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.