Finding 388238 (2023-002)

-
Requirement
E
Questioned Costs
-
Year
2023
Accepted
2024-03-28
Audit: 300044
Organization: William Peace Universirty (NC)
Auditor: Bdo USA PC

AI Summary

  • Core Issue: The University incorrectly calculated the Federal Pell Grant amount for one student, resulting in an underpayment.
  • Impacted Requirements: This finding violates the eligibility criteria set by the Department of Education for Pell Grants (34.CFR Section 690.62(a)).
  • Recommended Follow-Up: The University should review and improve its calculation process for Pell Grants to ensure accurate disbursements in the future.

Finding Text

Federal Program Information: Student Financial Assistance Cluster (ALN #84.063) Criteria or Specific Requirement (Including Statutory, Regulatory or Other Citation): In accordance with Eligibility – Federal Pell Grants criteria, the amount of a student’s Pell Grant for an academic year is based upon the payment and disbursement schedules published by the Department of Education. (34.CFR Section 690.62(a)) Condition: For one student selected, the University did not award the appropriate Federal Pell amount for the payment period. As a result, the student did not receive the full Pell Grant amount for which they were eligible. Cause: The University did not accurately calculate and disburse the Federal Pell Grant for one student. Effect: One student was awarded the incorrect amount of Federal Pell award for the payment period. Questioned Costs: None. Context: 1 of 25 students selected for testing. Repeat Finding: This is not a repeat finding from the prior year. Recommendation: We recommend that the University accurately calculate Pell Grants for students. Views of responsible officials and planned corrective actions: Management concurs with the finding. The University plans to review its process for calculating Federal Pell Grant awards.

Corrective Action Plan

The Financial Aid Department will review processes and put proper procedures and training in place to ensure Federal Pell Grant awards are properly calculated and awarded. Individuals Responsible for Corrective Action Plan: Damon Wade, VP for Enrollment Management and Marketing. Anticipated Completion Date: September 2024

Categories

Student Financial Aid Eligibility

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $4.76M
84.063 Federal Pell Grant Program $1.33M
84.425 Education Stabilization Fund $116,337
84.007 Federal Supplemental Educational Opportunity Grants $76,247
84.033 Federal Work-Study Program $55,709