FAC Explorer

Finding 1206639 (2024-008)

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: 14 out of 28 student files had errors in R2T4 refund calculations.
  • Trend: This indicates a significant accuracy problem in calculating refunds for withdrawn students.
  • Follow-up: Review and correct the calculation processes for last day of attendance and payment periods.

Finding Text

Of 60 withdrawn files tested for refund calculation accuracy, 28 student files had refunds due to R2T4 calculations. Of the 28 student files with refunds, 14 student files contained incorrect Return of Title IV Funds calculations with respect to incorrect last day of attendance, completed days, and/or total days in the payment period.

Corrective Action Plan

The Institution will track R2T4 timeline with all involved to ensure timely completion; finalize system upgrades and testing so that the correct triggers and timelines are within the system; retain qualified staff for key roles; and implement robust training for all personnel.

Categories

Student Financial Aid

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
  • 1206637 2024-006
    Material Weakness Repeat
  • 1206638 2024-007
    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