Finding Text
Return of Title IV Funds (R2T4) Calculation Errors Finding Type: Significant deficiency and reportable noncompliance with laws and regulations. Criteria and Condition: Out of our sample of three students, we noted the College used the incorrect number of days in the semester for one of the students. The error was not identified by the College’s procedures for preparing and reviewing the R2T4 calculation. After reviewing all of the R2T4 for the spring semester, it was determined that there was a total of eight affected. Context: In the case of the student tested, the number of total days for the spring semester was entered as 109 days whereas the total should have been 107 days resulting in additional money the College could have kept. Cause: The College’s preparation and review process did not timely identify the error. Effect: The College returned $307 more than required to the DOE as a Return of Title IV funds for all 8 incorrect calculations for the spring semester, which is not material to the federal program. Recommendation: We recommend the College evaluate its procedures for reviewing R2T4 calculations and implement changes to validate the inputs to the calculation. Views of Responsible Officials and Planned Corrective Actions: The finding is due to Central College incorrectly inputting the number of break days in the school calendar profile in the R2T4 section of the common origination and disbursement website. When doing annual se-up, the financial aid office will now be confirming correct dates with Central’s controller. The school calendar profiles have already been issued to Forge Financial & Management Consulting for the 23-24 academic year.