Finding Text
Incorrect Return of Title IV Funds Calculations DEPARTMENT OF EDUCATION ALN #: 84.268, 84.063 Federal Award Identification #: 2021-22 Financial Aid Year Condition: Return to Title IV calculations were not always accurate based on the actual amounts disbursed to students. Criteria: 34 CFR 668.22 Questioned Costs: $689 Context: Out of 3 R2T4 calculations tested, 1 student?s return calculation did not use the actual amount of Pell grant disbursed to the student. Cause: This was an oversight by the University. Effect: The error resulted in an additional $689 of Pell grant to be returned to Title IV. This was corrected during the audit. Identification as repeat finding, if applicable: 2021-007 Recommendation: We recommend that the University work with their third-party administrator to regularly review R2T4 calculations for accuracy. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.