2022-002. Return of Title IV Funds CFDA#: 84.033, 84.007, 84.063 Student Financial Aid Cluster Award Year: 2022 Criteria: Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) require that, when there are Title IV funds to be returned, that they be deposited or transferred into the student financial aid account or an electronic funds transfer initiated to the Department of Education as soon as possible, but no later than 45 days after the institution determines that a student withdrew. Condition: There was one student where the College failed to initiate the electronic funds transfer to the Department of Education within the 45-day timeframe. Context: We addressed this matter with College management who are aware of the requirements of review of all student withdrawals to determine Title IV refunds and timely return of funds. Effect: Failure to properly review and adhere to policies and procedures can lead to noncompliance and the misappropriation of federal funds that are not detected during the normal course of business. Cause: The lack of compliance is due to the College failing to review student withdrawals in a timely manner.
2022-002. Return of Title IV Funds CFDA#: 84.033, 84.007, 84.063 Student Financial Aid Cluster Award Year: 2022 Criteria: Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) require that, when there are Title IV funds to be returned, that they be deposited or transferred into the student financial aid account or an electronic funds transfer initiated to the Department of Education as soon as possible, but no later than 45 days after the institution determines that a student withdrew. Condition: There was one student where the College failed to initiate the electronic funds transfer to the Department of Education within the 45-day timeframe. Context: We addressed this matter with College management who are aware of the requirements of review of all student withdrawals to determine Title IV refunds and timely return of funds. Effect: Failure to properly review and adhere to policies and procedures can lead to noncompliance and the misappropriation of federal funds that are not detected during the normal course of business. Cause: The lack of compliance is due to the College failing to review student withdrawals in a timely manner.
2022-002. Return of Title IV Funds CFDA#: 84.033, 84.007, 84.063 Student Financial Aid Cluster Award Year: 2022 Criteria: Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) require that, when there are Title IV funds to be returned, that they be deposited or transferred into the student financial aid account or an electronic funds transfer initiated to the Department of Education as soon as possible, but no later than 45 days after the institution determines that a student withdrew. Condition: There was one student where the College failed to initiate the electronic funds transfer to the Department of Education within the 45-day timeframe. Context: We addressed this matter with College management who are aware of the requirements of review of all student withdrawals to determine Title IV refunds and timely return of funds. Effect: Failure to properly review and adhere to policies and procedures can lead to noncompliance and the misappropriation of federal funds that are not detected during the normal course of business. Cause: The lack of compliance is due to the College failing to review student withdrawals in a timely manner.
2022-002. Return of Title IV Funds CFDA#: 84.033, 84.007, 84.063 Student Financial Aid Cluster Award Year: 2022 Criteria: Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) require that, when there are Title IV funds to be returned, that they be deposited or transferred into the student financial aid account or an electronic funds transfer initiated to the Department of Education as soon as possible, but no later than 45 days after the institution determines that a student withdrew. Condition: There was one student where the College failed to initiate the electronic funds transfer to the Department of Education within the 45-day timeframe. Context: We addressed this matter with College management who are aware of the requirements of review of all student withdrawals to determine Title IV refunds and timely return of funds. Effect: Failure to properly review and adhere to policies and procedures can lead to noncompliance and the misappropriation of federal funds that are not detected during the normal course of business. Cause: The lack of compliance is due to the College failing to review student withdrawals in a timely manner.
2022-002. Return of Title IV Funds CFDA#: 84.033, 84.007, 84.063 Student Financial Aid Cluster Award Year: 2022 Criteria: Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) require that, when there are Title IV funds to be returned, that they be deposited or transferred into the student financial aid account or an electronic funds transfer initiated to the Department of Education as soon as possible, but no later than 45 days after the institution determines that a student withdrew. Condition: There was one student where the College failed to initiate the electronic funds transfer to the Department of Education within the 45-day timeframe. Context: We addressed this matter with College management who are aware of the requirements of review of all student withdrawals to determine Title IV refunds and timely return of funds. Effect: Failure to properly review and adhere to policies and procedures can lead to noncompliance and the misappropriation of federal funds that are not detected during the normal course of business. Cause: The lack of compliance is due to the College failing to review student withdrawals in a timely manner.
2022-002. Return of Title IV Funds CFDA#: 84.033, 84.007, 84.063 Student Financial Aid Cluster Award Year: 2022 Criteria: Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) require that, when there are Title IV funds to be returned, that they be deposited or transferred into the student financial aid account or an electronic funds transfer initiated to the Department of Education as soon as possible, but no later than 45 days after the institution determines that a student withdrew. Condition: There was one student where the College failed to initiate the electronic funds transfer to the Department of Education within the 45-day timeframe. Context: We addressed this matter with College management who are aware of the requirements of review of all student withdrawals to determine Title IV refunds and timely return of funds. Effect: Failure to properly review and adhere to policies and procedures can lead to noncompliance and the misappropriation of federal funds that are not detected during the normal course of business. Cause: The lack of compliance is due to the College failing to review student withdrawals in a timely manner.