Finding Text
2022-001 ? Student Financial Assistance Cluster ? (a) Federal Supplemental Educational Opportunity Grant (b) Federal Work Study Program (c) Federal Perkins Loan Program (d) Federal Pell Grant Program (e) Federal Direct Student Loans, ALN (a) 84.007 (b) 84.033 (c) 84.038 (d) 84.063 (e) 84.268 ? Year Ended May 31, 2022 Criteria: An institution must pay credit balances to students within fourteen days of the creation of such credit or within fourteen days of the date the institution mut pay the remaining balance on loan funds by the end of the loan period and any remaining other Title IV program funds by the end of the last payment period in the award year for which the funds were awarded (34 CFR 668.164 and 668.165). Condition: We tested 40 credit balances and one credit balance was not paid in a timely manner. We consider this condition to be an instance of noncompliance of the Special Test and Provisions compliance requirement. Statistical sampling was not used in making sampling selections. Questioned Costs: N/A Cause: This condition was caused by an error in the College? system that did not code the student?s candidacy record in Jenzabar which excluded their balance from the credit balance due report. Effect: As a result, the Institution was holding funds that needed to be returned to the student. Recommendation: We recommend the College increase controls over credit balances. Views of Responsible Officials: Management agrees with this Single Audit Finding and the response is included in the Corrective Action Plan. See Chart/table in report