Finding Text
2024-001 Special Tests and Provisions – Disbursements to or on Behalf of Students
Federal Assistance Listing Number: 84.007, 84.033, 84.063, 84.268 and 84.379
Name of Program or Cluster: Student Financial Aid Cluster
Agency: U.S. Department of Education
Criteria: N. Special Tests and Provisions – Disbursements to or on Behalf of Students - Credit Balances – An institution is required to refund credit balances on student accounts within 14 days of the creation of the credit balance. If an institution attempts to refund the credit balance by check and the check is not cashed, the institution must return the funds to the Department of Education no later than 240 days after the date the school issued the check.
Condition: The University did not refund credit balances to four out of sixty studentssampled from a total population of 1,495 within the required timeframe.
Cause: Management oversight.
Effect: Noncompliance with OMB federal grant compliance requirements.
Questioned Costs: None.
Repeat Finding: No.
Recommendation: The University should develop a process to ensure all credit balances are refunded to student accounts within the required timeframe.
Views of Responsible Officials: See corrective action plan attached.