Finding 23052 (2022-004)

- Repeat Finding
Requirement
N
Questioned Costs
-
Year
2022
Accepted
2023-03-21
Audit: 18257
Organization: Manna University (NC)
Auditor: Capincrouse LLP

AI Summary

  • Core Issue: Return to Title IV calculations were inaccurate, leading to an incorrect return of funds.
  • Impacted Requirements: Compliance with 34 CFR 668.22 regarding accurate disbursement calculations.
  • Recommended Follow-Up: Collaborate with the third-party administrator to regularly verify R2T4 calculations for accuracy.

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.

Categories

Student Financial Aid

Other Findings in this Audit

  • 23049 2022-003
    Significant Deficiency
  • 23050 2022-004
    - Repeat
  • 23051 2022-003
    Significant Deficiency
  • 23053 2022-005
    - Repeat
  • 599491 2022-003
    Significant Deficiency
  • 599492 2022-004
    - Repeat
  • 599493 2022-003
    Significant Deficiency
  • 599494 2022-004
    - Repeat
  • 599495 2022-005
    - Repeat

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $446,858
84.425 Covid-19 Education Stabilization Fund Heerf - Fund for the Improvement of Postsecondary Education Formula Grant $379,936
84.063 Federal Pell Grant Program $364,523
84.425 Covid-19 Education Stabilization Fund Heerf - Student Aid Portion $78,833
84.425 Covid-19 Education Stabilization Fund Heerf - Institutional Portion $54,175