Finding Text
Common Origination and Disbursement (COD) Reporting DEPARTMENT OF EDUCATION
ALN #: 84.268
Federal Award Identification #: 2023-2024 Award Year
Condition: The dates Federal Direct Loans (FDL) were posted to student accounts did not always agree to disbursement records reported to COD.
Criteria: 34 CFR 668.164(a)
Questioned Costs: $0
Context: Out of 60 tested, 18 students had disbursement dates for FDL that did not agree between COD and student accounts. Disbursement dates on student accounts ranged from 6 to 57 days later than disbursement dates reported to COD. More than half of the discrepancies noted occurred during the month of September where disbursement dates on student accounts were 12 days later than disbursement dates reported to COD. These were not corrected during the audit.
Cause: There was transition in key roles in the financial aid office during the 2023-2024 award year. During the transition, new financial aid personnel was communicated inaccurate information from the previous team that mismatched dates in COD were not important.
Effect: Inaccurate disbursement dates were reported to COD.
Identification as repeat finding, if applicable: Not applicable.
Recommendation: We recommend the financial aid office perform monthly reconciliations between student accounts and COD to identify mismatched disbursement dates and correct them.
Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.