2024-002 Plan: As of 03/20/2025 this is complete.
Objective: Ensure that the Return to Title IV calendar is set up correctly.
In order to address the original setup of the Return to Title IV calendar that was done
with Colleague specialists in the original setup, we now confirm that the calendar is ...
2024-002 Plan: As of 03/20/2025 this is complete.
Objective: Ensure that the Return to Title IV calendar is set up correctly.
In order to address the original setup of the Return to Title IV calendar that was done
with Colleague specialists in the original setup, we now confirm that the calendar is now
correctly established and that the previous issues have been resolved. Initially, the
calendar was impacted by the inclusion of four federal holidays, which led to
inaccuracies. To rectify this, we conducted thorough research and collaborated closely
with Ellucian support to devise a robust annual setup plan that will prevent the
recurrence of such errors in the future. Moving forward, we have instituted a proactive
approach in which we will meticulously review and manually count the calendar each
year prior to the start of the academic year. This ensures that all holidays and relevant
dates are accurately reflected in the calendar to align with federal guidelines, effectively
mitigating any potential disruptions. Through these measures, we aim to maintain
compliance and enhance the overall integrity of our Return to Title IV processes.
Objective: Ensure that the Return to Title IV funds are returned within the 45 day
timeline.
lnorder to address the timely return of funds within the 45-day federal timeframe, we
acknowledge that this was our first year utilizing a new system, which presented a
learning curve for our team. To address this challenge, we partnered with the Ellucian
team to implement an automated notification system that triggers alerts at the 30-day
mark whenever a Return to Title IV (R2T 4) calculation has been performed but the
associated funds have not yet been returned or transmitted for return. This proactive
measure is designed to enhance our operational efficiency and ensure compliance with
federal regulations. By enabling timely notifications, we can better maintain the integrity
of federal policies and the R2T 4 process itself, allowing our staff to take appropriate
action and ensure that funds are returned promptly. Furthermore, we will conduct
periodic reviews of this system and its effectiveness to identify any additional
improvements, fostering ongoing compliance and strengthening our financial processes
in future academic years.