1. Identifying Number: 2024-001: Title IV Refund and Return of Funds Compliance
Issue: A sample review found instances where Title IV refunds were miscalculated and not returned within the required timeframe.
Cause: Administrative oversight led to inaccurate and untimely calculation.
Effect: The University did not fully comply with FSA Handbook and federal regulations for returning Title IV aid in a timely manner.
Corrective Actions Underway
1. Enhanced Quality Assurance Measures
Implementation of a new review protocol for Title IV refund calculations, including a secondary verification process before fund returns.
Establishment of a biweekly internal audit of refund calculations to identify and resolve errors before submission.
2.Ongoing Compliance Monitoring and Prevention Efforts
Establishment of a quarterly compliance review conducted by the Financial Aid leadership team to proactively address potential issues.
Development of a standardized documentation process for all Title IV transactions and NSLDS updates to ensure clear audit trails.
Creation of staff retraining initiative to reinforce compliance expectations and best practices.
Next Steps: Conduct a full compliance assessment at 30, 60, and 90 days to confirm improvement and adjust protocols as needed.
Establish a reporting dashboard for real-time tracking of Title IV refunds and enrollment status updates.
Formalize a policy review cycle to ensure that all processes remain aligned with the latest federal regulations.
These actions are intended to strengthen the University’s compliance posture, mitigate risks, and enhance the accuracy and timeliness of financial aid administration. Please let me know if additional measures or oversight mechanisms should be considered.
Person Responsible for Corrective Action:The Executive Director of Financial Aid & Scholarships is responsible for executing the corrective action plan.
Anticipated Completion Date: Fiscal year 2025