Finding Text
Student Financial Assistance Program Cluster – Department of Education Federal Financial Assistance Listing #84.268 Federal Direct Student Loans - 2024/2025 P268K251430 Federal Financial Assistance Listing #84.063 Federal Pell Grant Program - 2024/2025 P063P241430 Special Tests & Provisions: Return of Title IV Funds Material Weakness in Internal Control over Compliance and Noncompliance not Considered Material Criteria: The unearned amount of Title IV assistance to be returned is calculated by subtracting the amount of Title IV assistance earned by the student from the amount of Title IV aid that was disbursed to the student as of the date of the institution’s determination that the student withdrew (34 CFR 668.22(e)). Condition: Two instances were identified where the amount of funds to be returned was not remitted correctly, and two instances were identified where the funds were returned in the correct amount, but not timely. Cause: The University did not have a formal, documented control process to ensure all students who withdrew from courses had a return of Title IV calculation completed accurately and timely or a review of the return of Title IV calculation that was completed to ensure accuracy and reasonableness. Effect: Without a formal process to document the completion and review of return of Title IV calculations, there is a possibility that the calculation could be incorrect or not completed, and funds returned could be incorrect or not returned when required to be. Questioned Costs: None reported Context/Sampling: Of the 17 students who had an R2T4 calculation performed, 6 students were tested. Repeat Finding from Prior Years: Yes, prior year finding 2024-001 Recommendation: The University should review its established formal process and controls to ensure that a return of Title IV calculation is completed and documented for all withdrawn students and that the review process is also documented. Views of Responsible Officials: Management agrees. Management’s complete response can be found in the separately issued corrective action plan.