutional refund policies and put the proper controls in place to disburse Title IV credit balances to students/parents in the required timeframe.
Federal Program Information: Federal Supplemental Educational Opportunity Grants (FSEOG) (ALN 84.007), Federal Work-Study Program (ALN 84.033), Federal Direct Student Loan Program (ALN 84.268) Criteria or Specific Requirement: C. Cash Management - Institutions are permitted to draw down Title IV funds prior to disbursing funds to eligible students and parents. The institution?s request must not exceed the amount immediately needed to disburse funds to students or parents. A disbursement of funds occurs on the date an institution credits a student?s account or pays a student or parent directly with either student financial aid funds or institutional funds. The institution must make the disbursements as soon as administratively feasible, but no later than 3 business days following the receipt of funds. Any amounts not disbursed by the end of the third business day are considered to be excess cash and generally are required to be promptly returned to the U.S. Department of Education (the ?ED?) (34 CFR section 668.166(a)(1)). Excess cash includes any funds received from the ED that are deposited or transferred to the institution?s Federal account as a result of an award adjustment, cancellation, or recovery. However, an excess cash balance tolerance is allowed if that balance: (1) is less than one percent of its prior-year drawdowns; and (2) is eliminated within the next 7 calendar days (34 CFR sections 668.166(a) and (b)). Condition: Instances were identified where funds drawn were held in excess of the allowable time frame. Cause: Administrative oversight with respect to cash management. Effect or Potential Effect: The University is not in compliance with Cash Management compliance requirements. Questioned Costs: None. Context: 1 instance of cash held in excess of the allowable time frame was identified for each Federal program. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend the University enhance its policies and procedures to ensure that excess cash is returned timely. Views of Responsible Officials: The University Business Office and Financial Planning Office will review the institutional cash management policies and ensure the proper controls are in place to eliminate instances of excess cash.
Federal Program Information: Student Financial Assistance Cluster: Federal Supplemental Education Opportunity Grants (Assistance Listing #84.007), Federal Work-Study Program (Assistance Listing #84.033), Federal Pell Grant Program (Assistance Listing #84.063), Federal Direct Loan Program (Assistance Listing #84.268) Criteria or Specific Requirement: N. Special Tests and Provisions ? Verification: For students selected for verification by the central processor, the University must obtain acceptable documentation to verify the information required, match information on the documentation to the student aid application, and, if necessary, submit data corrections to the central processor and recalculate awards (34 CFR Part 668 Subpart E). Condition: For certain students selected for verification, the information required to be verified either did not match the underlying supporting documentation (including certain tax information) or was not verified. Cause: Insufficient internal controls and administrative oversight with respect to verification requirements. Effect or Potential Effect: Federal awards were not disbursed in accordance with federal regulations and the University was not in compliance with verification compliance requirements. Questioned Costs: None. Context: For 6 of 25 students selected for testing, the University did not complete appropriate verification procedures prior to disbursing aid. Identification as a Repeat Finding: No similar findings noted in the prior year. Recommendation: We recommend that the University enhance is procedures and internal controls to ensure that students are verified as required. Views of Responsible Officials: The Financial Planning Office has reviewed the verification policies and added a supervisory review process and internal audit of verification records. Additional staff training will be provided to help team members identify potential instances of noncompliance.
