Finding Text
Finding 2023-005: Incorrect Refund Calculations Compliance Requirement: Special Tests and Provisions (N.) - Return of Title IV Funds Criteria: An institution must use the Return to Title IV refund calculation (34 CFR 668.22). Condition: We tested thirty-two drop students and found four incorrect refund calculations. We consider this finding to be a significant deficiency and is a repeat finding shown in Section IV of this report as prior year Finding 2022-006. Cause: The condition was caused by using incorrect charges in Step 5 of the Return to Title IV refund calculations. Effect: The result is the Institution refunded incorrect amounts to the Department of Education. Question Costs: $953 Statistical sampling was not used when making sample selections. Recommendation: We recommend the Institution refund $953 to the Department of Education, credit $3,569 to the students' accounts and increase controls over refunds. There is no liablity for the remaining $1,556, as this was due to overrefunding loans. Views of Responsible Officials: The Institution agrees with the Single Audit Finding and a response is included in the Corrective Action Plan.