Finding 1092053 (2024-002)

Significant Deficiency Repeat Finding
Requirement
N
Questioned Costs
-
Year
2024
Accepted
2024-12-18

AI Summary

  • Core Issue: R2T4 calculations were not done accurately or on time, leading to incorrect federal fund returns.
  • Impacted Requirements: Non-compliance with 34 CFR 668.22, resulting in questioned costs of $2,509.
  • Recommended Follow-Up: Implement a second review for R2T4 calculations to ensure accuracy and timeliness.

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.

Categories

Student Financial Aid Matching / Level of Effort / Earmarking Reporting Significant Deficiency

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $20.35M
84.063 Federal Pell Grant Program $6.52M
84.033 Federal Work-Study Program $401,678
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $356,706
84.007 Federal Supplemental Educational Opportunity Grants $273,628
84.038 Federal Perkins Loan Program $0