Finding Text
2022-004 ? Return of Title IV (R2T4) Federal Agency: U.S. Department of Education Federal Program Title: Student Financial Assistance Cluster Federal Assistance Listing Number: 84.268 Award Period: 7/1/2021 ? 6/30/2022 Type of Finding: Significant Deficiency in Internal Control over Compliance, Other Matters Criteria or Specific Requirement: Per Department of Education (ED) regulations, an institution must calculate the amount of earned Title IV funds by applying a percentage to the total amount of Title IV program assistance that was disbursed and that could have been disbursed. An institution must return to ED unearned funds for which it is responsible when determination is made of a student?s withdrawal (34 CFR 668.22(g)). Condition: During our testing it was noted that the incorrect amount was inputted into the R2T4 calculation for Parent Plus net disbursement. Questioned Costs: $158 Context: During our testing, we noted 1 out of 7 instances where the University mistakenly put the gross amount disbursed for Parent Plus instead of the net amount disbursed into the R2T4 calculation. Cause: There was an input error in the R2T4 calculation. Effect: The University did not complete an accurate calculation as defined by Federal Regulations. Repeat Finding: No. Recommendation: We recommend the University review all R2T4 calculations to ensure the correct net disbursed amounts are entered for all Title IV aid. Views of Responsible Officials: Management agrees with the finding and has developed a plan to correct the finding.