Finding Text
Federal Agency: U.S. Department of Education; Office of Federal Student Aid Pass through Entity: Not applicable Program Name: Federal Pell Grant and Federal Supplemental Educational Opportunity Grant ALN and Program Expenditures: 84.063 ($557,058) and 84.007 ($ 9,616) Award Number: P063P223976 and P007A226456 Federal Award Year: July 1, 2022 to June 30, 2023 Questioned Costs: None Condition Found: For two of the twenty-five students in our sample, the School held Title IV credit balances for longer than fourteen days without written authorization. Criteria: An institution may not hold a credit balance, which is caused by federal student financial aid funds, on a student’s account for more than fourteen days without written authorization from the student. Cause: With the changing of the schedule during the holiday/final weeks on campus, the need for the return of funds was missed. Possible Asserted Effect: The Title IV credit balance was not returned timely to the student. Repeat Finding: See Finding 2022-006 for a similar finding in the prior year. Statistical Sampling: The sample was not intended to be, and was not, a statistically valid sample. Recommendation: The credit balances were returned to the students in question before the end of the academic year. Communication should be improved between the offices involved in the disbursement process to ensure that credit balances are refunded timely. Management Response: The credit balances were returned to the students in question before the end of the academic year. The financial aid office will follow-up with the cashier to ensure that, in the absence of a signed authorization to hold credit balances, the credit balance refunds are processed timely.