Finding Text
Finding 2024-001
Federal Program:
U.S. Department of Education:
Student Financial Aid Cluster
Federal Pell Grant, Assistance Listing 84.063
Federal Supplemental Education Opportunity Grant, Assistance Listing 84.007
Federal Direct Loan Program, Assistance Listing 84.268
Criteria:
The College must comply with 34 Section 668.22.
Condition:
During our testing of official withdrawals, we selected five samples and noted that for one of the samples, the return of funds calculation was improperly calculated due to the University using the incorrect withdrawal date.
Cause:
The University’s procedure to review return of funds calculation did not catch the error.
Effect:
The provisions of 34 CFR Section 668.22 were not followed and thus one student had an incorrect return of funds calculation.
Questioned Costs:
Known questioned costs total $1,779 in Title IV aid that should have been returned as a result of our testing of five official withdrawals.
Finding 2024-001, continued
Recommendation:
We recommend that the University review and revise their policies and procedures related to the returns of fund calculation. Specifically, the University should implement a review process to verify calculations before finalizing returns. Views of Responsible Officials and Planned Corrective Actions:
Bellarmine University agrees with the auditors’ finding and recommendations. The following corrective action will be taken:
The University will return $1,779 in federal student financial aid to the United States Department of Education (USED) which represents the updated R2T4 accounting for the correct withdrawal dates in the Spring 2024 semester.
There will be an additional review process that will include validation from financial and student accounts to verify calculations before finalizing returns of funds. Financial Aid will provide an additional R2T4 form that has date of determination and LDA. Financial Aid will review that all dates and calculations match after the R2T4 has been completed and before handing off to student accounts. Student accounts will then review to confirm all dates and amounts match before processing the return of funds.
April Tretter, Director of Financial Aid, expected implementation date 2.26.25.