Finding 1115284 (2024-003)

Criteria – After a student withdraws and is determined to not have earned 100% of their Title IV funds, institutions are required to return the unearned portion of Title IV funds to DOE within 45 days of the institution determining that the student had withdrawn. Condition – Out of four withdrawals selected for testing, the University did not return one student’s portion of unearned Title IV funds until 56 days after it determined that the student had withdrawn. Cause – The University did not have effective controls in place to ensure that Title IV funds were returned within the 45 day window. Effect – The University was not in compliance with the DOE’s requirements for returning funds to the DOE. Recommendation – We recommend that the University assess and ensure that there are adequate resources and training available to handle Title IV fund returns timely. Additionally, we recommend the University develop policies and procedures to ensure timely processing of refunds View of Responsible Officials – We agree with the auditor’s finding as set forth above. The University has experienced turnover in recent years in the financial aid department. This responsibility has been assigned to a new individual who has the necessary training and experience to ensure that Return to Title IV refunds are completed in the required timeframe.