Finding Text
Criteria: Title IV requires institutions to calculate return of Title IV funds into the student financial aid account or electronic fund transfers initiated to Department of Education as soon as possible, but no later than 45 days after the date the institution determines the student withdrew. Condition: In 4 out of 19 instances for the year ended June 30, 2023, the College incorrectly calculated the amount of Title IV funds to return to the Department of Education. Context: We addressed the matter with College management who are aware of the requirements to correctly calculate and return Title IV funds into the student financial aid account or electronic fund transfers initiated to Department of Education as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew. Effect: Failure to properly review and adhere to policies and procedures can lead to noncompliance and the misappropriation of federal funds that are not detected during the normal course of business. Cause: Management oversight. Recommendation: We recommend the College review and update its policies and procedures to ensure all student Title IV calculations are reviewed timely to ensure funds are returned in a timely manner.