Finding Text
Finding 2024-001 Federal Program: Student Financial Assistance Cluster
Federal Assistance Listing Number: 84.063 and 84.268
Federal Agency: Department of Education Award Year: 2024
Criteria: 34 CFR 668.22 requires the University to implement internal control procedures and to appropriately administer funding under the Student Financial Assistance Cluster to return Title IV funds in the appropriate time required by regulations.
Condition: During the course of our testing, we identified one student from a sample of nine whose Title IV refunds were not calculated correctly. Additionally, we identified one student from a sample of nine whose return of Title IV aid was not returned in the appropriate time required.
Cause: Administrative oversight by personnel in calculating and reporting the status accurately and timely did not operate as designed
Context: Controls did not operate properly to refund students with Federal Direct loans or Pell grants.
Effect: The University has not complied with certain requirements of FSA Handbook and Federal Code of Regulations to return aid properly to the students.
Questioned Costs: None
Repeat Finding: Yes
Recommendations: The University should implement and document an overall quality assurance process including adequate controls to prevent overall noncompliance.
Views of responsible individuals: Management concurs with and will implement the recommendation. See corrective action plan on page 39-42.