Finding Text
Late Return of Title IV Funds Calculations Significant Deficiency DEPARTMENT OF EDUCATION ALN #: 84.063 Federal Pell Grants, Federal Direct Student Loans 84.268 Federal Award Identification #: 2024-2025 Financial Aid Year Condition: The College did not always return unearned Title IV aid timely. Criteria: 34 CFR 668.22 Questioned Costs: $565 Context: Out of 10 students, 2 students who withdrew during the audit period tested had funds returned late. One student had funds returned timely as part of the R2T4 on the student ledger, however was not updated in the Common Origination and Disbursement (COD) and the Grant Management (G5) websites until the audit, resulting in $565 returned late. The other student had $4,503 in unsubsidized loans returned 15 days past the required timeframe. Cause: This was an oversight by the College. Effect: Returns of Title IV funds were not performed timely. Identification as repeat finding, if applicable: 2024-001 Recommendation: We recommend that the financial aid office work closely with their third-party administrator and student accounts office to ensure that funds required to be returned as part of the R2T4 process are being processed timely. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.