Finding 1115919 (2024-008)

Significant Deficiency
Requirement
N
Questioned Costs
-
Year
2024
Accepted
2025-03-28
Audit: 350009
Organization: Urshan College (MO)

AI Summary

  • Core Issue: The University has six Title IV checks that were stale for over 240 days, violating federal regulations.
  • Impacted Requirements: Compliance with 34 CFR 668.164(h)(2) and 2 CFR 200.303 regarding timely return of uncashed funds.
  • Recommended Follow-Up: Review and improve policies on student refund checks to ensure timely returns to the Department of Education.

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

Categories

Student Financial Aid Significant Deficiency Matching / Level of Effort / Earmarking Internal Control / Segregation of Duties

Other Findings in this Audit

  • 539468 2024-004
    Significant Deficiency Repeat
  • 539469 2024-004
    Significant Deficiency Repeat
  • 539470 2024-005
    Material Weakness
  • 539471 2024-005
    Material Weakness
  • 539472 2024-006
    Significant Deficiency Repeat
  • 539473 2024-006
    Significant Deficiency Repeat
  • 539474 2024-007
    Significant Deficiency Repeat
  • 539475 2024-007
    Significant Deficiency Repeat
  • 539476 2024-008
    Significant Deficiency
  • 539477 2024-008
    Significant Deficiency
  • 539478 2024-009
    Significant Deficiency
  • 539479 2024-009
    Significant Deficiency
  • 539480 2024-010
    Significant Deficiency
  • 539481 2024-010
    Significant Deficiency
  • 1115910 2024-004
    Significant Deficiency Repeat
  • 1115911 2024-004
    Significant Deficiency Repeat
  • 1115912 2024-005
    Material Weakness
  • 1115913 2024-005
    Material Weakness
  • 1115914 2024-006
    Significant Deficiency Repeat
  • 1115915 2024-006
    Significant Deficiency Repeat
  • 1115916 2024-007
    Significant Deficiency Repeat
  • 1115917 2024-007
    Significant Deficiency Repeat
  • 1115918 2024-008
    Significant Deficiency
  • 1115920 2024-009
    Significant Deficiency
  • 1115921 2024-009
    Significant Deficiency
  • 1115922 2024-010
    Significant Deficiency
  • 1115923 2024-010
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $1.87M
84.063 Federal Pell Grant Program $990,139