Federal Program Information: Student Financial Aid Cluster (various ALN #?s) Criteria or Specific Requirement: N. Special Tests and Provisions ? Credit Balances ? Federal regulations (34 CFR 668.164(h)) state that when a Title IV Higher Education Act (?HEA?) credit balance occurs on a student?s account, the University must be pay the balance directly to the students or parents as soon as possible, but no later than 14 days after the balance occurred if the credit balance occurred after the first day of class of a payment period, or 14 days after the first day of class of a payment period if the credit balance occurred on or before the first day of class of that payment period. Condition: For certain students identified through our testing, the University did not issue a refund for a credit balance to the student within 14 days of the credit balance occurring as required. Cause: Administrative oversight with respect to the credit balance refund requirements. Effect or Potential Effect: The University is not in compliance with Title IV HEA refund requirements. Questioned Costs: None. Context: For 2 of 25 student refunds selected for testing, the University did not issue the refund within 14 days of the credit balance occurring as required. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend that the University enhance its procedures to ensure that credit refunds are disbursed to students as soon as possible, but no later than 14 days after the credit balance occurs. Views of Responsible Officials: The University Business Office and Financial Planning Office will review the institutional refund policies and put the proper controls in place to disburse Title IV credit balances to students/parents in the required timeframe.
Federal Program Information: Federal Direct Student Loan Program (ALN#: 84.268) Criteria or Specific Requirement: N. Special Test and Provisions ? Disbursements To or On Behalf of Students ? Loan Disbursement Notification - Federal regulations (34 CFR section 668.165 (a)(6)(i)) require that the institution notify the student, or parent, in writing of (1) the date and amount of the disbursement; (2) the student?s right, or parent?s right, to cancel all or a portion of that loan or loan disbursement and have the loan proceeds returned to the holder of that loan or the TEACH Grant payments returned to the U.S. Department of Education; and (3) the procedure and time by which the student or parent must notify the institution that he or she wishes to cancel the loan, TEACH Grant, or TEACH Grant disbursement. Institutions that implement an affirmative confirmation process (as described in 34 CFR section 668.165 (a)(6)(i)) must make this notification to the student or parent no earlier than 30 days before, and no later than 30 days after, crediting the student?s account at the institution with Direct Loan or TEACH Grants. The Federal Student Aid Handbook further clarifies that in general, there are two types of notifications a school must provide: (1) a general notification to parent Direct PLUS borrowers and all students receiving Federal Student Aid (?FSA?) funds, and (2) a notice when FSA loan funds or TEACH Grant funds are credited to a student?s account. Condition: Certain borrowers did not receive a loan disbursement notification or did not receive notification timely. Cause: Insufficient internal controls and administrative oversight with respect to loan disbursement notifications. Effect or Potential Effect: Borrowers were not notified of loan disbursements and/or their right to cancel/decline loan awards or were not notified in a timely manner. Questioned Costs: None. Context: For 4 of 25 disbursements selected for testing, the University did not send the disbursement notification within the required timeframe. For 7 of 25 disbursements selected for testing, the University was unable to provide documentation showing that a notification was sent to the borrower as required. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend the University enhance its procedures over loan disbursement notifications to ensure that such notifications are sent to student and/or parent borrowers within the required timeframe. Views of Responsible Officials: The Financial Planning Office has reviewed the loan disbursement notification process to ensure that notices are sent in a timely manner to needed recipients. After a review of the 2021-2022 award cycle, it was determined that an application ID was missing from the Direct PLUS Loan file that prevented the disbursement notification from being issued to the Parent borrower in some instances. Internal controls have been put in place for the 2022-2023 award cycle and beyond so that this data element is accurately assigned.
Federal Program Information: Student Financial Assistance Cluster: Federal Supplemental Education Opportunity Grants (Assistance Listing #84.007), Federal Work-Study Program (Assistance Listing #84.033), Federal Pell Grant Program (Assistance Listing #84.063), Federal Direct Loan Program (Assistance Listing #84.268) Criteria or Specific Requirement: N. Special Tests and Provisions ? Verification: For students selected for verification by the central processor, the University must obtain acceptable documentation to verify the information required, match information on the documentation to the student aid application, and, if necessary, submit data corrections to the central processor and recalculate awards (34 CFR Part 668 Subpart E). Condition: For certain students selected for verification, the information required to be verified either did not match the underlying supporting documentation (including certain tax information) or was not verified. Cause: Insufficient internal controls and administrative oversight with respect to verification requirements. Effect or Potential Effect: Federal awards were not disbursed in accordance with federal regulations and the University was not in compliance with verification compliance requirements. Questioned Costs: None. Context: For 6 of 25 students selected for testing, the University did not complete appropriate verification procedures prior to disbursing aid. Identification as a Repeat Finding: No similar findings noted in the prior year. Recommendation: We recommend that the University enhance is procedures and internal controls to ensure that students are verified as required. Views of Responsible Officials: The Financial Planning Office has reviewed the verification policies and added a supervisory review process and internal audit of verification records. Additional staff training will be provided to help team members identify potential instances of noncompliance.
