Finding 2024-001
Significant Deficiency in Internal Control over Compliance and Other Matters
Odessa College will implement the following to ensure compliance with federal regulations, improve internal processes, and prevent future occurrences. Additionally, the college is moving forward with compr...
Finding 2024-001
Significant Deficiency in Internal Control over Compliance and Other Matters
Odessa College will implement the following to ensure compliance with federal regulations, improve internal processes, and prevent future occurrences. Additionally, the college is moving forward with comprehensive financial aid advisory services with Ellucian, the College’s enterprise student information system. The engagement/advisory priorities include establishing an R2T4 Process that complies with the 45-day reporting requirement. The engagement period is contracted for the next 14 months.
Review and Update Withdrawal Procedures:
Conduct a comprehensive review of current student withdrawal procedures to identify any weaknesses or delays in processing withdrawal dates and the return of Title IV funds.
Ensure that the withdrawal process is thoroughly documented, and that all departments (registrar, financial aid, student accounts) are aligned on their responsibilities related to withdrawal processing.
Strengthen Communication between Departments:
Establish a clear communication protocol among the registrar’s office, financial aid office, and student accounts to ensure that withdrawals are processed promptly.
Designate specific individuals to monitor the return of Title IV funds and ensure deadlines are met.
Implement an internal checklist for verifying that all Title IV funds are returned within the required time frame.
Implement a Monitoring System:
Set up an automated system or a shared calendar to track Title IV refund timelines for students who withdraw.
Use alerts or reminders to notify responsible staff members when a Title IV refund is due to be returned within the 45-day window.
Monitor and document all returns of Title IV funds to maintain compliance.
Staff Training:
Conduct training for staff involved in student withdrawals, financial aid, and compliance to ensure they are knowledgeable about the 45-day return requirement and the importance of adhering to it.
Include a review of the audit finding and corrective actions during departmental
Develop a Compliance Audit Checklist:
Create a detailed audit checklist for Title IV refund procedures to be used in periodic internal audits to ensure that all financial aid disbursements, returns, and related processes comply with federal regulations.
Review the checklist regularly to ensure the process is effective and compliant with regulatory changes.
Monitoring and Reporting:
Schedule and conduct regular internal audits of Title IV funds return procedures and withdrawal processes to ensure ongoing compliance.
Review audit findings, staff performance, and timelines to identify potential areas for improvement.
Compliance Reporting:
Prepare a report for the administrative team outlining corrective actions taken, including the return of funds, updated procedures, and staff training.
Responsible Officials: Kim McKay – Vice President Student Services
Anticipated Date of Completion: May 2025 meetings to reinforce the importance of compliance.