Finding Text
2022-001 Student Financial Assistance Cluster U.S. Department of Education Federal Student Direct Loans CFDA 84.268 Federal Pell Grant Program 84.063 Award Year 2022 Criteria or Specific Requirement ? Special Tests and Provisions: Return of Title IV Funds - Returns of Title IV funds are required to be deposited or transferred into the SFA account or electronic fund transfers initiated to ED as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew (34 CFR 668.173(b)). Condition ? The University did not remit a refund within the required 45 day period. Questioned Costs ? None. Context ? Out of a population of 90 students who ceased attendance during a payment period or a period of enrollment, dropped, on a leave of absence, never began attendance, or terminated during the audit period, we selected a sample of nine students to ascertain if returns of Title IV funds were properly calculated and remitted. We noted one instance in which the University remitted the properly calculated refund after the required 45 day period. The sampling methodology was not intended to be a statistically valid sample. Effect ? The student?s refund was submitted late for one student out of the nine tested. Cause ? Management oversight during a software transition period. Identification as a Repeat Finding ? N/A Recommendation ? The University should implement additional review procedures to ensure that all calculated refunds are made within the 45 day period. Views of Responsible Officials and Planned Corrective Actions ? The error occurred during a software transition and data freeze period. This was a unique occurrence and has been remedied through an updated system report running on an automated schedule.