Finding 2024-004 Student Financial Aid Cluster, CFDA # 84.063, 84.268
Condition: The College did not report the actual disbursement date that students receive the Direct Loan and/or Pell Funds to the COD system.
Corrective Action Plan: Objective:
To ensure the Financial Aid office reports the actual disbursement date the student receives the Direct Loan and/or Pell funds to the COD system.
Corrective Actions:
1. Establish a Standard Operating Procedure (SOP) for reporting disbursement dates
2. Implement an automated system for disbursement reporting
3. Training for Financial Aid and Accounting staff
4. Coordination between relevant departments
5. Verification and reconciliation process
6. Review and monitor data submissions
7. Establish a process for correcting disbursement errors
8. Ongoing monitoring and follow-up
Monitoring and Follow-Up:
The Financial Aid Office will be responsible for ensuring the implementation of this corrective action plan and will provide monthly updates to senior management.
Person(s) Responsible for Corrective Action Plan: Jamieta Hoskins, Director of Financial Aid
Anticipated Completion Date for Corrective Action Plan: March 31, 2025