Finding 1604 (2023-002)

Late Return of Title IV Credit Balance - Student Financial Aid Cluster Assistance Listing #s 84.007, 84.033, 84.038, 84.063, 84.268, 84.379, 93.264- Grant Period - Year Ended June 30, 2023 Criteria: According to 34 CFR 668.164 a school must disburse a Title IV credit balance to a student no later than 14 days after the date it was created or no later than 14 days after the first day of class. Condition: During our Credit Balance testing, we noted that the University did not return the credit balances for two out of forty students we tested within the required time frame. We consider the untimely return of credit balance to the students accounts to be a significant deficiency to the Special Tests and Provisions Compliance Requirement. Statistical sampling was not used when making sample selections. Questioned Costs: $0 Effect: The University did not return the credit balance resulting from Title IV funds to the students within the required time frame for two out of the forty students tested. Cause: The University ensure that the credit balance resulting from Title IV Funds within the required time frame. Recommendation: We recommend the University implement controls to ensure the credit balance resulting from Title IV aid to the student is returned within the required time frame. Views of Responsible Officials: Management agrees with this finding and response is included in Corrective Action Plan.