FAC Explorer

Finding 1081307 (2024-001)

Significant Deficiency
Requirement
C
Questioned Costs
-
Year
2024
Accepted
2024-11-07
Audit: 327621
Organization: University of Oklahoma Norman Campus (OK)
Auditor: Forvis Mazars LLP

AI Summary

  • Core Issue: Excess cash from federal student aid was not returned to the Department of Education within the required seven-day period.
  • Impacted Requirements: Institutions must disburse Title IV funds within three business days or return excess cash exceeding one percent of prior year drawdowns within seven days.
  • Recommended Follow-Up: Enhance controls over cash drawdowns to ensure timely disbursement and compliance with federal requirements.

Finding Text

Federal Program - Student Financial Assistance Cluster, ALN 84.063 Federal Pell Grant Program and ALN 84.268 Federal Direct Student Loans, Department of Education, Award Year 2024 Criteria or Specific Requirement - Cash Management, 34 CFR 668.162(b)(3) Condition - For institutions on the Advance Payment Method, Title IV funds not disbursed to recipients by the end of the third business day are considered excess cash. The Department of Education (ED) allows an institution to retain, for up to seven days, excess cash that does not exceed one percent of the total amount of funds drawn by the institution in the prior year. The institution must return to ED any excess cash over the tolerable amount (one percent) and any amount remaining after the tolerance period (seven days). Questioned Costs - None Context - From February 20, 2024 to April 9, 2024, total cash drawdowns for student financial aid consistently exceeded aid disbursements to recipients (expenditures) by an amount less than one percent of prior year drawdowns. The excess cash during this period was not returned to ED within seven days. There was no excess cash at year-end. Cause - One drawdown was not recorded timely during the year, which led to overdrawn funds. Effect - Cash drawdowns exceeded disbursements for a period of time longer than ED allows, and funds were not returned within the required time frame. Identification as a Repeat Finding, if Applicable - Not a repeat finding. Recommendation - All cash drawdowns should either be disbursed to recipients within three business days or returned to ED within seven days. Controls over the drawdown process should be enhanced to ensure the University does not draw excess funds. Views of Responsible Officials and Planned Corrective Actions - Management concurs with the finding. Management has implemented controls within the drawdown process that includes a secondary review and approval of the amount and timing of each drawdown. This will help ensure that limits are not exceeded, and if there are instances that require a return of funds, will provide oversight to help ensure the timely return of those funds.

