Finding Text
Finding 2023-001 – U.S. Department of Education (USDE), Title IV Student Financial Aid Programs (material weakness):
Information on the federal program – Federal Direct Student Loans, Assistance Listing No. 84.268, June 30, 2023; Federal Pell Grants Program, Assistance Listing No. 84.063, June 30, 2023; Federal Supplemental Educational Opportunity Grant, Assistance Listing No. 84.007, June 30, 2023; Federal Work-Study Program, Assistance Listing No. 84.033, June 30, 2023
Criteria – Federal regulations governing Title IV programs.
Condition – Non-compliances were noted, as more fully described in the context below.
Questioned Costs – None
Context – We observed the following conditions in connection with our testing of the various U.S. Department of Education, Title IV, Student Financial Assistance Programs.
a) One (1) out of 60 students tested was not issued their refund within the required 14 days.
b) The University did not submit their Cost of Attendance (COA) for testing. Subsequently received.
c) The University did not submit their Title IV Reconciliations for testing. Subsequently received.
d) The Fiscal Operations Report and Application to Participate (FISAP) was not able to be tested due to corrections per the Department of Education that is still under review.
Cause – Oversight by responsible employees.
Effect – The College’s participation in the Title IV programs could be subject to USDE sanctions as applicable.
Repeat Finding – No
Auditor’s Recommendation – The University should implement corrective actions to ensure that the above findings are resolved and will not recur in future periods.