Finding Text
Criteria: The School must design, implement, and maintain effective internal controls over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the School's federal program. Condition: The School did not request disbursements of certain Title IV funds, the majority of which were Federal Supplemental Educational Opportunity Grant ("FSEOG") disbursements, in a timely manner. Cause: The School did not follow the procedures that are in place to ensure that certain Title IV funds that were applied to student accounts were requested and ultimately disbursed from the DOE in a timely manner. Effect: Twenty instances occurred in which student account statements and disbursement notifications indicated that Title IV funds were applied to the students account, however the Title IV funds were not drawn down from the DOE within the same fiscal year. Perspective Information: This issue was noted in twenty out of forty students selected for testing. Recommendations: We recommend that the School ensure policies and procedures are implemented and adhered to related to ensuring timely requests to the DOE for Title IV funds are made. Views of Responsible Officials and Planned Corrective Actions: The School has implemented policies and procedures to ensure timely requests to the DOE for Title IV funds are made. Please see attached corrective action plan.