Finding Text
Finding No. 2022-002: Controls Over Student Financial Assistance ? Disbursements to Students Federal Program Name Student Financial Assistance Program Project No. P063P200542, P063P210542, P007A211184, P033A211184 CFDA No. 84.063, 84.007, 84.033 Federal Agency U.S. Department of Education Criteria/Specific Requirement: The Student Financial Aid Handbook states a Title IV credit balance is created when the Title IV funds credited to the student?s account exceeds the amount assessed to the student for allowable charges associated with the payment period. When paying the credit balance owed to the student the school must pay the balance owed within 14 days from the time it was created. Condition: During our testing it was noted that three (3) students? refunds were not processed within the required 14 days. Questioned Costs: None Context: During our student financial aid testing, it was noted that three (3) of out seventy-one (71) students? credit balances were not returned within the required time frame. Effect: The student did not receive a refund within the required 14 days. Cause: The Bursar Office was using a report built to identify only students with credit balances of $5 or more in a current semester and were reviewing past semesters on a monthly basis. Recommendation: We recommend the College implement a review process over application of funds to student accounts. Management?s Response: Management agrees with the finding.