Finding Text
Finding 2025-005 – Title IV Credit Balances Federal Agency: U.S. Department of Education Pass-through Entity: None Federal Program: Student Financial Assistance Cluster (Federal Assistance Listing No.’s 84.007, 84.033, 84.038, 84.063, 84.268, 84.379) Requirement: Special Tests and Provisions Criteria: In accordance with 34 CFR 668.164(h)(2), Culver-Stockton College is required to pay, or make available, any credit balance within the 14-day regulatory timeframe when a Title IV credit balance occurs. This ensures compliance with special tests and provisions of the Uniform Guidance. Condition: During our audit, we sampled 60 students that received Title IV funds. Within that sample, we noted one student with a credit balance that the College failed to refund within the 14-day period. No authorization to retain a credit balance was obtained. Cause of Condition: The College does not have controls in place to ensure that timely refunds of credit balances occur within the 14-day period. Effect: The College is not in compliance with U.S. Department of Education regulations. Questioned Costs: No questioned costs. Perspective Information: N/A Recommendation: We recommend that internal controls be established to ensure that refunds are made available to students within a timely manner. Further, a review should be put in place to provide oversight that no accounts are missed in the refund process.