Finding 2023-002: Special Tests and Provisions
Condition: The College has approximately 140 student financial assistance checks that were outstanding at year end that were over 240 days old and they have not been returned to the federal government. The College has also escheated uncashed student financial assistance checks to the state of Pennsylvania.
Criteria: As outlined under 34 CFR 668.164 (1), an institution must have a process that ensures student financial assistance funds outstanding are returned to the federal government within 240 days. They may not be escheated to a state or revert to the institution or any other third party.
Cause: The College did not have a process in place to monitor outstanding student financial assistance checks or to prevent these funds from escheating to the Commonwealth of Pennsylvania.
Effect of the Condition: The College is not following required Federal Student Assistance regulations in maintaining an appropriate administrative capability to administer funds.
Action Taken: The College will develop a process and procedures to ensure monitoring of outstanding student financial assistance checks and ensure that those checks are treated in accordance with Federal Student Assistance regulations.
Name(s) of Contact Person(s) Responsible for Corrective Action: Niels Christensen, Chief Financial Officer
Anticipated Completion Date: July 31, 2024