FAC Explorer

Finding 517709 (2024-002)

Significant Deficiency
Requirement
N
Questioned Costs
-
Year
2024
Accepted
2025-01-03
Audit: 335756
Organization: Central College (IA)
Auditor: Forge Financial & Management Consulting INC

AI Summary

  • Core Issue: The College failed to return a student refund of $215 within the required 14 business days, leading to significant compliance deficiencies.
  • Impacted Requirements: Federal regulations mandate that refunds must be processed within 14 business days, which was not met in this case.
  • Recommended Follow-Up: The College should review and enhance its refund procedures and provide staff training to ensure timely disbursement of refunds in the future.

Finding Text

Return of Title IV Funds (R2T4) Calculation Errors Finding Type: Significant deficiency and reportable noncompliance with laws and regulations. Criteria and Condition: Per federal regulations, student refunds must be returned to the borrower within 14 business days. A refund of $215 was owed to a student for Summer 2024 was not disbursed as of July 24, 2024, which exceeded the 14-day requirement. Context: The student was owed a refund for the Summer 2024 term, but the disbursement was delayed beyond the required timeframe. Cause: The College did not have adequate processes in place to ensure timely refunds to students. Effect: The College failed to comply with the requirement to return funds within 14 business days, resulting in a delayed refund to the student. Recommendation: We recommend the College review its refund procedures and implement controls to ensure refunds are disbursed within the required time frame. View of Responsible Officials and Planned Corrective Actions: The College will review its internal processes for handling refunds and ensure that future refunds are processed within the 14-day window. Training will be provided to the responsible staff to improve compliance with regulations.

Categories

Student Financial Aid Significant Deficiency

Other Findings in this Audit

  • 517701 2024-002
    Significant Deficiency
  • 517702 2024-003
    Significant Deficiency
  • 517703 2024-002
    Significant Deficiency
  • 517704 2024-003
    Significant Deficiency
  • 517705 2024-002
    Significant Deficiency
  • 517706 2024-003
    Significant Deficiency
  • 517707 2024-002
    Significant Deficiency
  • 517708 2024-003
    Significant Deficiency
  • 517710 2024-003
    Significant Deficiency
  • 517711 2024-002
    Significant Deficiency
  • 517712 2024-003
    Significant Deficiency
  • 517713 2024-002
    Significant Deficiency
  • 517714 2024-003
    Significant Deficiency
  • 517715 2024-002
    Significant Deficiency
  • 517716 2024-003
    Significant Deficiency
  • 1094143 2024-002
    Significant Deficiency
  • 1094144 2024-003
    Significant Deficiency
  • 1094145 2024-002
    Significant Deficiency
  • 1094146 2024-003
    Significant Deficiency
  • 1094147 2024-002
    Significant Deficiency
  • 1094148 2024-003
    Significant Deficiency
  • 1094149 2024-002
    Significant Deficiency
  • 1094150 2024-003
    Significant Deficiency
  • 1094151 2024-002
    Significant Deficiency
  • 1094152 2024-003
    Significant Deficiency
  • 1094153 2024-002
    Significant Deficiency
  • 1094154 2024-003
    Significant Deficiency
  • 1094155 2024-002
    Significant Deficiency
  • 1094156 2024-003
    Significant Deficiency
  • 1094157 2024-002
    Significant Deficiency
  • 1094158 2024-003
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $1.58M
84.063 Federal Pell Grant Program $1.22M
84.047 Trio_upward Bound $799,349
84.038 Federal Perkins Loan Program, Beginning Loan Balance $793,411
84.044 Trio_talent Search $441,506
84.042 Trio_student Support Services $252,125
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $234,792
84.033 Federal Work-Study Program $208,942
84.007 Federal Supplemental Educational Opportunity Grants $205,172
47.049 Mathematical and Physical Sciences $67,780
19.009 Academic Exchange Programs - Undergraduate Programs $20,440
47.075 Social, Behavioral, and Economic Sciences $4,895
47.083 Integrative Activities $3,150