Finding 370534 (2023-002)

-
Requirement
N
Questioned Costs
-
Year
2023
Accepted
2024-02-26
Audit: 292194
Organization: Lenoir-Rhyne University (NC)
Auditor: Bdo USA PC

AI Summary

  • Issue: The University failed to return credit balances to students within the required 14-day timeframe.
  • Impact: This oversight puts the University out of compliance with federal regulations.
  • Follow-up: Enhance procedures to ensure timely returns of credit balances to avoid future compliance issues.

Finding Text

Federal Program Information: Student Financial Assistance Cluster: Federal Supplemental Education Opportunity Grants (Assistance Listing #84.007), Federal Work-Study Program (Assistance Listing #84.033), Federal Pell Grant Program (Assistance Listing #84.063), Federal Direct Loan Program (Assistance Listing #84.268) Criteria or Specific Requirement: N. Special Tests and Provisions –Return of Credit Balances: Federal Regulations require credit balances to returned to students with 14 days of the credit being created on the students account. Condition: The University did not return credit balances to students within the required timeframe. Cause: Administrative oversight. Effect or Possible Effect: The University was not in compliance with federal regulations regarding the timing of return of credit balances. Questioned Costs: None. Context: Based on a sample of 25 students, 1 student selected had a credit balance that was not returned within the 14 day period. Recommendation: We recommend that the University enhance its procedures to ensure timely return of credit balances to students. Views of Responsible Officials: The University agrees with the finding - refer to the University’s Corrective Action Plan.

Categories

Student Financial Aid Special Tests & Provisions Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 370528 2023-001
    Significant Deficiency Repeat
  • 370529 2023-001
    Significant Deficiency Repeat
  • 370530 2023-001
    Significant Deficiency Repeat
  • 370531 2023-001
    Significant Deficiency Repeat
  • 370532 2023-002
    -
  • 370533 2023-002
    -
  • 370535 2023-002
    -
  • 946970 2023-001
    Significant Deficiency Repeat
  • 946971 2023-001
    Significant Deficiency Repeat
  • 946972 2023-001
    Significant Deficiency Repeat
  • 946973 2023-001
    Significant Deficiency Repeat
  • 946974 2023-002
    -
  • 946975 2023-002
    -
  • 946976 2023-002
    -
  • 946977 2023-002
    -

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $18.64M
84.063 Federal Pell Grant Program $3.10M
84.425 Education Stabilization Fund $2.17M
84.007 Federal Supplemental Educational Opportunity Grants $323,794
84.033 Federal Work-Study Program $134,554