FAC Explorer

Finding 1206634 (2024-003)

Material Weakness Repeat Finding
Requirement
N
Questioned Costs
-
Year
2024
Accepted
2026-04-14
Audit: 398733
Organization: Salem University LLC (IN)
Auditor: ALMICH & ASSOCIATES

AI Summary

  • Issue: 3 out of 120 files had ineligible Title IV funds not returned on time.
  • Impact: Students withdrew without completing necessary credit or clock hours, making them ineligible for the funds received.
  • Recommendation: Review and ensure timely return of Title IV funds for future withdrawals to comply with regulations.

Finding Text

In 3 of 120 files tested, ineligible Title IV funds were not returned within the required time frame. The 3 students withdrew from the Institution and Return to Title IV calculations were not required. The students had not completed the required credit or clock hours at the time of withdrawal to qualify for the funds disbursed.

Corrective Action Plan

The Institution had staff training on R2T4 deadlines; ensure proper information is submitted into the system on time; update system to flag missed deadlines; and conduct monthly audits.

Categories

Student Financial Aid Eligibility

Other Findings in this Audit

  • 1206632 2024-001
    Material Weakness Repeat
  • 1206633 2024-002
    Material Weakness Repeat
  • 1206635 2024-004
    Material Weakness Repeat
  • 1206636 2024-005
    Material Weakness Repeat
  • 1206637 2024-006
    Material Weakness Repeat
  • 1206638 2024-007
    Material Weakness Repeat
  • 1206639 2024-008
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
84.268 FEDERAL DIRECT STUDENT LOANS $8.85M
84.063 FEDERAL PELL GRANT PROGRAM $3.62M
84.007 FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANTS $246,561
84.033 Federal Work Study $24,505