Finding Text
FINDING 2024-002– R2T4 Calculation
Federal Agency: U.S. Department of Education; Office of Federal Student Aid
Pass through Entity: Not applicable
Program Name: Federal Pell Grant Program
ALN and Program Expenditures: 84.063 ($487,504)
Award Number: P063P233315
Federal Award Year: July 1, 2023 to June 30, 2024
Questioned Costs: $1,574
Condition Found:
The R2T4 was calculated correctly, but the Title IV funds were not returned timely for one of the twenty students in the compliance testing sample.
Criteria:
Per the Student Financial Aid Handbook Volume 5, Chapter 2, “a school must return unearned funds for which it is responsible as soon as possible but no later than 45 days after the date of determination of a student’s withdrawal.”
Cause:
The financial aid director did not realize the funds had not been returned.
Possible Asserted Effect:
$1,547 of Pell Grant funds have not been returned to the Department of Education.
Repeat Finding:
See Finding 2023-002 for a similar finding the prior year.
Recommendation:
$1,547 of Federal Pell Grant funds should be returned to the Department of Education. Procedures should be improved to ensure that funds are returned to the Department of Education timely after an R2T4 is completed.
Management Response:
Management agrees that the funds were not returned after the R2T4 was completed. The Interim Director of Financial Aid has submitted a request to the University’s third party servicer to return the funds.