FAC Explorer

Finding 369749 (2023-002)

Material Weakness
Requirement
N
Questioned Costs
-
Year
2023
Accepted
2024-02-20
Audit: 291241
Organization: Spoon River College District No. 534 (IL)
Auditor: Wipfli LLP

AI Summary

  • Issue: Title IV funds were returned late in 2 out of 13 cases tested.
  • Requirement: Funds must be returned within 45 days of the determination date.
  • Follow-up: Review processes to ensure timely returns of Title IV funding.

Finding Text

An institution has 45 days from the date of determination to return any Title IV funding as determined by an R2T4 calculation. The examination disclosed 2 instances, out of the 13 drop files tested, in which the Title IV funds were returned more than 45 days after the date of determination.

Corrective Action Plan

We are implementing a process of sharing the responsibility of processing recalculations of aid on a weekly rotation. One week the Assistant Dean, Student Services will complete the calculations and share those with the Coordinator, Financial Aid for review. The next week processing will be completed by the Coordinator, Financial Aid and reviewed by the Assistant Dean, Student Services. This will help ensure that two individuals have reviewed the calculations and agree on the dates and awards amounts included in the calculations.

Categories

Student Financial Aid

Other Findings in this Audit

  • 369748 2023-001
    Material Weakness
  • 369750 2023-003
    Significant Deficiency
  • 946190 2023-001
    Material Weakness
  • 946191 2023-002
    Material Weakness
  • 946192 2023-003
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.063 Federal Pell Grant Program $1.81M
84.268 Federal Direct Student Loans $468,753
84.042 Trio_student Support Services $277,663
21.027 Coronavirus State and Local Fiscal Recovery Funds $220,000
84.002 Adult Education - Basic Grants to States $105,009
84.048 Career and Technical Education -- Basic Grants to States $89,749
84.007 Federal Supplemental Educational Opportunity Grants $51,267
84.425 Education Stabilization Fund $26,247
84.033 Federal Work-Study Program $24,713
93.575 Child Care and Development Block Grant $4,583