Finding Text
Federal Agency: U.S. Department of Education ALN and Title: Student Financial Aid (SFA) Cluster Award Number: Various Area: Reporting Questioned Cost: $0 Criteria: Institutions submit Direct Loan, Pell Grant, TEACH Grant, and IASG origination records and disbursement records to the Common Origination and Disbursement (COD) system (OMB No. 1845-0039). Part 5 L. Reporting of the 2022 OMB Compliance Supplement identified the disbursement date as one of the key items. ED Form 646-1, Fiscal Operations Report and Application to Participate (FISAP) (OMB No. 1845-0030) is an electronic report submitted annually to receive funds for the campus-based programs (FWS, FSEOG 34 CFR 673.3; Fiscal Operations Report and Application to Participate Instructions). Part 5 L. Reporting of the 2022 OMB Compliance Supplement identified various line items as key items containing critical information. Condition: 1. Out of 31 samples of disbursements tested, we noted 22 (or 71%) disbursements where the disbursement date per student account ledger did not match the disbursement date reported in the COD system. 2. We noted differences in the key line items reported in the FISAP report and per the underlying records as follows: "See Schedule of Findings and Questioned Costs for the table" Cause: The University lacks adequate review controls to ensure the accuracy of information being reported in the COD system and in the FISAP report. Effect: The University is noncompliant with reporting requirements. Recommendation: The University should implement review controls over reports required to be submitted for the programs under the SFA cluster. Views of responsible officials: Management agrees. Refer to Corrective Action Plan.