Finding 1124022 (2024-003)

Significant Deficiency Repeat Finding
Requirement
N
Questioned Costs
$1
Year
2024
Accepted
2025-03-31
Audit: 351759
Organization: Newberry College (SC)
Auditor: Capincrouse LLC

AI Summary

  • Core Issue: The College failed to return unearned Title IV funds for 2 out of 26 students who withdrew, leading to a significant deficiency.
  • Impacted Requirements: This violates 34 CFR 668.22, which mandates timely return of Title IV funds.
  • Recommended Follow-Up: Review all students with zero credits at term's end to identify unofficial withdrawals and ensure necessary returns are made.

Finding Text

2024-003 Late Return of Title IV Funds (R2T4) Significant Deficiency DEPARTMENT OF EDUCATION ALN #: 84.268 Federal Award Identification #: 2023-2024 Award Year Condition: When students withdrew either officially or unofficially, the College did not always return unearned Title IV aid. Criteria: 34 CFR 668.22 Questioned Costs: $2,817 Context: Out of 26 students tested for timely return of Title IV funding, 2 students who withdrew before the 60% mark of the term did not have an R2T4 completed. This resulted in $2,817 of unsubsidized loans that need to be returned to the Department of Education. Cause: This was an oversight by the College. Effect: Returns of federal funding were not made. Identification as repeat finding, if applicable: 2023-002 Recommendation: We recommend the College review all students with zero credits in a term at the end of the term to determine if they unofficially withdrew and if a return was necessary. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.

Categories

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

Other Findings in this Audit

  • 547579 2024-002
    Material Weakness Repeat
  • 547580 2024-003
    Significant Deficiency Repeat
  • 547581 2024-004
    Significant Deficiency
  • 547582 2024-006
    -
  • 547583 2024-002
    Material Weakness Repeat
  • 547584 2024-005
    - Repeat
  • 547585 2024-007
    Significant Deficiency Repeat
  • 1124021 2024-002
    Material Weakness Repeat
  • 1124023 2024-004
    Significant Deficiency
  • 1124024 2024-006
    -
  • 1124025 2024-002
    Material Weakness Repeat
  • 1124026 2024-005
    - Repeat
  • 1124027 2024-007
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
10.766 Community Facilities Loans and Grants $24.20M
84.268 Federal Direct Student Loans $11.30M
84.063 Federal Pell Grant Program $4.43M
84.007 Federal Supplemental Educational Opportunity Grants $157,021
84.033 Federal Work-Study Program $71,453
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $32,062