AUDIT FINDINGS
Finding Reference Number:
Finding 2024-002
Description of Finding:
Statement of Condition: The Financial Aid Office does not consistently report disbursement dates to COD correctly. Two (2) out of six (6) students tested had been incorrectly reported to COD.
Statement of Concurrence or Nonconcurrence:
According to 34 CFR 668.164(a), Disbursing Funds, an institution makes a disbursement of Title IV, HEA funds on the date that the institution credits a student’s account at the institution or pays a student or parent directly with funds received from the Secretary; or institutional funds used in advance of receiving Title IV, HEA funds.
Corrective Action:
To ensure timely and accurate processing of financial aid disbursements, the Office of Accounting and the Office of Financial Aid will implement a Disbursement Memorandum outlining specific procedures. The Office of Accounting must upload disbursement files into PowerCampus on the same day they are received from the Office of Financial Aid. If disbursement files cannot be uploaded due to system issues, staff illness, or other delays, the Office of Accounting must immediately notify the Office of Financial Aid. In such cases, the Office of Financial Aid will update disbursement dates in COD as needed.
The Office of Financial Aid already has a process in place to identify and correct mismatches between disbursement dates in PowerFAIDS and COD, and this process will continue as part of ongoing reconciliation efforts. The Office of Accounting will maintain awareness of the importance of same-day uploads and exercise diligence in ensuring compliance with this requirement. This corrective action plan will enhance coordination between offices, reduce discrepancies, and improve compliance with federal reporting requirements.
Name of Contact Person:
Keri Gilbert
Associate Vice President of Financial Aid Analytics and Compliance
(573) 876-7106
Projected Completion Date:
3/10/2025