Finding 391473 (2023-001)

Criteria According to Common Origination and Disbursement ("COD") 2022-2023 Technical Reference: The COD disbursement date is the date the money was credited to the student's account or paid to the student directly for a specific disbursement. Condition The Federal Government requires that the disbursement date reported to the COD match the date the funds were credited to the student's account. During our testing, we noted 4 students, out of a sample of 40, that the date the funds were credited to the student's account did not match the disbursement date reported to COD by a range of 1 to 4 days. Cause The College did not have procedures to ensure the disbursement date per the student's account statement matched the disbursement date reported to COD. Effect The College did not report the correct disbursement dates to the COD. Questioned Costs Not applicable Perspective Our sample was not, and was not intended to be, statistically valid. Of the 40 students selected for testing, 4 students, or 10% of our sample, did not report the correct disbursement date to COD. Identification as a Repeat Finding, if applicable See finding 2022-001 included in the summary schedule of prior year findings. Recommendation The College should have procedures to ensure that COD disbursement information matches the College's records. View of Responsible Officials The College agrees with the finding.