Finding 1205156 (2025-001)

Material Weakness Repeat Finding
Requirement
N
Questioned Costs
-
Year
2025
Accepted
2026-03-31

AI Summary

  • Answer: One out of 25 students had Title IV funds returned late.
  • Trend: This indicates a potential issue with compliance regarding fund return timelines.
  • List: Recommend reviewing processes to ensure all returns are made within the 45-day requirement.

Finding Text

During our test work over return of Title IV funds, we noted that in one (1) instances out of a sample of 25 students selected, the Institution returned the funds after the allowable 45 days.

Corrective Action Plan

The institution has reinforced its R2T4 internal training program and continues to monitor withdrawals to detect and proceed promptly with any deviation to the application of the regulations for this purpose.To prevent recurrence and ensure full compliance with Federal Student Aid regulations, our institution has initiated the following actions:Report Modification: We have formally requested the modification of two specific monitoring reports (class status audit report/selected letter grade report). These enhancements will ensure that all students are correctly flagged for R2T4 (Return to Title IV) calculations. We will continue exploring reports and configurations in our system (SIS) that will serve as tools to perform these verifications more efficiently.Staff Training: The Bursars teams are undergoing training sessions focused on identifying "hidden" withdrawals and mastering the updated reporting tools.Increased Monitoring Frequency: We have transitioned to every two weeks monitoring of student enrollment status with weekly detailed evaluation of courses identified as withdrawals. This ensures that any "unofficial withdrawals" or "drop-outs" are captured within the required regulatory window.We take our fiduciary responsibility regarding Title IV funds very seriously. We are confident that the integration of more frequent reviews and the refinement of our reporting software will eliminate the gap that led to this finding.

Categories

Student Financial Aid

Other Findings in this Audit

  • 1205155 2025-001
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
84.268 FEDERAL DIRECT STUDENT LOANS $34.51M
84.063 FEDERAL PELL GRANT PROGRAM $17.84M
84.031 HIGHER EDUCATION INSTITUTIONAL AID $1.18M
93.359 NURSE EDUCATION, PRACTICE QUALITY AND RETENTION GRANTS $839,992
93.178 NURSING WORKFORCE DIVERSITY $716,488
84.033 FEDERAL WORK-STUDY PROGRAM $376,953
84.007 FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS $349,020
84.002 ADULT EDUCATION - BASIC GRANTS TO STATES $206,346
84.335 CHILD CARE ACCESS MEANS PARENTS IN SCHOOL $205,154