Finding Text
Federal Program: Student Financial Assistance Cluster Federal Assistance Listing Number: 84.063, 84.033, 84.038, 84.007, 84.268, and 84.379 Federal Agency: Department of Education Award Year: 2024 Criteria: The University must establish procedures to ensure credit balances arising from the application of federal aid are refunded in accordance with regulations, within 14 days. Condition: In our testing, we found that eight students out of a sample of 25 did not receive their credit balance refunds within the required timeframe, and one student received only a partial refund on time. Cause: The University lacked sufficient internal controls or monitoring procedures to ensure credit balance refunds were processed in a timely manner. Context: Controls were not in place for the University to refund credit balances within the required timeframe. Effect: The University did not meet specific requirements outlined in the FSA Handbook and Federal Code of Regulations regarding the refunds of credit balances to students. Questioned Costs: None Repeat Finding: No Recommendations: It is advised that the University establish and record a comprehensive quality assurance process with appropriate controls to reduce the risk of noncompliance. Management's Response: Management agrees with the finding. See corrective action plan.