Finding Text
Finding number: 2022-001 Federal agency: U.S. Department of Education Programs: Student Financial Assistance Cluster Assistance Listing #: 84.063 and 84.268 Award year: 2022 Criteria According to Common Origination and Disbursement ("COD") 2021-2022 Technical Reference: The COD disbursement date is the date the money was credited to the student's account or paid to the student directly for a specific disbursement. Condition The Federal Government requires that the disbursement date reported to the COD match the date the funds were credited to the student's account. During our testing, we noted 38 students, out of a sample of 40, that the date the funds were credited to the student's account did not match the disbursement date reported to COD. Cause The University did not have procedures to ensure the disbursement date per the student's account statement matched the disbursement date reported to COD. Effect The University did not report the correct disbursement dates to the COD. Questioned Costs Not applicable Perspective Our sample was not, and was not intended to be, statistically valid. Of the 40 students selected for testing, 38 students, or 95% of our sample, did not report the correct disbursement date to COD. Identification as a Repeat Finding, if applicable Not applicable Recommendation The University should have procedures to ensure that COD disbursement information matches the University 's records. View of Responsible Officials The University agrees with the finding.