Finding Text
Student Financial Assistance Cluster, CFDA Number 84.268 Federal Direct Student Loans, CFDA Number 84.063 Federal Pell Grant Program, U.S. Department of Education Program Year 2023-2024
Criteria or Specific Requirement - Special Tests: Return of Title IV Funds 34 CFR Section 668.22
Cause - The University's Office of Financial Aid incorrectly calculated the return of Title IV funds.
Effect or Potential Effect - Incorrect balance of funds were returned and funds were not returned within the required time frame.
Condition - Return of Title IV funds were not calculated correctly and funds were not completed within the required time frame.
Questioned Costs - $633
Context - Out of a population of 73 official and unofficial withdrawals of students who received Student Financial Assistance. A sample of 9 student withdrawals were selected for testing. Our sample was not and was not intended to be statistically valid. For 2 of the student withdrawals tested, the calculation of funds to be returned was calculated incorrectly, funds were not made back to the lender within the required time frame and the credits to accounts were not made within the required timeframe.
Identification as a Repeat Finding - N/A
Recommendation - The University's Office of Financial Aid should complete Return of Title IV calculations for all students who officially and unofficially withdrew during the semester using the proper days in the semester and the proper amount of aid disbursed.
Views of responsible officials and planned corrective actions - Northwestern Oklahoma State University agrees with the auditor's findings and recommendations. The University corrected the software perimeters to correctly reflect the number of days for breaks and to also reflect calculations involving institutionally match FSEOG funds that were not required for FY25. Management will continue to monitor adherence to Title IV rules and regulations.