Finding Text
FINDING: 2022-001 Return of Title IV Funds Federal Agency / Federal Program: U.S. Department of Education / Student Financial Assistance Cluster Subject: Special Tests and Provisions (N) CFDA Number: Federal Pell Program ? 84.063 Questioned Costs: $3,218 Type of Finding: Other matters Perspective Information: Repeat finding: No Summary of Universe and Sample of attribute tested See Schedule of Findings and Questioned Costs for chart/table Criteria The School must determine for dropped students the amount of Title IV assistance the student has earned as of the withdrawal date. If the amount of title IV assistance earned is less than the amount disbursed, the University must return the difference to the Title IV program. 34 C.F.R. Sec. 6682.(a). Condition The School returned Pell funds late for two students. See Schedule of Findings and Questioned Costs for chart/table Cause The cause was due to an error by the School?s third party servicer. The School relied on it servicer to refund the appropriate amount in a timely manner and they failed to do so. Effect The School returned $3,218 in Pell funds late to DOE Recommendation The School should update it policies and procedures to ensure that R2T4?s are returned timely. Views of Responsible Officials The School performed the RT24?s in a timely manner and then requested from its third party servicer to return the necessary funds. The third party servicer failed to return them. Upon discovery, the School terminated its relationship with the servicer. The School will update its policies and procedures to ensure timely returns.