Finding Text
Common Origination and Disbursement (COD) Reporting DEPARTMENT OF EDUCATION ALN #: 84.268 and 84.063 Federal Award Identification #: 2021-22 Financial Aid Year Condition: The dates and amounts that Pell and FDL awards were posted to student accounts did not always agree to disbursement records reported to Common Origination and Disbursement (COD). Criteria: 34 CFR 668.164(a) Questioned Costs: $-0- Context: 1 of 53 tested had COD loan disbursement date error that was 60 days. Eleven of the 48 Pell students tested had COD disbursement date errors ranging from 7-109 days (10 students were 7 days different). These were not corrected during the audit. Cause: For the FDL disbursement, the full amount had been reported to COD at the start of the spring term, while the disbursements were split between the two modules. For the Pell disbursements, the majority were due to rejects or issues on the COD side before they could post. Furthermore, all reconciliations for Pell and FDL are done on screen without a trail of discrepancies or corrections made. Effect: Inaccurate FDL reporting can impact a student?s interest accumulating period based on the dates of the loan disbursement dates. Inaccurate Pell reporting could allow a student to exceed their lifetime limit. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend the University implement procedures to monthly reconcile FDL and Pell disbursements to student accounts with disbursements reported to COD. PowerFAIDS has an import feature that can be used to complete the reconciliations timely. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.