Finding Text
Special Tests and Provision: Return of Title IV Funds: Incorrect Calculation of Return of Title IV Funds, Untimely Return of Grant Overpayment to Secretary
Incorrect Calculation of Return to Title IV Funds
We noted that 3 of 7 students had an incorrect calculation of the percentage of completion based on the student’s actual number of days completed during the enrollment period. For 2 of these students, the Institution had erroneously entered the scheduled end date, which resulted in an incorrect number of calendar days in the period of enrollment. For the remaining student, the Institution had used an incorrect date of withdrawal, which resulted in an incorrect number of calendar days completed in that
period as of the student’s withdrawal date. These errors caused an overstatement of institutional return by $3,517 for the 2 students and an
understatement of institutional return by $176 for the remaining student.
Untimely Return of Grant Overpayment to Secretary
We noted that 1 of 7 students selected for Title IV funds return testing had funds deposited into the SFA account or transferred to ED beyond the required 45-day timeframe after the institution determined the student had withdrawn. The transfer was completed 55 days late.