Finding Text
Criteria: When a return of Title IV funds is required, the U.S. Department of Education requires that Title IV funds be returned as soon as possible, but no later than 45 days of becoming aware that the student had withdrawn, deposits or transfers were made into the federal funds account, electronic transfers were initiated, or checks were issued. Condition: Two amounts required to be returned to Title IV were not returrned within the prescribed 45 days. Cause: Calculations of petential returns to Title IV were not made timely. Effect: Required returns of Title IV funds were not within 45 days as required by the U.S. Department of Education. Questioned Costs: The two instances of noncompliance totaled $2,987. These funds were returned, but after the required 45 days. Recommendation: The Siminary should make timely calculations to determine if a refund of Title IV funds is required when a student withdraws. The Seminary needs to establish procedures to notify the person(s) responsible for calculating if a refund determination needs to be made and another person to oversee the process, review the calculation and make sure the funds are returned timely.