Finding Text
2024-008
8540.17
Department Of Education
Student Financial Aid
84.063, 84.268
"P063P218567-2024
P268K228567-2024"
N/A
N/A
7/1/23 - 6/30/24
Significant Deficiency
Did not result in material questioned costs therefore will document as a SD.
Finding is neither systemic nor will it lead to 5% questioned cost.
N/A
"The Code of Federal Regulations, 34 CFR 668.164(h)(2) states that an institution that attempts to disburse funds by check and the check is not cashed, the institution must return the funds to the Secretary no later than 240 days after the date it issued that check.
Per Uniform Guidance 2 CFR 200.303, nonfederal entities receiving federal awards are required to establish and maintain internal controls designed to reasonably ensure compliance with federal laws, regulations, and program compliance requirements."
Six Title IV checks were observed during testing that were stale more than 240 days.
4333.85
The University had six stale Title IV checks greater than 240 days
The college did not have the appropriate resources and staffing in place to verify they were in compliance with all requirements.
Funds are not returned to the Department of Education in a timely manner
No
We recommend that the University review policies and procedures related to student refund checks to ensure stale checks are returned to the Department of Education.
Management agrees with this finding.
See 0100.25