Finding Text
Criteria or specific requirement – Special Tests and Provisions – Using a Servicer or Financial Institution to Deliver Title IV Credit Balances to a Card or Other Access Device (34 CFR 668.164(e) and (f).
Condition – The University did not provide a URL for the contract to the Department of Education for publication in the Cash Management Contracts Database.
Questioned Costs - $0
Context – The University entered into an agreement with a servicer to deliver Title IV credit balances in 2017 but did not provide the URL to the Department of Education.
Effect – The University was not in compliance with the requirements noted above.
Cause – The University’s internal controls did not ensure the required information was provided to the Department of Education.
Identification of repeat finding, if applicable – N/A
Views of responsible officials and planned corrective actions – The University has reviewed the requirements in 34 CFR 668.164(e) and (f) and the required information was submitted to the Department of Education on September 13, 2024. It should be noted that the information was available to the student’s on the University’s website at all times required.