Finding Text
2022 ? 003: COD Reporting Federal Agency: U.S. Department of Education Federal Program Title: Student Financial Aid Assistance Listing Numbers: Various Award Period: July 1, 2021 to June 30, 2022 Type of Finding: Significant Deficiency in Internal Control over Compliance Other Matters Criteria or specific requirement: The Department of Education requires the Academy to report the disbursement dates and amounts to the Common Origination and Disbursement (COD) system. Condition: During our testing of 40 disbursements, we noted the disbursement date per COD did not match the date disbursed per the student account for 2 disbursements. Questioned costs: None Context: During our testing, it was noted the Academy did not properly follow the process to ensure disbursements are accurately reported to COD. Cause: The Academy did not follow the procedure to meet the requirement that the disbursement date and balance per the student?s account must match the disbursement date and balance in COD. Effect: Disbursements are not reported correctly to COD which can cause funds to be unavailable or drawn down incorrectly. Repeat finding: Yes ? 2021-008 Recommendation: We recommend the Academy evaluate its procedures and policies around reporting disbursements to COD to ensure that student information is reported accurately and timely. Views of responsible officials: There is no disagreement with the audit finding.