Finding Text
FINDING 2024-002: UNTIMELY PAID CREDIT BALANCE
FEDERAL AGENCY: U.S. DEPARTMENT OF EDUCATION
PROGRAM NAME: SFA CLUSTER
ALN: 84.268
FEDERAL AWARD YEAR: 2023-2024
Compliance Requirement: Special Tests and Provisions - Disbursements (N.) Criteria: An institution must pay credit balances to students within fourteen days of the creation of such credit or within fourteen days of the date the institution performs the Return calculation for withdrawn
students (34 CFR 668.164 and 668.165). Condition: We tested forty files, twenty-three of which had credit balances, and one credit balance was not
paid in a timely manner. We consider this finding to be an instance of non-compliance. Cause: The condition was caused by an oversight in the financial aid department.
Effect or Potential Effect: As a result, the Institution was holding funds that needed to be returned to the
student.
Statistical sampling was not used when making sample selections.
Questioned Costs : $0 Recommendation: We recommend the College increase controls over credit balances. Views of Responsible Officials: The College agrees with the Single Audit Finding and a response is included in the
Corrective Action Plan.