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 the Special Tests and Provisions ? General Title IV Disbursement Criteria compliance requirements, the University is required to return funds to students within 14 days of the disbursement of Title IV funds creating a credit balance within the student?s account. (34 CFR ? 668.164(i)) Condition: For 3 students selected for testing, the University refunded the students outside of the permissible 14-day period after the credit balance was created. Cause: The University was processing amounts for refund, which took longer than the allowable 14-day period. Effect: The University did not comply with the requirement to refund the students within 14 days. Questioned Costs: None. Context: 3 of the 25 students selected for testing. Repeat Finding: This is not a repeat finding from the prior year. Recommendation: We recommend that the University refund students within 14 days of a credit balance being created. Views of responsible officials and planned corrective actions: Management concurs with the finding. The University plans to expedite its review process in order to return funds timely to students once a credit balance is created.