Federal Program Information: Student Financial Aid Cluster (various ALN #?s) Criteria or Specific Requirement: N. Special Tests and Provisions ? Credit Balances ? Federal regulations (34 CFR 668.164(h)) state that when a Title IV Higher Education Act (?HEA?) credit balance occurs on a student?s account, the University must be pay the balance directly to the students or parents as soon as possible, but no later than 14 days after the balance occurred if the credit balance occurred after the first day of class of a payment period, or 14 days after the first day of class of a payment period if the credit balance occurred on or before the first day of class of that payment period. Condition: For certain students identified through our testing, the University did not issue a refund for a credit balance to the student within 14 days of the credit balance occurring as required. Cause: Administrative oversight with respect to the credit balance refund requirements. Effect or Potential Effect: The University is not in compliance with Title IV HEA refund requirements. Questioned Costs: None. Context: For 2 of 25 student refunds selected for testing, the University did not issue the refund within 14 days of the credit balance occurring as required. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend that the University enhance its procedures to ensure that credit refunds are disbursed to students as soon as possible, but no later than 14 days after the credit balance occurs. Views of Responsible Officials: The University Business Office and Financial Planning Office will review the institutional refund policies and put the proper controls in place to disburse Title IV credit balances to students/parents in the required timeframe.
Federal Program Information: Federal Supplemental Educational Opportunity Grants (FSEOG) (ALN 84.007), Federal Work-Study Program (ALN 84.033), Federal Direct Student Loan Program (ALN 84.268) Criteria or Specific Requirement: C. Cash Management - Institutions are permitted to draw down Title IV funds prior to disbursing funds to eligible students and parents. The institution?s request must not exceed the amount immediately needed to disburse funds to students or parents. A disbursement of funds occurs on the date an institution credits a student?s account or pays a student or parent directly with either student financial aid funds or institutional funds. The institution must make the disbursements as soon as administratively feasible, but no later than 3 business days following the receipt of funds. Any amounts not disbursed by the end of the third business day are considered to be excess cash and generally are required to be promptly returned to the U.S. Department of Education (the ?ED?) (34 CFR section 668.166(a)(1)). Excess cash includes any funds received from the ED that are deposited or transferred to the institution?s Federal account as a result of an award adjustment, cancellation, or recovery. However, an excess cash balance tolerance is allowed if that balance: (1) is less than one percent of its prior-year drawdowns; and (2) is eliminated within the next 7 calendar days (34 CFR sections 668.166(a) and (b)). Condition: Instances were identified where funds drawn were held in excess of the allowable time frame. Cause: Administrative oversight with respect to cash management. Effect or Potential Effect: The University is not in compliance with Cash Management compliance requirements. Questioned Costs: None. Context: 1 instance of cash held in excess of the allowable time frame was identified for each Federal program. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend the University enhance its policies and procedures to ensure that excess cash is returned timely. Views of Responsible Officials: The University Business Office and Financial Planning Office will review the institutional cash management policies and ensure the proper controls are in place to eliminate instances of excess cash.
