Finding Text
Federal Program Information: Student Financial Assistance Cluster: Federal Supplemental Education Opportunity Grants (Assistance Listing #84.007), Federal Work-Study Program (Assistance Listing #84.033), Federal Pell Grant Program (Assistance Listing #84.063), Federal Direct Loan Program (Assistance Listing #84.268)
Criteria or Specific Requirement: N. Special Tests and Provisions –Return of Credit Balances: Federal Regulations require credit balances to returned to students with 14 days of the credit being created on the students account.
Condition: The University did not return credit balances to students within the required timeframe.
Cause: Administrative oversight.
Effect or Possible Effect: The University was not in compliance with federal regulations regarding the timing of return of credit balances.
Questioned Costs: None.
Context: Based on a sample of 40 students, 3 students selected had a credit balance that was not returned within the 14-day period.
Identification of Repeat Finding: This is a repeat of prior year finding 2023-002.
Recommendation: We recommend that the University enhance its procedures to ensure timely return of credit balances to students.
Views of Responsible Officials: The University experienced significant turnover of staff in the Business Office, particularly in Student Accounts, during summer 2024 through fall 2024. The University recognizes that there needs to be better checks and balances in place to ensure all credit balances triggered by federal aid are properly refunded to students within the 14-day required period.
Director of Student Accounts will more frequently post financial aid awards on student accounts, once a week at a minimum. The Business Office will monitor all refunds and process them weekly. Additionally, a concerted effort to have the majority of students signed up for eRefund will be made priority.
The AVP of Business and Finance will review the status of all credit balances on Student accounts’ on a weekly basis throughout the year to ensure timely reimbursement.