Finding Text
U.S. Department of Education Student Financial Aid Cluster 84.038 84.038 does not have a FAIN # on the USASpending.gov website Requirements: (N7) Perkins Condition: The College does not keep the original paper promissory notes in a locked fireproof container. The notes are stored in boxes in storage areas. Criteria: Per 34 CFR 674.19, institutions are required to keep original paper promissory notes and repayment schedules in a locked fireproof container. Cause: Management was not aware of the document retention requirements and did not establish proper physical security controls over the original promissory notes. Effect: The documents could be lost or damaged. Repeat Finding: Not a repeat finding Recommendation: RBT suggests that the College develop and follow detailed controls over securing these documents. Perspective: This issue appears to be systemic since it impacted all promissory notes. Management’s Response: See corrective action plan.