Finding Text
Program Title: Student Financial Assistance Cluster
Assistance Listing Numbers: 84.063 and 84.007
Federal Award Number: None
Federal Agencies: United States Department of Education
Criteria: According to 34 CFR 668.22, the University is required to implement procedures to appropriately administer funding under the Student Financial Assistance Cluster and to return Title IV funds in the appropriate time required by regulations.
Condition: During the course of our testing, we identified one student from a sample of ten whose return of Title IV aid was not calculated correctly and, therefore, the amount of aid returned was not correct.
Cause: Administrative oversight by personnel in refund process.
Effect: The University has not complied with certain requirements of FSA Handbook and Federal Code of Regulations to return aid properly to the students.
Questioned Costs: $2,610
Context: During testing of return of Title IV funds, we identified that the calculation for the return of funds was not correct for one student.
Repeat Finding: No
Recommendation: The University should implement and document an overall quality assurance process including adequate controls to prevent overall noncompliance.
View of responsible individuals: Management agrees with the finding.