Finding 1105217 (2024-002)

Finding 2024-002: Inaccurate Reporting of Disbursement Dates to the COD System – SFA Cluster (significant deficiency) Statement of Condition: The Financial Aid Office does not consistently report disbursement dates to COD correctly. Criteria: According to 34 CFR 668.164(a), Disbursing Funds, an institution makes a disbursement of Title IV, HEA funds on the date that the institution credits a student’s account at the institution or pays a student or parent directly with funds received from the Secretary; or institutional funds used in advance of receiving Title IV, HEA funds. Cause of Condition: The College did not consistently follow their policy over COD reporting to ensure the date awards are disbursed to students agrees to the date the disbursement is reported in the COD system. Effect of Condition: The College’s inadequate reporting caused two (2) out of six (6) students tested to be incorrectly reported to COD. Recommendation: We recommend the College establish and follow COD reporting procedures to ensure that the institution accurately reports to COD the date that the institution disburses Title IV funds to each student’s ledger account. Management’s Response: Management agrees and will submit a Corrective Action Plan to address these issues.