Finding Text
Federal Direct Loans and Pell Grants Reconciliations DEPARTMENT OF EDUCATION ALN #: 84.268 and 84.063 Federal Award Identification #: 2021-22 Financial Aid Year Condition: The College did not adequately complete monthly reconciliations for Federal Direct Loans and Federal Pell Grants. Criteria: 34 CFR 685.300(b)(5) Questioned Costs: $0 Context: During the audit, it was determined that the College did not properly complete the mandatory monthly reconciliations for Federal Direct Loans and Federal Pell Grants. Cause: Management oversight. Effect: The College was not in compliance with the reconciliation requirements. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend the College review the reconciliation requirements and properly complete the mandatory monthly reconciliations for Federal Direct Loans and Federal Pell Grants. The College should also review or refer to the U.S. Department of Education (ED) announcements DL-22-07 and GRANTS-23-01 which included information to assist higher education institutions with the mandatory reconciliation requirements for the Federal Direct Loan Program and Federal Pell Grants, respectively. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.