Finding Text
Finding 2023-006: Late Refunds Compliance Requirement: Special Tests and Provisions (N.) - Return of Title IV Funds Criteria: The Department of Education requires that all refunds be made within 45 days of a student’s withdrawal (34 CFR 668.22, 685.306). Condition: We tested thirty-two drop students in our sample and noted three late refunds. We consider this finding to be an instance of non-compliance and is a repeat finding shown in Section IV of this report as prior year Finding 2022-005. Cause: The condition was caused by oversights in the financial aid department. Effect: The result is the Institution retained funds which should have been returned to the Department of Education. Question Costs: $4,077 Statistical sampling was not used when making sample selections. Recommendation: We recommend the Institution increase controls over refunds. Views of Responsible Officials: The Institution agrees with the Single Audit Finding and a response is included in the Corrective Action Plan.