Finding Text
Condition: Title IV funds related to one student, out of a total of 65 students that withdrew and received Title IV funds, were not remitted to the Department of Education within the required timeframe. Criteria: When a recipient of a Title IV grant or loan assistance withdraws from an institution during a payment period or period of enrollment in which the recipient began attendance, the institution must determine the amount of Title IV grant or loan assistance that the student earned as of the student's withdrawal date and must return the amount of Title IV funds for which it is responsible as soon as possible but no later than 45 days after the date of the institution's determination that the student withdrew (34 CFR 668.22(j)(1)). Questioned Costs: None Cause: The refund was calculated correctly but management inadvertently missed the refund when processing the returns. Effect: The University was not in compliance with the return of Title IV funds based on the refund not being remitted timely. Identification as a repeat finding, if applicable: Not applicable Recommendation: We recommend that a supervisor of the individual processing the return of funds compare the refunds calculated to the actual remittances to ensure all refunds are included. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the finding. See corrective action plan.