Finding Text
FINDING 2024-003: INCORRECT REFUND CALCULATION
FEDERAL AGENCY: U.S. DEPARTMENT OF EDUCATION
PROGRAM NAME: FEDERAL PELL GRANT PROGRAM, FEDERAL DIRECT LOAN PROGRAM
ALN: 84.063, 84.268
FEDERAL AWARD YEAR: 2023-2024
Compliance Requirement: Special Tests and Provisions (N.) - Return of Title IV Funds
Criteria: An institution must use the Return to Title IV refund calculation (34 CFR 668.22).
Condition: We tested eighteen drop students and found one incorrect refund calculation. We consider this finding
to be an instance of non-compliance.
Cause: The condition was caused by a manual oversight in the financial aid department.
Effect: The result is the Institution retained funds which should have been refunded to the Department of
Education.
Question Costs: $50
Statistical sampling was not used when making sample selections.
Recommendation: We recommend the Institution refund $50 to the Department of Education and increase controls
over refund calculations.
Views of Responsible Officials: The Institution agrees with the Single Audit Finding and a response is included in
the Corrective Action Plan.