Federal Program Information: Student Financial Assistance Cluster: Federal Supplemental Education Opportunity Grants (Assistance Listing #84.007), Federal Work-Study Program (Assistance Listing #84.033), Federal Pell Grant Program (Assistance Listing #84.063), Federal Direct Loan Program (Assistance Listing #84.268) Criteria or Specific Requirement: N. Special Tests and Provisions ? Verification: For students selected for verification by the central processor, the University must obtain acceptable documentation to verify the information required, match information on the documentation to the student aid application, and, if necessary, submit data corrections to the central processor and recalculate awards (34 CFR Part 668 Subpart E). Condition: For certain students selected for verification, the information required to be verified either did not match the underlying supporting documentation (including certain tax information) or was not verified. Cause: Insufficient internal controls and administrative oversight with respect to verification requirements. Effect or Potential Effect: Federal awards were not disbursed in accordance with federal regulations and the University was not in compliance with verification compliance requirements. Questioned Costs: None. Context: For 6 of 25 students selected for testing, the University did not complete appropriate verification procedures prior to disbursing aid. Identification as a Repeat Finding: No similar findings noted in the prior year. Recommendation: We recommend that the University enhance is procedures and internal controls to ensure that students are verified as required. Views of Responsible Officials: The Financial Planning Office has reviewed the verification policies and added a supervisory review process and internal audit of verification records. Additional staff training will be provided to help team members identify potential instances of noncompliance.
Federal Program Information: Student Financial Aid Cluster (various ALN #?s) Criteria or Specific Requirement: N. Special Tests and Provisions ? Credit Balances ? Federal regulations (34 CFR 668.164(h)) state that when a Title IV Higher Education Act (?HEA?) credit balance occurs on a student?s account, the University must be pay the balance directly to the students or parents as soon as possible, but no later than 14 days after the balance occurred if the credit balance occurred after the first day of class of a payment period, or 14 days after the first day of class of a payment period if the credit balance occurred on or before the first day of class of that payment period. Condition: For certain students identified through our testing, the University did not issue a refund for a credit balance to the student within 14 days of the credit balance occurring as required. Cause: Administrative oversight with respect to the credit balance refund requirements. Effect or Potential Effect: The University is not in compliance with Title IV HEA refund requirements. Questioned Costs: None. Context: For 2 of 25 student refunds selected for testing, the University did not issue the refund within 14 days of the credit balance occurring as required. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend that the University enhance its procedures to ensure that credit refunds are disbursed to students as soon as possible, but no later than 14 days after the credit balance occurs. Views of Responsible Officials: The University Business Office and Financial Planning Office will review the institutional refund policies and put the proper controls in place to disburse Title IV credit balances to students/parents in the required timeframe.
Federal Program Information: Federal Supplemental Education Opportunity Grants (?FSEOG?) (ALN# 84.007) Criteria or Specific Requirement: E. Eligibility ? Selection of Students for FSEOG awards ? Federal regulations (34 CFR 676.10) require that in selecting among eligible students for FSEOG awards in each award year, the University is required to select those students with the lowest expected family contributions who will also receive Federal Pell Grants in that year. Only if the University has awarded FSEOG awards to all the Federal Pell Grant recipients can they award to FSEOG funds to those eligible students with the lowest expected family contributions who did not receive Federal Pell Grants. Condition: A student was disbursed FSEOG funds during the year who was not eligible to receive a Federal Pell Grant while there were other Federal Pell Grant recipients who were not awarded FSEOG funds. Cause: Administrative oversight with respect to awarding of FSEOG awards. Effect or Potential Effect: The University is not in compliance with prioritizing the awarding of FSEOG funds to Federal Pell Grant recipients. Questioned Costs: None. Context: 1 student out of 136 SEOG recipients was not also a Federal Pell Grant recipient. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend the University enhance its procedures to ensure FSEOG awards are going first to Federal Pell Grant recipients. Views of Responsible Officials: The Financial Planning Office has reviewed its policies surrounding FSEOG awarding and added additional quality control measures for the 2022-2023 award cycle so that FSEOG funding is provided solely to PELL recipients.