Categories

Cash Management Student Financial Aid

Other Findings in this Audit

  • 504864 2024-001
    Significant Deficiency
  • 504865 2024-001
    Significant Deficiency
  • 1081306 2024-001
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $155.85M
84.063 Federal Pell Grant Program $31.93M
11.432 National Oceanic and Atmospheric Administration (noaa) Cooperative Institutes $18.45M
84.334 Gaining Early Awareness and Readiness for Undergraduate Programs $9.72M
12.300 Basic and Applied Scientific Research $4.78M
84.038 Perkins Loan Program $4.74M
84.126 Rehabilitation Services Vocational Rehabilitation Grants to States $4.51M
11.307 Economic Adjustment Assistance $4.48M
84.007 Federal Supplemental Educational Opportunity Grants $1.89M
11.431 Climate and Atmospheric Research $1.32M
11.405 Cooperative Institute (inter-Agency Funded Activities) $1.25M
84.334A K20 Gear Up for Life (learning and Investing Future Education) $1.24M
93.323 Epidemiology and Laboratory Capacity for Infectious Diseases (elc) $1.22M
84.184X School Safely National Activities $1.09M
84.335 Child Care Access Means Parents in School $967,134
12.800 Air Force Defense Research Sciences Program $929,344
81.121 Nuclear Energy Research, Development and Demonstration $928,925
93.600 Head Start $605,086
93.395 Cancer Treatment Research $593,255
81.000 Department of Energy Contract $591,639
12.630 Basic, Applied, and Advanced Research in Science and Engineering $541,950
98.012 Usaid Development Partnerships for University Cooperation and Development $540,512
47.078 Polar Programs $516,326
93.173 Research Related to Deafness and Communication Disorders $462,575
93.398 Cancer Research Manpower $454,477
84.324 Research in Special Education $441,022
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $432,312
20.724 Pipeline Safety Research Competitive Academic Agreement Program (caap) $399,466
19.415 Professional and Cultural Exchange Programs - Citizen Exchanges $396,544
93.213 Research and Training in Complementary and Integrative Health $394,443
47.083 Integrative Activities $354,548
12.598 Centers for Academic Excellence $306,918
93.394 Cancer Detection and Diagnosis Research $301,650
93.846 Arthritis, Musculoskeletal and Skin Diseases Research $281,579
20.509 Formula Grants for Rural Areas and Tribal Transit Program $258,742
93.855 Allergy and Infectious Diseases Research $251,676
84.325 Special Education - Personnel Development to Improve Services and Results for Children with Disabilities $249,302
11.609 Measurement and Engineering Research and Standards $243,692
96.008 Social Security - Work Incentives Planning and Assistance Program $240,614
84.047 Trio Upward Bound $237,241
93.268 Immunization Cooperative Agreements $222,780
59.058 Federal and State Technology Partnership Program $216,486
11.022 Bipartisan Budget Act of 2018 $206,812
93.847 Diabetes, Digestive, and Kidney Diseases Extramural Research $202,941
11.468 Applied Meteorological Research $202,147
20.701 University Transportation Centers Program $178,852
97.061 Centers for Homeland Security $178,234
15.810 National Cooperative Geologic Mapping $175,417
11.020 Cluster Grants $155,780
12.910 Research and Technology Development $152,071
93.384 Advanced Research Projects Agency for Health (arpa-H) $148,330
93.434 Every Student Succeeds Act/preschool Development Grants $147,018
93.865 Child Health and Human Development Extramural Research $134,167
15.073 Earth Mapping Resources Initiative $128,698
93.276 Drug-Free Communities Support Program Grants $123,528
93.556 Marylee Allen Promoting Safe and Stable Families Program $114,139
84.326T Special Education Technical Assistance and Dissemination to Improve Services and Results for Children with Disabilities $109,798
20.109 Air Transportation Centers of Excellence $109,257
47.079 Office of International Science and Engineering $105,215
15.805 Assistance to State Water Resources Research Institutes $104,216
11.469 Congressionally Identified Awards and Projects $103,694
47.049 Mathematical and Physical Sciences $103,490
84.217 Trio McNair Post-Baccalaureate Achievement $100,434
93.113 Environmental Health $98,846
47.041 Engineering $98,376
81.057 University Coal Research $98,212
81.087 Renewable Energy Research and Development $93,732
15.255 Science and Technology Projects Related to Coal Mining and Reclamation $84,954
20.616 National Priority Safety Programs $83,748
43.001 Science $83,378
11.478 Center for Sponsored Coastal Ocean Research Coastal Ocean Program $79,840
15.224 Cultural and Paleontological Resources Management $75,878
84.033 Federal Work-Study Program $75,000
15.506 Water Desalination Research and Development $73,874
84.116 Fund for the Improvement of Postsecondary Education $69,422
47.050 Geosciences $64,147
81.041 State Energy Program $63,726
43.002 Aeronautics $62,659
12.431 Basic Scientific Research $60,619
