Finding 547011 (2024-001)

- Repeat Finding

Requirement

Questioned Costs

Year

2024

Accepted

2025-03-31

Audit: 351393

Organization: Caribbean University, Inc. (PR)

Auditor: Baker Tilly Puerto Rico CPAS Psc

AI Summary

Issue: The Institution failed to notify the Secretary about changes in enrollment status for six students with federal loans.
Trend: This delay in reporting could lead to compliance issues and affect federal loan management.
Follow-up: Review and improve processes for timely reporting of enrollment status changes to avoid future issues.

Finding Text

The Institution did not notify the Secretary through the NSLDS in a timely manner the change in the enrollment status (withdrew/graduated) of six (6) student with federal loans during the academic period covering the fiscal year 2023 - 2024

Corrective Action Plan

The University experimented numerous personal changes in the Register and Financial Aid Office, resulting complicated the continuity of established policies and processes. However, the University reviewed its processes and internal controls and established training for the Register and Financial Aid Office to ensure this report is submitted within the regularly timeframe. The results of these efforts will be effective during the 2025-2026 fiscal year

Other Findings in this Audit

547012 2024-002

-
1123453 2024-001

- Repeat
1123454 2024-002

-

Programs in Audit

ALN	Program Name	Expenditures
84.063	Federal Pell Grant Program	$8.47M
84.268	Federal Direct Student Loans	$7.11M
84.007	Federal Supplemental Educational Opportunity Grants	$73,989
84.033	Federal Work-Study Program	$63,238
84.379	Teacher Education Assistance for College and Higher Education Grants (teach Grants)	$27,816