Finding Text
Incorrect and Untimely Return of Title IV Funds (R2T4) Significant Deficiency
DEPARTMENT OF EDUCATION
ALN #: 84.268, 84.063
Federal Award Identification #: 2023-2024 Award Year
Condition: R2T4's were not always performed accurately and timely.
Criteria: 34 CFR 668.22
Questioned Costs: $2,509
Context: 3 out of 60 withdrawals tested had incorrect funds returned. For 2 students, the R2T4 was calculated correctly but the University returned $1,177 more of federal direct loans (FDL) than required. 1 R2T4 calculation was missed and completed during the audit resulting in $2,509 of FDL being returned during the audit.
Cause: This was an oversight by the University.
Effect: Incorrect amounts of federal funding were returned. The one late return was 405 days late.
Identification as repeat finding, if applicable: 2023-003
Recommendation: While the University has made significant progress in this area, due to the complexity of the nonstandard term modular program R2T4 calculations, we continue to recommend that a second review and approval of the calculation be completed as part of the R2T4 process.
Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.