Finding Text
Finding 2024-001
Federal Program: Student Financial Assistance Cluster
Listing Number: 84.268 Federal Direct Student Loans Program
84.063 Federal Pell Grant Program
Federal Agency: Department of Education
Award Year: July 1, 2023 – June 30, 2024
Criteria: In accordance with 86 Federal Registrar 33245, institutions must report student disbursement data to Common Origination and Disbursement (COD) system within 15 calendar days after the institution makes a disbursement or becomes aware of the need to make an adjustment to previously reported student disbursement data or expected student disbursement data. Institutions may do this by reporting once every 15 calendar days, bi-weekly or weekly, or may set up their own system to ensure that disbursements are reported in a timely manner.
Condition and Context: Of the 40 Pell Grant or Direct Loan disbursements we selected for test work, we identified 5 students in which the University did not timely report the disbursement to COD.
Possible Cause and Effect: The University’s internal control process failed to ensure the timely reporting of disbursements to COD.
Isolated or Systemic: Systemic.
Questioned Costs: None noted.
Whether the sampling was The sample was not intended to be, and was not, a statistically valid a statistically valid sample: sample.
Repeat Finding: No.
Recommendation: We recommend that the University enhance its internal controls to ensure all Pell and Direct Loan disbursements are reported to COD within 15 days from the initial disbursement.