Finding 2025-001 Student Financial Aid Cluster, Assistance Listing # 84.007, 84.033, 84.063, 84.268 Condition: The College could not timely retrieve all student records and show documentation of reviews and approvals related to student records. Corrective Action Plan: Objective: To ensure the timely retrieval of all student records and the proper documentation of reviews and approvals to meet regulatory requirements and to improve accountability in the Student Financial Aid Cluster. Corrective Actions: Management agrees with this finding. The College admits that before Spring 2025, formal documentation for review and approval of financial aid processes, including Return of Title IV (R2T4) calculations, was not consistently kept. Although controls were performed in most cases, the lack of documented evidence for students selected prior to the internal processing improvements prevented demonstrating control effectiveness, which is required under the Uniform Grant Guidance. Corrective actions implemented as follows: 1. Formal SOP Implementation Developed and implemented standardized SOPs for: 1. Financial Aid packaging and disbursement 2. Return of Title IV (R2T4) calculations 3. Review and approval workflows 2. Documentation & Audit Trail Controls 1. Introduced mandatory review/approval checklists for all financial aid transactions 2. Implemented centralized digital storage of supporting documentation 3. Segregation of Duties & Oversight 1. Established defined roles for: Preparer, Reviewer, Final approver. 4. Ongoing Monitoring 1. Monthly internal compliance reviews 2. Quarterly audit-readiness assessments led by senior leadership Timeline: Process corrections implemented in Spring 2025; Full compliance expected by June 30, 2026 Person(s) Responsible for Corrective Action Plan: Anahi Huerta, Director of Financial Aid, Phone: 312-922-1884