Finding Text
Federal Agency: U.S. Department of Education Federal Program Name: Student Financial Aid Cluster Assistance Listing Number: 84.063, 84.268, 84.007, 84.033 Federal Award Identification Number: P007A243144, P063P241946, P033A243144, 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: Federal regulations require that when a Title IV credit balance occurs, the institution must disburse the credit balance to the student or parent within 14 calendar days of the date the credit balance is created, in accordance with 34 CFR 668.164(h)(2). Condition: The University did not refund the student's Title IV credit balance within 14 days period. Questioned Costs: N/A Context: During our testing we noted two out of forty students were not refunded within the fourteen days per federal requirements. Cause: The University’s controls around credit balances were not functioning as designed to ensure timely refunds to students. Effect: The University is not in compliance with the Department of Education guidelines. Repeat Finding: No Recommendation: We recommend the University evaluate its procedures and policies around credit balances to ensure that students are refunded within the fourteen day requirement. Views of Responsible Officials: There is no disagreement with the audit finding and the University is in the process of implementing corrective procedures.