Finding Text
Reference Number 2022-01?Return of Title IV FundsFederal Program and Assistance Listing Number (ALN) ?Student Financial Aid Cluster.Criteria?Returns of Title IV funds are required to be deposited or transferred into the Student Financial Aid account or electronic fund transfers initiated to Department of Education as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew.Statement of Condition?From a sample of six students with required Title IV returns, one student was identified for which the Title IV funds were not returned within the required time frame.Questioned Costs?None.Effect?Robert Morris University (the ?University?) did not return the Title IV funds within the required timeline (45 days).Underlying Cause?The University implemented a new information technology system in the current year; as a result, once a student withdrew, it was not automatically communicated to the financial aid office and, as a result, refunds were not processed in a timely manner.Recommendation?The University should revise its existing policies and procedures to allow sufficient time for communicating student withdraws and identifying return of Title IV funds within the prescribed timeline.Management?s Views and Corrective Action Plan?Please refer to the University?s Corrective Action Plan for management?s view and corrective action plan.