Finding Text
Program Information: Federal Pell Grant Program (ALN: 84.063) and Federal Direct Loan Program (ALN: 84.268) Criteria or Specific Requirement (Including Statutory, Regulatory or Other Citation): N. Special Tests and Provisions ? Borrower Data Transmission and Reconciliation ? Federal regulations require that the University submit Federal Direct Loan Program (?Direct Loan?) disbursement records for students to the Common Origination and Disbursement (?COD?) in an accurate and timely manner (no earlier than 7 days before and no later than 15 days after disbursement of funds). L. Reporting - Additionally, all schools receiving Federal Pell Grant Program (?Pell?) funds must submit Pell payment data to the through the COD System. Institutions must report student payment data within 15 calendar days after the school makes a payment or becomes aware of the need to make an adjustment to previously reported student payment data or expected student payment data. Condition: For certain students, the University did not submit disbursement information for Direct Loan and Pell GRANT awards through the COD system within the required timeframes. Additionally, while the University submitted certain disbursement information within the required timeframe, the disbursement date submitted was not accurate, as it did not reflect the actual date in which Direct Loan and/or Pell grant funds were credited to certain students? account. Cause: Administrative oversight with respect to accurate and timely reporting of federal awards. Effect or Potential Effect: The University is not in compliance with COD reporting requirements. Questioned Costs: None. Context: We noted the following exceptions: ? For 18 of 40 students selected for Direct Loan disbursement testing, the University did not report an accurate disbursement date within the COD system. ? For 5 of 40 students selected for Direct Loan disbursement testing, the University did not report accurate disbursement information to the COD within the required time frame. ? For 7 of 25 students selected for Pell grant disbursement testing, the University did not report an accurate disbursement date within the COD system. ? For 1 of 25 students selected for Pell grant disbursement testing, the University did not report accurate disbursement information to the COD within the required time frame. Repeat Finding: No similar findings noted in the prior year. Recommendation: We recommend that the University ensure that Direct Loan and Pell grant disbursement dates are entered into the COD website no earlier than 7 days before and no later than 15 days after disbursement as required by federal regulations.