Finding Text
Finding No. 2024-001 Identification of the Federal Program: Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268
Compliance Requirement: Reporting
Condition: The date of disbursement of federal funds per the College's records did not agree to date of disbursement reported to the Common Origination and Disbursement (“COD”) system.
Criteria: Disbursement data reported to the COD system should agree to the institution's records.
Cause: Subsequent to the implementation of a new financial aid system, the College did not have all appropriate safeguards in place to ensure accurate reporting of disbursement data to the COD system.
Context: The College transitioned to a new financial aid system during the fiscal year and had not reviewed all types of students to identify errors in reporting. As a result, the College’s records did not support the disbursement data reported to the COD system for five out of twenty-five sampled students.
Effect: The College did not report disbursement data to the COD system accurately.
Recommendation: The College should continue to review the process for reporting under the new financial aid system to ensure accurate reporting of disbursement data to the COD system.
Management Response: The College concurs with this finding. Corrective Action Plan: See enclosed management's corrective action plan.