FAC Explorer

Finding 1172163 (2025-001)

Material Weakness Repeat Finding
Requirement
N
Questioned Costs
-
Year
2025
Accepted
2026-02-03
Audit: 385307
Organization: Bethany College (WV)
Auditor: BRADY WARE & SCHOENFELD

AI Summary

  • Core Issue: Four students' Title IV funds were not returned within the required 45 days after withdrawal.
  • Impacted Requirements: Compliance with Title IV fund return regulations was not met due to lack of monitoring.
  • Recommended Follow-Up: Implement controls to ensure timely calculation and return of Title IV funds upon student withdrawal.

Finding Text

Finding 2025-001 - Significant Deficiency in Internal Control Over Compliance - Return of Title IV Funds Criteria: Title IV funds are to be returned to the Department of Education within 45 days of becoming aware that the student has withdrawn from the institution. Condition: Four students who had withdrawn from the institution did not have Title IV funds returned to the Department of Education within 45 days. Cause: The required fund return timeline was not monitored by the Financial Aid Department Effect or potential effect: Possible effect is that Title IV funds are not returned in a timely basis in accordance with compliance requirements. Recommendation: Ensure controls are implemented to initiate the proper calculation and return of Title IV funds within 45 days of becoming aware a student has withdrawn from the institution. Views of responsible officials: See attached.

Corrective Action Plan

Bethany College and Affiliate Corrective Action Plan For the Year Ended June 30, 2025 Finding 2025‐001 – Significant Deficiency in Internal Control Over Compliance – Return of Title IV Funds Condition Found: Four students who had withdrawn from the institution did not have Title IV funds returned to the Department of Education within 45 days. Corrective Action Plan: The College will review our workflow and make oversight improvements to prevent future delays, including standardizing withdrawal notification and handoff procedures, initiating R2T4 calculations immediately upon withdrawal determination, confirming that required COD adjustments are submitted without delay and establishing internal tracking to monitor return activity against the 45 day requirement. Responsible Official for Corrective Action Plan: Sarah Sherinian, Vice President for Student Success & Operational Excellence/Chief Financial Aid Officer

Categories

Student Financial Aid Significant Deficiency Internal Control / Segregation of Duties

Programs in Audit

ALN Program Name Expenditures
10.766 COMMUNITY FACILITIES LOANS AND GRANTS $34.16M
84.268 FEDERAL DIRECT STUDENT LOANS $4.36M
84.063 FEDERAL PELL GRANT PROGRAM $2.04M
84.031 HIGHER EDUCATION INSTITUTIONAL AID $622,709
84.007 FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS $504,661
84.116 FUND FOR THE IMPROVEMENT OF POSTSECONDARY EDUCATION $488,793
84.038 FEDERAL PERKINS LOAN PROGRAM_FEDERAL CAPITAL CONTRIBUTIONS $457,794
84.033 FEDERAL WORK-STUDY PROGRAM $240,438