Finding Text
FINDING 2022-002: INCORRECT REFUND CALCULATION FEDERAL AGENCY: U.S. DEPARTMENT OF EDUCATION PROGRAM NAME: FEDERAL PELL GRANT PROGRAM AND FEDERAL DIRECT LOAN PROGRAM ALN#: 84.268 & 84.063 FEDERAL AWARD YEAR: 2021-2022 Compliance Requirement: Special Tests and Provisions (N.) - Return of Title IV Funds Criteria: An institution must use the Return to Title IV refund calculation (34 CFR 668.22). Condition: We tested twelve drop students and found one incorrect refund calculation. We consider this finding to be an instance of non-compliance. Cause: The condition was caused by an error in Steps 1 and 5 of the Return to Title IV refund calculation. Effect: As a result, the Institution is holding funds that need to be returned to the Department. Question Costs: $1,592 Statistical sampling was not used when making sample selections. See Schedule of Findings and Questioned Costs for chart/table Recommendation: We recommend the Institution return $1,592 to the Department of Education and increase controls over refund calculations. Views of Responsible Officials: The Institution agrees with the Single Audit Finding and a response is included in the Corrective Action Plan.