Responsible Party: Jamie Clark, Coordinator, Campus and Financial Services
Phone Number: 501-202-7436
Audit Period Ending: December 31, 2023
Audit Firm: Forvis Mazars, LLP
Federal Program: Student Financial Assistance
Program Assistance Listing Numbers: 84.007, 84.063, 84.268
Federal Agency: U.S. Department of Education
Finding – Third Party Servicer
The College entered into a contract with a servicer to deliver Title IV credit balances in 2018 but did not provide the contract URL to the Department of Education or include the contract on the College's website. The contract does not include a stated provision that the contract may be terminated based on student complaints nor does it discuss surcharge-free ATMs. The College did not perform a formal due diligence review of the contract fees as required every two years. The College did not post fee information within 60 days of the award year to its website and did not send cost information to the Department of Education.
Comments on the Finding and Recommendation
Management is in agreement with this finding and the related recommendation.
Action(s) Taken or Planned on the Finding
The third party servicer, Nelnet, contract will be uploaded to the Department of Education website as well as information added to the Baptist Health College Little Rock website. The contract will be reviewed to ensure required terms are present including the ability of contract to be terminated based on student complaints and the consideration of surcharge-free ATMs. Servicer fees information will be posted with the Department of Education and the College website and a formal due diligence assessment of fees will be completed. Estimated completion date for the above mentioned corrective action is October 31, 2024.