FINDING 2022 – 004:
Name of Responsible Individual: Tracy Jenkins, Student Accounts
Type of Finding: Authorization for Retaining Credit Balance
Criteria: Title IV regulations (34 CFR 668.165(b)) states that an institution must obtain written
authorization from a student or parent in order to hold any Title IV program funds that would
otherwise be paid directly to the student or parent as a credit balance.
Condition: During testing auditors noted one student had a credit balance that was held beyond the
end of the loan period without authorization from the student or parent to hold the funds.
Corrective Action: During the testing, the audit report noted one student who had a credit balance that
was held beyond the end of the loan period without authorization from the student or parent to hold
the funds. In response to this finding, 2022-004 Wheeling University Student Accounts Office has added
competent staff. Student Accounts has a set calendar for refund dates to coincide with each semester.
The first refund distribution happens during the second week of classes for the semester. The exact
process is followed for weeks three and four of the semesters. Week seven of the semester is the fourth
distribution of refunds, and week nine is the fifth distribution of refund checks. The refund process is
completed within seven days of disbursement notification.
Anticipated Completion Date: This process was completed in August of 2023 and is an ongoing
process.