Condition: The University has discrepancies between the date utilized in the return to Title IV calculations and the date required to be utilized based on federal regulations.
There were three errors that attributed to this finding:
1) Of the 60 students tested, there were 2 students with discrepanc...
Condition: The University has discrepancies between the date utilized in the return to Title IV calculations and the date required to be utilized based on federal regulations.
There were three errors that attributed to this finding:
1) Of the 60 students tested, there were 2 students with discrepancies between the date utilized in return to Title IV calculations and the date required to be utilized based on federal regulations.
2) Of the 60 students tested, there was 1 identified for whom no return to Title IV calculation was performed, and, therefore, there was no return of funds until the student was selected for testing for the audit.
3) Of the 60 students tested, there was 1 identified for whom the incorrect amount of aid was returned.
Planned Corrective Action:
To address the first and third errors, the following actions will be taken:
• To reinforce procedural knowledge of the return of Title IV aid, the staff responsible for the calculation of return of Title IV funds will complete a training course provided by the National Association of Student Financial Aid Administrators titled Return of Title IV Funds FA23.
• Each semester, return procedures will be reviewed by staff and training on the use of the review checklist will be completed.
• The Director of Student Accounts will perform audits of calculations each semester.
• It will be requested that the Internal Audit department assist in the same.
To address the second error, the Financial Aid Office will complete a monthly reconciliation to ensure the students receiving aid are enrolled by comparing enrollment reports from the student information system (SIS) and financial aid system. Additionally, the university is implementing a new financial aid system and will ensure integration between the SIS and financial aid system are working properly.
Contact person responsible for corrective action: Brian Bell, Director Student Account Services (errors 1 & 3); Sarah Kasabian-Larson, Director of Scholarships and Financial Aid (error 2)
Anticipated Completion Date: 11/15/2023 for procedural changes. Implementation of the new financial aid system scheduled for the 2024-2025 academic year.