2024-001 Student Financial Assistance Cluster – Federal Assistance Listing No. 84.038
Recommendation: We recommend the University evaluate is procedures and policies around recordkeeping and retention.
Explanation of disagreement with audit finding: There is no disagreement with the audit finding.
Action taken in response to finding: Management of the University agrees with the finding. We do have policies and procedures in regard to recordkeeping and retention of Perkins loan documents. Active, Assigned and Retired Perkins loans are maintained in a locked, fireproof container in the Bursar office. The repayment schedules are electronically kept in
our borrower files with Heartland ECSI. The cancellation and deferment request for each Perkins loan made are electronically kept in our borrower files with Heartland ECSI. We typically retain original or true and exact copies of Master Promissory Notes (MPN). In some cases, the MPN may have been returned to the student during their entrance counseling. The Perkins loan program expired September 30, 2017. We are currently in the process of Assigning the remaining borrowers to close out our Perkins Loan Program. We are working as quickly and efficiently as possible. Staff
availability will determine the completion date for this process.
Name(s) of the contact person(s) responsible for corrective action: Diane Purcell, Bursar Senior Accountant, (860) 768-4361
Planned completion date for corrective action plan: June 30, 2025
If the United States Department of Education has questions regarding this plan, please call Elaine Daly, Assistant Vice President for Finance & Controller at 860-768-4652 or Katherine Presutti, Director of Student Financial Aid at 860-768-4300.