Finding Text
Federal Agency: Department of Education Federal Program Title: Student Financial Assistance Cluster Federal Assistance Listing Number: Various Award Period: June 1, 2021 ? May 31, 2022 Type of Finding: Significant Deficiency in Internal Control over Compliance and Other Matters Criteria or Specific Requirement: The Code of Federal Regulations, 34 CFR 668.22(f)(2)(i), states that scheduled breaks of at least five consecutive days are excluded from the total number of calendar days in a payment period or period of enrollment and the number of calendar days completed in that period. Condition: During our testing, we noted 7 of the 29 individuals tested had used an incorrect percentage of days attended causing the University to incorrectly calculated the return of Title IV funds. Questioned Costs: $9,558 Context: During our testing, we noted the University had a one-day variance which caused a negative impact on the calculation on percent of aid earned and the amount of Title IV aid refunded. Cause: The University's return of Title IV funds template was not including the first day of class thus students? percentage of days attended was miscalculated. Effect: The University is not completing accurate return of Title IV funds calculations as defined by the regulations. Repeat Finding: No Auditor?s Recommendation: We recommend the University review the return of Title IV funds requirements and implement procedures to ensure the return of Title IV funds calculations are using the correct number of break days and are accurately completed. Views of Responsible Officials and Planned Corrective Actions: There is no disagreement with the audit finding.