Finding Text
Common Origination and Disbursement (COD) Reporting
Significant Deficiency DEPARTMENT OF EDUCATION
ALN #: 84.268 and 84.063
Federal Award Identification #: 2021-2022 Financial Aid Year
Condition: The anticipated disbursement dates in COD were not updated with the actual dates of disbursement when reporting disbursement records for Pell and FDL to COD.
Criteria: 34CFR 668.164(a)
Questioned Costs: $-0-
Context: Out of 60 students tested, including both Pell and FDL disbursements, 10 students had COD records that did not reflect the actual disbursement date per the student account statement for Spring 2022 disbursements. Due to the error rate, this is classified as a significant deficiency.
Cause: The anticipated disbursement dates in COD were not updated to the actual dates that Pell and FDL were disbursed to the students' accounts.
Effect: Inaccurate FDL reporting can impact a student's interest accumulating period based on the dates of the loan disbursement dates as well as the monitoring of FDL aggregate limits. Inaccurate Pell reporting could allow a student to exceed their lifetime limit.
Identification as repeat finding, if applicable: 2021-003
Recommendation: We recommend that procedures be implemented to ensure that disbursement reporting to COD be reflective of the actual disbursement dates.
Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.