Finding 1102047 (2024-002)

Significant Deficiency
Requirement
N
Questioned Costs
-
Year
2024
Accepted
2025-03-04
Audit: 344704
Organization: Central Methodist University (MO)

AI Summary

  • Core Issue: Three students received incorrect financial aid packages, resulting in under-awards of federal loans and grants.
  • Impacted Requirements: Disbursement of federal direct loans must align with the Federal Student Aid Handbook.
  • Recommended Follow-Up: The University should create and enforce policies to ensure proper review of financial aid packaging.

Finding Text

Finding 2024-003: Policies and Procedures Related to Packaging Student Financial Aid – SFA Cluster (significant deficiency) Statement of Condition: From our testing sample of twenty-five (25) students, we found three (3) instances where student financial aid was incorrectly packaged. One (1) student was under-awarded federal direct subsidized loan and pell grant, one (1) student was under-awarded federal direct subsidized loan, and one (1) student was under-awarded a pell grant. Criteria: Federal direct loans should be disbursed in accordance with the Federal Student Aid Handbook, Volume 3. Effect of Condition: We found three (3) instances where student financial aid was incorrectly packaged; all three (3) students were under-awarded need-based aid. Cause of Condition: The University does not consistently follow its policy to review the packaging of student financial aid. Recommendation: We recommend the University develop policies and procedures to address these issues. Management’s Response: Management agrees and will submit a Corrective Action Plan to implement these recommendations immediately.

Categories

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

Other Findings in this Audit

  • 525603 2024-001
    Significant Deficiency
  • 525604 2024-002
    Significant Deficiency
  • 525605 2024-002
    Significant Deficiency
  • 525606 2024-001
    Significant Deficiency
  • 525607 2024-002
    Significant Deficiency
  • 525608 2024-001
    Significant Deficiency
  • 525609 2024-001
    Significant Deficiency
  • 525610 2024-002
    Significant Deficiency
  • 1102045 2024-001
    Significant Deficiency
  • 1102046 2024-002
    Significant Deficiency
  • 1102048 2024-001
    Significant Deficiency
  • 1102049 2024-002
    Significant Deficiency
  • 1102050 2024-001
    Significant Deficiency
  • 1102051 2024-001
    Significant Deficiency
  • 1102052 2024-002
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $13.39M
84.063 Federal Pell Grant Program $8.59M
84.007 Federal Supplemental Educational Opportunity Grants $314,664
84.033 Federal Work-Study Program $174,254
21.027 Coronavirus State and Local Fiscal Recovery Funds $83,685
20.205 Highway Planning and Construction $3,086