Finding Text
FINDING 2025-006 Federal Program Information: Federal Direct Student Loan Program (ALN: 84.268) Criteria or Specific Requirement (Including Statutory, Regulatory or Other Citation): L. Reporting – Financial Reporting – Federal regulations, 34 CFR 690.83, require the University to submit origination records for students to the Common Origination and Disbursement System (“COD”). Items considered key in student origination records, if applicable, are: award amount, enrollment date, verification status code (when the applicate is selected for verification), transaction number, cost of attendance, and the “Academic Start Date” and “Academic End Date”. Condition: For certain disbursements identified through our testing, errors were identified in key items reported to the COD in student origination records. Cause: Administrative oversight and insufficient control. Effect: The University was not in compliance with COD reporting requirements. Questioned Costs: None. Context: For 6 of 40 origination records tested, the academic end date was not accurately reported. Identification of Repeat Finding: No similar findings noted in the prior year. Recommendation: We recommend the University enhance its procedures and internal controls over COD reporting to ensure origination record data is accurately reported. Views of Responsible Officials and Planned Corrective Actions: To resolve the finding of loan period academic end dates being inaccurately reported, we now utilize system forms that allow us to identify and batch-correct any student record with incorrect dates. This process enhances data accuracy, ensures proper reporting, prevents COD rejects and reduces the risk of future compliance issues.