Finding Text
Federal Program:
U.S. Department of Education:
Student Financial Aid Cluster:
Federal Pell Grant Program, Assistance Listing 84.063
Direct Loan Program, Assistance Listing 84.268
Teacher Education Assistance for College and Higher Education Grant (TEACH Grant), Assistance Listing 84.379
Criteria: The College must comply with 34 CFR 690.83, 34 Section 685.301(a)(2), and 34 CFR Section 686.37(a).
Condition: We tested 40 samples for eligibility, and noted that 10 of the samples had errors reporting disbursement dates and/or amounts to Common Origination and Disbursement (COD). 8 students had the incorrect disbursement date on COD. 1 student had a disbursement on COD that was never disbursed to the student. 1 student had a disbursement on their account statement that was not recorded as disbursed in COD.
Cause: The College did not have a procedure in place to properly review COD disbursement amounts and dates to verify all students had the proper reporting in COD.
Effect: The provisions of 34 CFR 690.83, 34 Section 685.301(a)(2), and 34 CFR Section 686.37(a) were not followed and thus a total of 10 students had incorrect reporting in COD.
Questioned Costs: There were no questioned costs associated with this finding.
Recommendation: We recommend that the College review all COD disbursements and perform monthly COD reconciliations by student to verify the disbursement date and amount matches the student account.
View of responsible officials and planned corrective actions: The College will review and verify the funds that were disbursed to the students account match the disbursement dates in COD on the date the transfer batch report is sent to the College's Business Office.