FAC Explorer

Finding 504775 (2024-005)

-
Requirement
C
Questioned Costs
-
Year
2024
Accepted
2024-11-05
Audit: 327385
Organization: Wayland Baptist University (TX)
Auditor: Capincrouse LLP

AI Summary

  • Core Issue: Year-to-date reconciliations for student financial aid are not available for review.
  • Impacted Requirements: Monthly reconciliations must include detailed student-level data as per 34 CFR 668 Subpart L.
  • Recommended Follow-Up: The University should seek solutions to streamline the reconciliation process for Pell and Direct Loans.

Finding Text

Documentation of Reconciliations DEPARTMENT OF EDUCATION ALN #: 84.268 and 84.063 Federal Award Identification #: 2023-2024 Award Year Condition: Reconciliations were not available to review on a student-by-student basis year to date. Criteria: 34 CFR 668 Subpart L Questioned Costs: $0 Context: Reconciliations are required to be maintained on a monthly basis including year to date information for FDL and Pell. These reconciliations have been done on screen with each batch disbursement and in aggregate but not at the student-by-student detail year to date. Because the University has a large enrollment, student by student manual reconciliations are not time effective. Cause: The University’s system does not currently allow importing of student files from Common Origination and Disbursement (COD) to complete the reconciliations in a time effective manner. Effect: The documentation for reconciliations is not available year to date. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend the University explore options to make the year-to-date reconciliations and documentation of student Pell and Direct Loans more efficient. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.

Corrective Action Plan

Documentation of Reconciliations Recommendation: We recommend the University explore options to make the year-to-date reconciliations and documentation of student Pell and Direct Loans more efficient. Planned Corrective Action: The Executive Director of Financial Aid and the Assistant Director of Compliance & Reporting have provided in-house training to all pertinent financial aid staff on monthly reconciliation procedures. Progress has been made importing the monthly Pell SAS file to WBU’s financial aid system, PowerFAIDS. Work will continue on importing the Direct Loan SAS file into PowerFAIDS. Person Responsible for Corrective Action Plan: Robert Hamilton, Executive Director of Financial Aid and Brooke Tyler, Assistant Director of Compliance & Reporting Anticipated Date of Completion: December 15, 2024.

Categories

Student Financial Aid Matching / Level of Effort / Earmarking

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $14.23M
84.063 Federal Pell Grant Program $5.29M
84.031 Higher Education Institutional Aid $452,720
84.007 Federal Supplemental Educational Opportunity Grants $198,741
47.076 Stem Education (formerly Education and Human Resources) $161,172
84.116 Fund for the Improvement of Postsecondary Education $155,557
84.033 Federal Work-Study Program $146,162
84.038 Federal Perkins Loan Program $84,079
16.525 Grants to Reduce Domestic Violence, Dating Violence, Sexual Assault, and Stalking on Campus $73,439
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $2,829