Finding Text
Retention of Certain Internal Control Documentation Federal Agencies: United States Department of Education Federal Program Title: Student Financial Assistance Cluster Federal Assistance Listing Number: 84.063, 84.007, 84.033, 84.268 Award Period: 7/1/2024-6/30/2025 Type of Finding: Significant Deficiency in Internal Controls Over Compliance and Other Matter Criteria or Specific Requirement: The Student Financial Assistance cluster requires that there be documented procedures and controls in place to ensure timely and accurate COD Disbursement reporting, as well as documented procedures and controls in place to ensure excess federal aid disbursed to students accounts is either paid to the student within 14 days, or if the institution obtained an authorization to hold credit balance, by the end of the loan period or last payment period in the award year for which the funds were awarded. Condition: The University was unable to produce documentation of the internal controls being performed for certain items selected for testing described above. Questioned Costs: N/A Cause: The University did not have internal control documentation retained for all items selected for testing. Effects: No documentation of internal controls being performed. Repeat Finding: Not a repeat finding. Recommendation: Management should review internal control documentation processes. Views of Responsible Officials: Management agrees and has a plan to correct the finding.