Finding Text
Federal Agency: Department of Education
Federal Program Title: Student Financial Aid Cluster – Various
Assistance Listing Numbers: Various
Federal Award Identification Number and Year: Various
Pass-Through Agency: N/A
Pass-Through Number: N/A
Award Period: July 1, 2023, through June 30, 2024
Type of Finding:
Significant Deficiency in Internal Control Over Compliance
Other Matters
Criteria or specific requirement: The Department of Education requires the College to report the disbursement dates and amounts to the Common Origination and Disbursement (COD) system within 15 days of disbursing Pell (34 CFR 690.83(b)(2) and Direct Loan (34 CFR 685.309) funds to a student.
Condition: During our testing, we noted 2 of the 40 students tested had disbursement dates per COD that did not match their student account.
Questioned costs: None
Context: During our testing, it was noted the College did not properly follow the process to ensure disbursements are accurately reported to COD.
Cause: The College did not follow the procedure to meet the requirement that the disbursement date per the College's record must match the disbursement date in COD.
Effect: Students interest accrues based on disbursement date reported to COD for Direct Loan disbursements, thus interest calculation could be skewed due to the discrepancy in disbursement dates reported.
Repeat finding: No
Recommendation: We recommend the College 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.