Finding Text
– Student Financial Assistance – Return of Title IV Funds Federal Agency: U.S. Department of Education Program: Student Financial Assistance Cluster Award(s) Federal Pell Grant Assistance Listing Number(s): 84.063 Award Year: 2025 CRITERIA: 34 CFR part 668 establishes rules governing the student withdrawal process including the return of unearned Title IV aid within 45 days of a student’s withdrawal. CONDITION: During our Return of Title IV Funds testing of a sample of 25 students, we noted the following exceptions: • For one student, the University calculated the proper amount for return, but did not return the calculated $732. • For eight students, the University did not calculate and did not return $15,474 QUESTIONED COSTS: $16,206 CAUSE/EFFECT: The Return to Title IV calculations rely on a manual report process by management. These students were incorrect excluded from the calculation. As such, the required return of funds was not calculated timely and the University was not in compliance with the Return of Title IV Funds requirements. RECOMMENDATION: The auditor recommends the University enhance its controls and incorporate multiple individuals in the process to ensure that Title IV refunds are calculated and made timely. VIEW OF RESONSIBLE OFFICIALS: Management concurs with this finding and will reassess controls, review these accounts and implement controls to ensure that timely calculations and refunds are made.