FAC Explorer

Finding 462 (2023-002)

-
Requirement
N
Questioned Costs
-
Year
2023
Accepted
2023-10-23
Audit: 1009
Organization: Brescia University Inc. (KY)
Auditor: Ebelhar Whitehead PLLC

AI Summary

  • Issue: The University incorrectly calculated and returned Title IV Refunds for withdrawn students.
  • Impact: Out of 11 students tested, 2 had incorrect refund amounts due to miscounting days.
  • Follow-up: Implement a review process where a second person verifies the academic calendar used for these calculations.

Finding Text

Criteria or Specific Requirement Special tests and provisions – Title IV Refunds Condition The University did not return the correct amount of funds for withdrawn students. Context Out of a sample of 11 students selected for testing compliance with Title IV Refunds, for two students, the University did not return the correct amount of funds. Effect The University did not return the correct amount of federal funds. Cause The University counted a day prior to the start of classes which did not include academic engagement in its calculation of the number of days in the semester in the return of funds calculation. Recommendation A second individual should check the academic calendar used for Title IV return of funds.

Corrective Action Plan

The Director of Financial Aid reviewed all students who had withdrawn and determined that only two were impacted. These two students' refund calculations were reviewed and corrected, and appropriate funds were returned. The dates used in the R2T 4 calculation for the upcoming year have been reviewed by the Director of Financial Aid to verify the proper number of days will be used in the Title IV Refund calculations. The Assistant Registrar will review the academic calendar each semester to be used in the R2T4 calculations. The University implemented these procedures for the Fall 2023 semester.

Categories

Special Tests & Provisions Student Financial Aid

Other Findings in this Audit

  • 458 2023-001
    Significant Deficiency
  • 459 2023-001
    Significant Deficiency
  • 460 2023-001
    Significant Deficiency
  • 461 2023-001
    Significant Deficiency
  • 463 2023-002
    -
  • 464 2023-002
    -
  • 576900 2023-001
    Significant Deficiency
  • 576901 2023-001
    Significant Deficiency
  • 576902 2023-001
    Significant Deficiency
  • 576903 2023-001
    Significant Deficiency
  • 576904 2023-002
    -
  • 576905 2023-002
    -
  • 576906 2023-002
    -

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $4.99M
84.063 Federal Pell Grant Program $1.18M
16.525 Grants to Reduce Domestic Violence, Dating Violence, Sexual Assault, and Stalking on Campus $116,323
84.007 Federal Supplemental Educational Opportunity Grants $86,707
84.033 Federal Work-Study Program $76,816
93.658 Foster Care_title IV-E $5,693