Finding Text
Criteria: The School must return Title IV funds to the Department of Education ("DOE") that have not been disbursed to a student's account no later than 45 days after the date the School determines that a refund is necessary. Condition: The School did not return certain Title IV funds to the DOE within 45 days. Cause: The School did not reconcile the student accounts in a timely manner to ensure the return of certain Title IV funds to the DOE within the 45 day requirement. Effect: Three instances occurred where Title IV funds were not disbursed to the students account, ranging from approximately $1,800 to $18,500. Further, these funds were not returned to the DOE within 45 days. Perspective Information: This issue was noted in three out of forty-nine students selected for testing. Recommendations: We recommend that the School ensure any Title IV funds that are not disbursed to a student's account are returned to the DOE within 45 days. Views of Responsible Officials and Planned Corrective Actions: The School has implemented a comprehensive set of corrective actions to strengthen internal controls and ensure any Title IV funds that are not disbursed to a student's account are returned to the DOE within 45 days. Please see attached corrective action plan.