FAC Explorer

Finding 1206637 (2024-006)

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

  • Answer: One student’s refund of $45 was not paid, despite eligibility.
  • Trend: This issue highlights a potential gap in refund processing for students who withdraw.
  • List: Follow up to ensure timely refunds are issued and review procedures to prevent future occurrences.

Finding Text

Of 60 files tested for refund compliance, the refund for 1 student had not been paid. The student’s last day of attendance was April 28, 2024. The withdrawal date was May 8, 2024. A refund is due to the Federal Direct Loan Program in the amount of $45. Total questioned costs are $45.

Corrective Action Plan

The Institution had assigned personnel to oversee refund processing; implemented an alert system for deadlines; and will conduct monthly refund audits.

Categories

Student Financial Aid Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 1206632 2024-001
    Material Weakness Repeat
  • 1206633 2024-002
    Material Weakness Repeat
  • 1206634 2024-003
    Material Weakness Repeat
  • 1206635 2024-004
    Material Weakness Repeat
  • 1206636 2024-005
    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