Finding Text
Information on the federal program: U.S. Department of Education Student Financial Assistance Cluster for the award year June 30, 2022 (Assistance Listing Number 84.038) Criteria or specific requirement: Special Tests and Provisions ? Perkins Loan Recordkeeping and Record Retention ? Institutions are required to properly maintain its Perkins loan records in the manner set forth in 34 CFR 674.19.(e). Condition: The College did not maintain Perkins loan records in the manner set forth in 34 CFR 674.19.(e). (Other Instance of Noncompliance) Questioned costs: none Context: During testing of Perkins loan recordkeeping and record retention, 8 out or 25 selections did not have records of the related master promissory note (MPN). From a population of 564 students, 25 were selected for testing. Errors consisted of 8 students for which the College did not have records of their MPN. Our sample selection was not, and was not intended to be, statistically valid. Effect: The College does not have documentation of MPNs for the errors identified. Cause: The MPNs for these eight students had been destroyed due to a labeling error of the document destruction date on the boxes. Identification as a repeat finding, if applicable: not applicable. Recommendation: The College should revisit the record retention for student related files, particularly those that relate to federal compliance requirements. Views of responsible officials and planned corrective actions: The College agrees with the comment and has developed a plan to correct the finding.