Federal Program Information: Federal Supplemental Educational Opportunity Grants (FSEOG) (ALN 84.007), Federal Work-Study Program (ALN 84.033), Federal Direct Student Loan Program (ALN 84.268) Criteria or Specific Requirement: C. Cash Management - Institutions are permitted to draw down Title IV funds prior to disbursing funds to eligible students and parents. The institution?s request must not exceed the amount immediately needed to disburse funds to students or parents. A disbursement of funds occurs on the date an institution credits a student?s account or pays a student or parent directly with either student financial aid funds or institutional funds. The institution must make the disbursements as soon as administratively feasible, but no later than 3 business days following the receipt of funds. Any amounts not disbursed by the end of the third business day are considered to be excess cash and generally are required to be promptly returned to the U.S. Department of Education (the ?ED?) (34 CFR section 668.166(a)(1)). Excess cash includes any funds received from the ED that are deposited or transferred to the institution?s Federal account as a result of an award adjustment, cancellation, or recovery. However, an excess cash balance tolerance is allowed if that balance: (1) is less than one percent of its prior-year drawdowns; and (2) is eliminated within the next 7 calendar days (34 CFR sections 668.166(a) and (b)). Condition: Instances were identified where funds drawn were held in excess of the allowable time frame. Cause: Administrative oversight with respect to cash management. Effect or Potential Effect: The University is not in compliance with Cash Management compliance requirements. Questioned Costs: None. Context: 1 instance of cash held in excess of the allowable time frame was identified for each Federal program. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend the University enhance its policies and procedures to ensure that excess cash is returned timely. Views of Responsible Officials: The University Business Office and Financial Planning Office will review the institutional cash management policies and ensure the proper controls are in place to eliminate instances of excess cash.
Federal Program Information: Student Financial Assistance Cluster: Federal Supplemental Education Opportunity Grants (Assistance Listing #84.007), Federal Work-Study Program (Assistance Listing #84.033), Federal Pell Grant Program (Assistance Listing #84.063), Federal Direct Loan Program (Assistance Listing #84.268) Criteria or Specific Requirement: N. Special Tests and Provisions ? Verification: For students selected for verification by the central processor, the University must obtain acceptable documentation to verify the information required, match information on the documentation to the student aid application, and, if necessary, submit data corrections to the central processor and recalculate awards (34 CFR Part 668 Subpart E). Condition: For certain students selected for verification, the information required to be verified either did not match the underlying supporting documentation (including certain tax information) or was not verified. Cause: Insufficient internal controls and administrative oversight with respect to verification requirements. Effect or Potential Effect: Federal awards were not disbursed in accordance with federal regulations and the University was not in compliance with verification compliance requirements. Questioned Costs: None. Context: For 6 of 25 students selected for testing, the University did not complete appropriate verification procedures prior to disbursing aid. Identification as a Repeat Finding: No similar findings noted in the prior year. Recommendation: We recommend that the University enhance is procedures and internal controls to ensure that students are verified as required. Views of Responsible Officials: The Financial Planning Office has reviewed the verification policies and added a supervisory review process and internal audit of verification records. Additional staff training will be provided to help team members identify potential instances of noncompliance.
Federal Program Information: Student Financial Aid Cluster (various ALN #?s) Criteria or Specific Requirement: N. Special Tests and Provisions ? Credit Balances ? Federal regulations (34 CFR 668.164(h)) state that when a Title IV Higher Education Act (?HEA?) credit balance occurs on a student?s account, the University must be pay the balance directly to the students or parents as soon as possible, but no later than 14 days after the balance occurred if the credit balance occurred after the first day of class of a payment period, or 14 days after the first day of class of a payment period if the credit balance occurred on or before the first day of class of that payment period. Condition: For certain students identified through our testing, the University did not issue a refund for a credit balance to the student within 14 days of the credit balance occurring as required. Cause: Administrative oversight with respect to the credit balance refund requirements. Effect or Potential Effect: The University is not in compliance with Title IV HEA refund requirements. Questioned Costs: None. Context: For 2 of 25 student refunds selected for testing, the University did not issue the refund within 14 days of the credit balance occurring as required. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend that the University enhance its procedures to ensure that credit refunds are disbursed to students as soon as possible, but no later than 14 days after the credit balance occurs. Views of Responsible Officials: The University Business Office and Financial Planning Office will review the institutional refund policies and put the proper controls in place to disburse Title IV credit balances to students/parents in the required timeframe.