10.310 Agriculture and Food Research Initiative (afri) $59,847
81.049 Office of Science Financial Assistance Program $56,243
84.411C Education Innovation and Research (formerly Investing in Innovation (i3) Fund) $54,601
93.959 Block Grants for Prevention and Treatment of Substance Abuse $50,485
47.084 Nsf Technology, Innovation, and Partnerships $49,893
93.648 Child Welfare Research Training Or Demonstration $49,563
93.393 Cancer Cause and Prevention Research $49,337
47.075 Social, Behavioral, and Economic Sciences $48,369
93.353 21st Century Cures Act - Beau Biden Cancer Moonshot $44,408
66.445 Innovative Water Infrastructure Workforce Development Program (sdwa 1459e) $42,324
15.634 State Wildlife Grants $41,188
15.560 Secure Water Act � Research Agreements $40,913
93.839 Blood Diseases and Resources Research $40,421
84.326 Special Education Technical Assistance and Dissemination to Improve Services and Results for Children with Disabilities $40,213
93.110 Maternal and Child Health Federal Consolidated Programs $39,972
10.557 Wic Special Supplemental Nutrition Program for Women, Infants, and Children $39,418
15.945 Cooperative Research and Training Programs � Resources of the National Park System $39,261
93.243 Substance Abuse and Mental Health Services Projects of Regional and National Significance $36,763
11.472 Unallied Science Program $36,725
84.425D Education Stabilization Fund $35,161
15.814 National Geological and Geophysical Data Preservation $34,989
45.312 National Leadership Grants $33,638
11.459 Weather and Air Quality Research $32,133
66.203 Environmental Finance Center Grants $31,185
15.615 Cooperative Endangered Species Conservation Fund $30,978
45.160 Promotion of the Humanities Fellowships and Stipends $30,302
93.590 Community-Based Child Abuse Prevention Grants $28,250
15.820 National and Regional Climate Adaptation Science Centers $27,103
15.611 Wildlife Restoration and Basic Hunter Education and Safety $25,844
93.242 Mental Health Research Grants $25,742
93.870 Maternal, Infant and Early Childhood Homevisiting Grant Program $25,633
19.040 Public Diplomacy Programs $23,906
81.089 Fossil Energy Research and Development $23,549
42.013 Of the People: Community Collections Grants $22,478
93.172 Human Genome Research $20,211
15.670 Adaptive Science $20,007
93.969 Pphf Geriatric Education Centers $20,007
10.729 Inflation Reduction Act - National Forest System $19,729
12.420 Military Medical Research and Development $19,497
12.351 Scientific Research - Combating Weapons of Mass Destruction $19,189
93.853 Extramural Research Programs in the Neurosciences and Neurological Disorders $19,034
15.904 Historic Preservation Fund Grants-in-Aid $17,740
93.837 Cardiovascular Diseases Research $17,632
93.279 Drug Abuse and Addiction Research Programs $16,440
93.866 Aging Research $16,192
93.397 Cancer Centers Support Grants $14,088
45.149 Promotion of the Humanities Division of Preservation and Access $14,032
15.808 U.s. Geological Survey Research and Data Collection $13,947
12.901 Mathematical Sciences Grants $13,915
93.652 Adoption Opportunities $13,859
47.076 Stem Education (formerly Education and Human Resources) $12,426
93.307 Minority Health and Health Disparities Research $12,321
15.664 Fish and Wildlife Coordination and Assistance $11,099
42.011 Library of Congress Grants $10,356
89.003 National Historical Publications and Records Grants $10,142
84.305 Education Research, Development and Dissemination $10,134
10.001 Agricultural Research Basic and Applied Research $9,269
15.511 Cultural Resources Management $9,006
59.076 Lab-To-Market $8,181
93.859 Biomedical Research and Research Training $5,483
15.156 Tribal Climate Resilience $5,093
15.922 Native American Graves Protection and Repatriation Act $3,082
10.069 Conservation Reserve Program $2,818
47.070 Computer and Information Science and Engineering $2,579
93.498 Provider Relief Fund and American Rescue Plan (arp) Rural Distribution $1,973
93.958 Block Grants for Community Mental Health Services $1,299
15.807 Earthquake Hazards Program Assistance $1,051
47.074 Biological Sciences $861
16.831 Children of Incarcerated Parents $759
10.699 Partnership Agreements $635
15.914 National Register of Historic Places $210
11.303 Economic Development Technical Assistance $120
93.680 Medical Student Education $20
93.788 Opioid Str $-2
93.867 Vision Research $-180
93.310 Trans-Nih Research Support $-256
45.024 Promotion of the Arts Grants to Organizations and Individuals $-533
43.008 Office of Stem Engagement (ostem) $-608
45.164 Promotion of the Humanities Public Programs $-1,673
20.200 Highway Research and Development Program $-2,645
81.086 Conservation Research and Development $-8,754
81.135 Advanced Research Projects Agency - Energy $-12,102
20.106 Airport Improvement Program, Covid-19 Airports Programs, and Infrastructure Investment and Jobs Act Programs $-17,910