Finding Text
Criteria: 34 CFR 668.164 (a)(1) states “Except as provided under paragraph (a)(2) of this section, a disbursement of title IV, HEA program funds occurs on the date that the institution credits the student’s ledger account or pays the student or parent directly with- (i) Funds received form the Secretary; (ii) Institutional funds received from a lender under title IV, HEA program funds;
Condition: The College did not report actual loan disbursement dates to the Common Origination and Disbursement (COD) system for 1 of the 40 students in the sample (2.5%). We consider this condition to be an instance of noncompliance in internal control over compliance relating to the Eligibility compliance requirement and is a repeat finding shown in Section IV of this report as prior year finding 2022-004. Statistical sampling was not used in making sample selections.
Questioned Costs: N/A
Cause and Effect: The College noted this was an error that occurred but did not occur with the entire batch.
Recommendation: We recommend the College implement procedures in order to report accurate disbursements dates for Direct Loans to NSLDS.
Views of Responsible Officials: Management agrees with this Single Audit Finding and response is included in the Corrective Action Plan.