Finding 503537 (2024-001)

2024-001: Errors Relating to Return of Title IV Financial Aid - Student Financial Aid Cluster Assistance Listing Number 84.007, 84.033, 84.038, 84.063, 84.268, 84.379, 93.264 Grant Period - Year Ended May 31, 2024 Criteria: According to 34 CFR 668.22 when a recipient of Title IV grant or loan assistance withdraws from a College during a payment period or period of enrollment in which the recipient began attendance, the College must determine the amount of Title IV grant or loan assistance that the student earned as of the student's withdrawal date. Condition: During our return of Title IV Fund testing we noted that the University did not calculate or return Title IV for students who ceased attendance correctly for two students out of eleven. The University used the incorrect number of days for the total days in the period of enrollment when calculating the return of Title IV. We consider this to be an instance of non-compliance relating to the Special Tests and Provisions Compliance Requirement. Statistical sampling was not used when making sample selections. Questioned Costs: $129 Effect: The College did not properly calculate the return of Title IV for two students out of eleven. Cause: The University’s internal controls did not identify the fact that the incorrect number of days the student attended when calculating the return of Title IV. Recommendation: We recommend the University monitors and updates their system used for return of Title IV calculations with the correct dates. Views of Responsible Officials: Management agrees with this finding and response is included in Corrective Action Plan.