Federal Program Information: Federal Supplemental Educational Opportunity Grants (FSEOG) (ALN 84.007), Federal Work-Study Program (ALN 84.033), Federal Direct Student Loan Program (ALN 84.268) Criteria or Specific Requirement: C. Cash Management - Institutions are permitted to draw down Title IV funds prior to disbursing funds to eligible students and parents. The institution?s request must not exceed the amount immediately needed to disburse funds to students or parents. A disbursement of funds occurs on the date an institution credits a student?s account or pays a student or parent directly with either student financial aid funds or institutional funds. The institution must make the disbursements as soon as administratively feasible, but no later than 3 business days following the receipt of funds. Any amounts not disbursed by the end of the third business day are considered to be excess cash and generally are required to be promptly returned to the U.S. Department of Education (the ?ED?) (34 CFR section 668.166(a)(1)). Excess cash includes any funds received from the ED that are deposited or transferred to the institution?s Federal account as a result of an award adjustment, cancellation, or recovery. However, an excess cash balance tolerance is allowed if that balance: (1) is less than one percent of its prior-year drawdowns; and (2) is eliminated within the next 7 calendar days (34 CFR sections 668.166(a) and (b)). Condition: Instances were identified where funds drawn were held in excess of the allowable time frame. Cause: Administrative oversight with respect to cash management. Effect or Potential Effect: The University is not in compliance with Cash Management compliance requirements. Questioned Costs: None. Context: 1 instance of cash held in excess of the allowable time frame was identified for each Federal program. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend the University enhance its policies and procedures to ensure that excess cash is returned timely. Views of Responsible Officials: The University Business Office and Financial Planning Office will review the institutional cash management policies and ensure the proper controls are in place to eliminate instances of excess cash.
Federal Program Information: Student Financial Assistance Cluster: Federal Supplemental Education Opportunity Grants (Assistance Listing #84.007), Federal Work-Study Program (Assistance Listing #84.033), Federal Pell Grant Program (Assistance Listing #84.063), Federal Direct Loan Program (Assistance Listing #84.268) Criteria or Specific Requirement: N. Special Tests and Provisions ? Verification: For students selected for verification by the central processor, the University must obtain acceptable documentation to verify the information required, match information on the documentation to the student aid application, and, if necessary, submit data corrections to the central processor and recalculate awards (34 CFR Part 668 Subpart E). Condition: For certain students selected for verification, the information required to be verified either did not match the underlying supporting documentation (including certain tax information) or was not verified. Cause: Insufficient internal controls and administrative oversight with respect to verification requirements. Effect or Potential Effect: Federal awards were not disbursed in accordance with federal regulations and the University was not in compliance with verification compliance requirements. Questioned Costs: None. Context: For 6 of 25 students selected for testing, the University did not complete appropriate verification procedures prior to disbursing aid. Identification as a Repeat Finding: No similar findings noted in the prior year. Recommendation: We recommend that the University enhance is procedures and internal controls to ensure that students are verified as required. Views of Responsible Officials: The Financial Planning Office has reviewed the verification policies and added a supervisory review process and internal audit of verification records. Additional staff training will be provided to help team members identify potential instances of noncompliance.
