Finding Text
Criteria or Specific Requirement: In accordance with 34 CFR 668.22(j)(1), an institution must return the amount of Title IV funds for which it is responsible to return as soon as possible but no later than 45 days after the date of the institution's determination that the student withdrew.
Condition/Context: During our testing of 8 students, which is a statistically valid sample, we noted 3 instances where funds were not returned to the Department of Education within 45 days of the University determining the withdrawal.
Questioned Costs: None.
Cause: The University's internal controls did not identify the errors for compliance with the criteria mentioned above.
Effect: Federal funds were not returned timely to the Department of Education as required by the regulations.
Repeat Finding: No.
Recommendation: We recommend the University review its procedures to ensure that Title IV funds required to be returned are done so within 45 days after the date of the institution's determination that the student withdrew.
Views of Responsible Officials: Please refer to the attached corrective action plan.