Finding Text
Incorrect Return of Title IV Funds Calculations Significant Deficiency U.S. DEPARTMENT OF EDUCATION ALN #: 84.268, 84.063 Federal Award Identification #: 2021-22 Financial Aid Year Condition: When students withdrew either officially or unofficially, the College did not accurately calculate the R2T4 using the correct number of days in the term. Criteria: 34 CFR 668.22 Questioned Costs: $212 Context: Out of 12 withdrawals tested, 3 withdrawals had a R2T4 calculation error. All 3 incorrect calculations used the wrong number of days in the payment period. Cause: Oversight by the College when setting up R2T4 calendars. Effect: Return of Title IV funds were not completed accurately. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend an individual with appropriate return calculation knowledge review each calendar set up and recalculate the first few withdrawals manually to ensure the system is functioning as intended and calculations are being completed accurately. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.