FAC Explorer

Finding 2179 (2023-004)

-
Requirement
N
Questioned Costs
-
Year
2023
Accepted
2023-11-20
Audit: 3747
Organization: Arlington Baptist University (CO)
Auditor: Capincrouse LLP

AI Summary

  • Core Issue: Students weren't consistently informed about their right to cancel loan disbursements.
  • Impacted Requirements: This violates 34 CFR 668.165(a) regarding notification procedures.
  • Recommended Follow-Up: Update notification templates to include necessary cancellation instructions.

Finding Text

Right to Cancel Notifications DEPARTMENT OF EDUCATION ALN #: 84.268 Federal Award Identification #: 2022-2023 Financial Aid Year Condition: Students were not consistently notified of their ability to cancel loan disbursements. Criteria: 34 CFR 668.165(a) Questioned Costs: $-0- Context: The templates used to notify students of upcoming loan disbursements did not include the instructions on how to cancel the loan. Cause: There was transition in the financial aid department and the templates used did not include the required language. Effect: There was noncompliance with the right to cancel notifications. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend the University update the template used for right to cancel notifications to include all required language. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.

Corrective Action Plan

Right to Cancel Notifications Planned Corrective Action: New student information system (Campus Café) provides an automated email to students that once funds are disbursed they are notified. I will edit the email to include the information about the Right to Cancel including instructions. Person Responsible for Corrective Action Plan: Stephanie Castillo, Director of Financial Aid Anticipated Date of Completion: 01/06/2024, before the spring disbursement.

Categories

Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 2175 2023-001
    Material Weakness Repeat
  • 2176 2023-002
    Significant Deficiency Repeat
  • 2177 2023-002
    Significant Deficiency Repeat
  • 2178 2023-003
    -
  • 578617 2023-001
    Material Weakness Repeat
  • 578618 2023-002
    Significant Deficiency Repeat
  • 578619 2023-002
    Significant Deficiency Repeat
  • 578620 2023-003
    -
  • 578621 2023-004
    -

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $1.72M
84.063 Federal Pell Grant Program $541,747
84.425 Covid-19 Education Stabilization Fund Heerf - Student Aid Portion $243,261
84.425 Covid-19 Education Stabilization Fund Heerf - Strengthening Institutions $30,794
84.425 Covid-19 Education Stabilization Fund Heerf - Fund for the Improvement of Postsecondary Education Formula Grant $26,082
84.425 Covid-19 Education Stabilization Fund Heerf - Institutional Portion $10,949