Finding Text
2024 – 005: Population for Return of Title IV Funds
Federal Agency: U.S. Department of Education
Federal Program Name: Student Financial Aid Cluster
Assistance Listing Number: 84.063, 84.268, 84.007, 84.033
Federal Award Identification Number: P063P233052, P063P223052, P268K243052, P268K233052, P007A231754, P007A221754, P033A231754
Award Period: July 1, 2023 – June 30, 2024
Type of Finding: Significant Deficiency in Internal Control over Compliance
Criteria or specific requirement:
Internal Control – Per 2 CFR section 200.303(a), a non-Federal entity must: Establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non-Federal entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms and conditions of the Federal award. These internal controls should be in compliance with guidance in “Standards for Internal Control in the Federal Government” issued by the Comptroller General of the United States or the “Internal Control Integrated Framework”, issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Condition: The College was unable to provide the required population for the students that withdrew during the fiscal year in a timely manner.
Questioned Costs: None
Context: The College does not have a process in place to identify students who have withdrawn and received Title IV funds.
Cause: Currently, the collection of this information is a very manual process that caused the delay.
Effect: The College’s single audit may be delayed.
Repeat Finding: No
Recommendation: It is recommended that the College strengthens its internal controls and improves coordination among departments to ensure timely submission of required data for the Return of Funds. This may include implementing a more robust tracking system, providing additional training to staff, and establishing clear deadlines and responsibilities for data submission.
Views of responsible officials: There is no disagreement with the audit finding.