Finding Text
Condition:
Title IV funds for three out of 17 students examined were not timely returned to the student financial assistance program. The Title IV fund calculations for all three students examined were not correctly calculated.
Effect: The Organization failed to return funds within the 45 days regulatory requirement, and did not perform the correct calculation which permitted the improper retention of federal funds.
Cause: Due to oversight, unearned aid was not accurate or timely returned.
Questioned costs: $954.05
Context: Of 169 student financial aid recipients, 17 cases involved Title IV funds returned. Three of the 17 cases examined were incorrect and not timely.