Description of Finding: From the testing sample, six instances were found where credit balances
from Title IV balances were not properly refunded to students based on the disbursement dates.
Statement of Concurrence or Nonconcurrence:
With staff turnover, offices were incurring a longer time to balance COD approved disbursements to
actual disbursements to student accounts. Once the loan disbursements were balanced and
confirmed to students, the loan refunds were immediately released to students. CMU is aware of,
and normally follows the 14 day policy, but it was determined to hold loan refunds until the loans
posted to CMU accounts were correct with COD to avoid incorrect disbursements.
Corrective Action:
The office of Financial Assistance has identified balancing COD disbursements and internal loan
disbursement as a mandatory priority each week. A macro report has been developed to help
identify differences with COD and allow corrections and COD draws in a timely fashion.
Name of Contact Person: Dyllon Harper, Director of Financial Assistance,
Projected Completion Date: Fall 2024