Finding Text
CORRECTIVE ACTION PLANAudit Period: September 1, 2021, to August 31, 2022Finding 2022-001: Student Financial Assistance Cluster- Calculating Return of Title IV FundsThe Institution relied on their previous 3rd party servicer who processed their R2T4 forms. The Institution was not satisfied with their services and terminated that company and subsequently hired a new 3rd party service provider. It was discovered during the transition of service providers, that 2 of the R2T4 forms in our sample were not correctly calculated by their previous third-party servicer.Recommendation:We recommend the institution to update the incorrect R2T4 worksheets and follow up accordingly as required and to work with their new 3rd party service provider to determine effective dates at which 60% completion is achieved during each enrollment session.Management Response:Management agrees with the finding and will implement the recommendations immediately.Action Taken or Planned:Management has met with their current 3rd party service provider and have corrected the incorrect R2T4 worksheets and will follow up as required. Management has also met with their 3rd party service provider to determine effective dates at which 60% completion is achieved during each enrollment session.