Federal Program Information: Student Financial Aid Cluster (various ALN #?s) Criteria or Specific Requirement: N. Special Tests and Provisions ? Credit Balances ? Federal regulations (34 CFR 668.164(h)) state that when a Title IV Higher Education Act (?HEA?) credit balance occurs on a student?s account, the University must be pay the balance directly to the students or parents as soon as possible, but no later than 14 days after the balance occurred if the credit balance occurred after the first day of class of a payment period, or 14 days after the first day of class of a payment period if the credit balance occurred on or before the first day of class of that payment period. Condition: For certain students identified through our testing, the University did not issue a refund for a credit balance to the student within 14 days of the credit balance occurring as required. Cause: Administrative oversight with respect to the credit balance refund requirements. Effect or Potential Effect: The University is not in compliance with Title IV HEA refund requirements. Questioned Costs: None. Context: For 2 of 25 student refunds selected for testing, the University did not issue the refund within 14 days of the credit balance occurring as required. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend that the University enhance its procedures to ensure that credit refunds are disbursed to students as soon as possible, but no later than 14 days after the credit balance occurs. Views of Responsible Officials: The University Business Office and Financial Planning Office will review the institutional refund policies and put the proper controls in place to disburse Title IV credit balances to students/parents in the required timeframe.
Federal Program Information: Federal Direct Student Loan Program (ALN#: 84.268) Criteria or Specific Requirement: N. Special Test and Provisions ? Disbursements To or On Behalf of Students ? Loan Disbursement Notification - Federal regulations (34 CFR section 668.165 (a)(6)(i)) require that the institution notify the student, or parent, in writing of (1) the date and amount of the disbursement; (2) the student?s right, or parent?s right, to cancel all or a portion of that loan or loan disbursement and have the loan proceeds returned to the holder of that loan or the TEACH Grant payments returned to the U.S. Department of Education; and (3) the procedure and time by which the student or parent must notify the institution that he or she wishes to cancel the loan, TEACH Grant, or TEACH Grant disbursement. Institutions that implement an affirmative confirmation process (as described in 34 CFR section 668.165 (a)(6)(i)) must make this notification to the student or parent no earlier than 30 days before, and no later than 30 days after, crediting the student?s account at the institution with Direct Loan or TEACH Grants. The Federal Student Aid Handbook further clarifies that in general, there are two types of notifications a school must provide: (1) a general notification to parent Direct PLUS borrowers and all students receiving Federal Student Aid (?FSA?) funds, and (2) a notice when FSA loan funds or TEACH Grant funds are credited to a student?s account. Condition: Certain borrowers did not receive a loan disbursement notification or did not receive notification timely. Cause: Insufficient internal controls and administrative oversight with respect to loan disbursement notifications. Effect or Potential Effect: Borrowers were not notified of loan disbursements and/or their right to cancel/decline loan awards or were not notified in a timely manner. Questioned Costs: None. Context: For 4 of 25 disbursements selected for testing, the University did not send the disbursement notification within the required timeframe. For 7 of 25 disbursements selected for testing, the University was unable to provide documentation showing that a notification was sent to the borrower as required. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend the University enhance its procedures over loan disbursement notifications to ensure that such notifications are sent to student and/or parent borrowers within the required timeframe. Views of Responsible Officials: The Financial Planning Office has reviewed the loan disbursement notification process to ensure that notices are sent in a timely manner to needed recipients. After a review of the 2021-2022 award cycle, it was determined that an application ID was missing from the Direct PLUS Loan file that prevented the disbursement notification from being issued to the Parent borrower in some instances. Internal controls have been put in place for the 2022-2023 award cycle and beyond so that this data element is accurately assigned.
