FAC Explorer

Finding 1138574 (2024-003)

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Requirement
N
Questioned Costs
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Year
2024
Accepted
2025-06-02
Audit: 357766
Organization: Los Angeles Chapter National Tooling & MacHining Association Training Centers Trust (CA)
Auditor: Vasquez & Company LLP

AI Summary

  • Issue: A student experienced a delay in receiving their credit balance, which was paid 30 days late.
  • Requirements Impacted: Timely distribution of credit balances and obtaining student authorization for holding funds were not followed.
  • Recommended Follow-up: Review and improve processes to ensure timely payments and proper authorization from students.

Finding Text

Special Tests and Provision: Disbursements to and or on Behalf of Students: Untimely Distribution of Credit Balance to Student We found that 1 out of 20 students selected for testing had a credit balance after the disbursement of Title IV funds on June 12, 2023. However, the institution did not pay the resulting credit balance directly to the student until July 12, 2023—30 days after the credit balance was created. Furthermore, the institution did not obtain voluntary authorization from the student to allow the credit balance to be held.

Categories

Student Financial Aid Reporting Special Tests & Provisions

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.063 Federal Pell Grant Program $832,607
84.268 Federal Direct Student Loans $495,733
84.425 Education Stabilization Fund $330,146