Finding Text
Inaccurate Return of Title IV Funds Calculations Significant Deficiency
DEPARTMENT OF EDUCATION
ALN #: 84.268 and 84.063
Federal Award Identification #: 2022-2023 Financial Aid Year
Condition: There were 2 incorrect calculations of returned funds for students that withdrew during the term.
Criteria: 34 CFR 668.22
Questioned Costs: $0
Context: Out of 7 students, 2 students who withdrew during the audit period tested had funds returned incorrectly. One student was a modular student and had met an exemption, and the other student had an incorrect calculation. Additionally, 1 student had funds returned 87 days late. Additionally, one student had funds returned on the student account but the returns were not reflected in Common Origination and Disbursement (COD).
Cause: These were oversights by the University in conjunction with the third-party administrator who assists in processing return calculations.
Effect: The incorrect amount of Title IV funds was returned.
Identification as repeat finding, if applicable: Yes, 2022-001
Recommendation: We recommend the University and the third-party processor work together to determine how to best complete return calculations.
Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.