Finding Text
Finding No. 2023-002
CFDA No: 84.063
Program Name: Pell Grant
Compliance Requirement: Disbursements – Reporting disbursements on COD.
Criteria
Reconciliation is the process by which a school reviews and compares Title IV aid (grants, loans, and
campus-based aid) recorded on the Department’s systems (COD System) with the information in the
school’s internal records. Schools should reconcile both internally (between Business Office and
Financial Aid Office data) and externally (between school data and the COD System).
Condition
We identified one (1) instance on which the student disbursement ledger date did not agree with COD
disbursement date.
Effect
The Institution did not report the correct date on COD.
Cause
The Institution recorded the COD date on the day the officer recorded the transaction on COD and the
Ledger date the day the disbursement was recorded by the officer.
Questioned Cost $ -0-
Recommendation
The Institution must reinforce its internal control procedures to ensure that the student disbursement date
agrees with COD disbursement date. Through reconciliation, disbursement and cash discrepancies are
identified and resolved in a timely manner to ensure the school meets all regulatory requirements.
Schools must document their reconciliation efforts and retain this documentation for auditing purposes.
Management Response
The institution’s management agrees with the auditor. See corrective action plan.