Finding Text
Criteria or specific requirement: The Department of Education requires the College to report the disbursement dates and amounts to the Common Origination and Disbursement (COD) system within 15 days of disbursing Pell (34 CFR 690.83(b)(2) and Direct Loan (34 CFR 685.309) funds to a student.Condition: Per review of two student's account detail, the College did not report a Direct Loan disbursement to COD within the 15-day time requirement.Context: We tested a sample of 40 students to determine the College?s compliance with reporting requirements outlined by the Department of Education related to Common Origination and Disbursement and noted two of the disbursements were not reported within the 15-day requirement.Questioned costs: None.Cause: Due to the timing of employee turnover within the Student Financial Aid department procedures were not completed timely.Effect: The College is out of compliance with the requirement that disbursement dates and amounts are reported to the Common Origination Disbursement system within 15 days.Repeat Finding: Yes. See 2021-001.Recommendation: We recommend the College evaluate its procedures and policies around reporting Direct Loan disbursements to COD, including those that are unique in nature, to ensure that student information is reported accurately and timely.Views of responsible officials and management?s response: The College agrees with the finding.