Finding 388239 (2023-003)

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

AI Summary

  • Core Issue: One student's cost of attendance was incorrectly calculated, not matching the budget based on enrollment.
  • Impacted Requirements: The University failed to meet eligibility requirements for calculating the cost of attendance.
  • Recommended Follow-Up: The University should review and improve its cost calculation process to ensure compliance.

Finding Text

Federal Program Information: Student Financial Assistance Cluster (Various Federal Assistance Listing Numbers) Criteria or Specific Requirement (Including Statutory, Regulatory or Other Citation): In accordance with Eligibility requirements, the University is required to calculate the cost of attendance for students based on the cost of attendance budget. Condition: The cost of attendance for one student did not agree to the budget based on the student’s enrollment. Cause: The University did not appropriately calculate one student’s cost of attendance. Effect: The University did not comply with the requirement to appropriately calculate the cost of attendance for a student. 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 the cost of attendance. Views of responsible officials and planned corrective actions: Management concurs with the finding. The University plans to review its process for the cost of attendance calculation.

Corrective Action Plan

The Financial Aid Department will review processes and put proper procedures and training in place to ensure the proper calculation for cost of attendance is being used. Individuals Responsible for Corrective Action Plan: Damon Wade, VP for Enrollment Management and Marketing. Anticipated Completion Date: September 2024

Categories

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