Finding Text
Federal Agency: U.S. Department of Education Federal Program Name: Student Financial Aid Cluster Assistance Listing Number: 84.063, 84.268 Federal Award Identification Number: P063P241946, P268K251946 Award Period: July 1, 2024 – June 30, 2025 Type of Finding: Significant Deficiency in Internal Control over Compliance, Other Matters Criteria or Specific Requirement: The Department of Education requires the University to accurately report disbursement dates and disbursement amounts to the Common Origination and Disbursement (COD) system within 15 days of making Pell Grant and Direct Loan disbursements to students, in accordance with federal regulations (34 CFR 690.83(b)(2) and 34 CFR 685.309). Condition: Certain student loan disbursements were not reported to COD in compliance with federal requirements. Questioned Costs: N/A Context: During our testing of forty disbursements, we noted: • Three out of forty disbursement date errors. • Two out of forty disbursements reported outside of fifteen days. • One out of forty disbursement amount errors. Cause: The University’s controls around reporting to COD were not functioning as designed to ensure timely and accurate reporting. Effect: The University is not in compliance with the Department of Education guidelines. Repeat Finding: Yes, 2024-012 Recommendation: We recommend the University evaluate its procedures and policies around reporting to the COD to ensure that student information is reported timely and accurately. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.