Finding Text
2024-001: Return of Title IV - Student Financial Aid Cluster - Assistance Listing Number
84.007, 84.033, 84.063, 84.268, Grant Period - Year Ended August 31, 2024
Criteria: According to 34 CFR 668.22 when a recipient of Title IV grant or loan assistance withdraws from a University during a payment period or period of enrollment in which the recipient began attendance, the University must determine the amount of Title IV grant or loan assistance that the student earned as of the student's withdrawal date.
Condition: During our return of Title IV Fund testing we noted that University did not properly calculate or return Title IV for one student out of the five students in our sample. The University returned $687 more in Title IV funds than they were required to return. We consider this to be an instance of non-compliance relating to the Special Tests and Provisions Compliance Requirement. Statistical sampling was not performed in the selection of the sample.
Questioned Costs: $0
Effect: The University did not properly calculate the return of Title IV for one student
out of five resulting in the University returning $687 more than required. Cause: The University’s internal controls did not identify the fact that the incorrect amount of aid was returned to the Department of Education when calculating the return of Title IV.
Recommendation: We recommend the University assign specific responsibilities to review students return of Title IV calculation to verify the correct amount is calculated.
Views of Responsible Officials: Management agrees with the Single Audit finding and a response is included in the Corrective Action Plan.