Federal Program Information: Student Financial Assistance Cluster: Federal Supplemental Education Opportunity Grants (Assistance Listing #84.007), Federal Work-Study Program (Assistance Listing #84.033), Federal Pell Grant Program (Assistance Listing #84.063), Federal Direct Loan Program (Assistance Listing #84.268) Criteria or Specific Requirement: N. Special Tests and Provisions ? Verification: For students selected for verification by the central processor, the University must obtain acceptable documentation to verify the information required, match information on the documentation to the student aid application, and, if necessary, submit data corrections to the central processor and recalculate awards (34 CFR Part 668 Subpart E). Condition: For certain students selected for verification, the information required to be verified either did not match the underlying supporting documentation (including certain tax information) or was not verified. Cause: Insufficient internal controls and administrative oversight with respect to verification requirements. Effect or Potential Effect: Federal awards were not disbursed in accordance with federal regulations and the University was not in compliance with verification compliance requirements. Questioned Costs: None. Context: For 6 of 25 students selected for testing, the University did not complete appropriate verification procedures prior to disbursing aid. Identification as a Repeat Finding: No similar findings noted in the prior year. Recommendation: We recommend that the University enhance is procedures and internal controls to ensure that students are verified as required. Views of Responsible Officials: The Financial Planning Office has reviewed the verification policies and added a supervisory review process and internal audit of verification records. Additional staff training will be provided to help team members identify potential instances of noncompliance.
Federal Program Information: Student Financial Aid Cluster (various ALN #?s) Criteria or Specific Requirement: N. Special Tests and Provisions ? Credit Balances ? Federal regulations (34 CFR 668.164(h)) state that when a Title IV Higher Education Act (?HEA?) credit balance occurs on a student?s account, the University must be pay the balance directly to the students or parents as soon as possible, but no later than 14 days after the balance occurred if the credit balance occurred after the first day of class of a payment period, or 14 days after the first day of class of a payment period if the credit balance occurred on or before the first day of class of that payment period. Condition: For certain students identified through our testing, the University did not issue a refund for a credit balance to the student within 14 days of the credit balance occurring as required. Cause: Administrative oversight with respect to the credit balance refund requirements. Effect or Potential Effect: The University is not in compliance with Title IV HEA refund requirements. Questioned Costs: None. Context: For 2 of 25 student refunds selected for testing, the University did not issue the refund within 14 days of the credit balance occurring as required. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend that the University enhance its procedures to ensure that credit refunds are disbursed to students as soon as possible, but no later than 14 days after the credit balance occurs. Views of Responsible Officials: The University Business Office and Financial Planning Office will review the institutional refund policies and put the proper controls in place to disburse Title IV credit balances to students/parents in the required timeframe.
Federal Program Information: Federal Supplemental Educational Opportunity Grants (FSEOG) (ALN 84.007), Federal Work-Study Program (ALN 84.033), Federal Direct Student Loan Program (ALN 84.268) Criteria or Specific Requirement: C. Cash Management - Institutions are permitted to draw down Title IV funds prior to disbursing funds to eligible students and parents. The institution?s request must not exceed the amount immediately needed to disburse funds to students or parents. A disbursement of funds occurs on the date an institution credits a student?s account or pays a student or parent directly with either student financial aid funds or institutional funds. The institution must make the disbursements as soon as administratively feasible, but no later than 3 business days following the receipt of funds. Any amounts not disbursed by the end of the third business day are considered to be excess cash and generally are required to be promptly returned to the U.S. Department of Education (the ?ED?) (34 CFR section 668.166(a)(1)). Excess cash includes any funds received from the ED that are deposited or transferred to the institution?s Federal account as a result of an award adjustment, cancellation, or recovery. However, an excess cash balance tolerance is allowed if that balance: (1) is less than one percent of its prior-year drawdowns; and (2) is eliminated within the next 7 calendar days (34 CFR sections 668.166(a) and (b)). Condition: Instances were identified where funds drawn were held in excess of the allowable time frame. Cause: Administrative oversight with respect to cash management. Effect or Potential Effect: The University is not in compliance with Cash Management compliance requirements. Questioned Costs: None. Context: 1 instance of cash held in excess of the allowable time frame was identified for each Federal program. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend the University enhance its policies and procedures to ensure that excess cash is returned timely. Views of Responsible Officials: The University Business Office and Financial Planning Office will review the institutional cash management policies and ensure the proper controls are in place to eliminate instances of excess cash.