Finding Text
Finding 2022-001 Federal Program: Student Financial Assistance Cluster Federal Assistance Listing Number: 84.063 and 84.268 Federal Agency: Department of Education Award Year: 2022 Criteria: The University is required to implement procedures to appropriately administer funding under the Student Financial Assistance Cluster. ? Pell grants must be awarded based on the Public Law 115-141 appropriation schedule. ? The refund of Title IV aid should be calculated using the percentage of classes completed method. ? Credit balances related to Title IV federal aid funds, per regulations, must be refunded no later than 14 days after either the credit balance occurred on the student?s account or the first day of classes of the payment period. Condition: During the course of our testing: ? We identified one student from a sample of 40 who had a Pell grant calculated incorrectly. ? We identified one student from a sample of 2 who had their refund of Title IV incorrectly calculated. ? We identified one student from a sample of 25 whose credit was not refunded within 14 days. Cause: Administrative oversight by personnel in awarding and refund process. Context: Controls did not operate properly to award and refund students with Federal Direct loans or Pell grants. Effect: The University has not complied with certain requirements of FSA Handbook and Federal Code of Regulations to award or return aid properly to the students. Repeat Finding: No Recommendations: The University should implement and document an overall quality assurance process including adequate controls to prevent overall noncompliance. Corrective Action Plan: See management?s corrective action plan on page 44.