FAC Explorer

Finding 547012 (2024-002)

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Requirement
N
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: Funds were returned late in 6 out of 25 cases, exceeding the 45-day limit.
  • Trend: This indicates a potential pattern of non-compliance with Title IV fund return requirements.
  • Follow-up: Recommend reviewing processes to ensure timely fund returns and training staff on compliance deadlines.

Finding Text

During our test work over return of Title IV funds, we noted that in six (6) instances out of a sample of 25 students selected, the Institution returned the funds after the allowable 45 days

Corrective Action Plan

The University reviewed its processes and internal controls and established training for the Register, Financial Aid Office and the Offices of Academic Deans to ensure that this report is submitted within the regularly timeframe. The results of these efforts will be effective during the 2025-2026 fiscal year.

Categories

Student Financial Aid

Other Findings in this Audit

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