Condition
During our testing over the return of credit balances, the following deficiencies were noted:
8 instances where credit balances were not refunded in the required time frame.
11 instances where refunds were due to students, but none were posted in the
ledger.
7 instances where the balances refunded to students could not be recalculated.
Corrective Action(s):
Community Christian College has established the following procedure to ensure the
timely return of credit balances: The college will revise and formalize the institutions
credit balance refund policy to align with federal regulations. The college will implement a
centralized tracking log to include fields for credit balance creation date, refund due date,
refund issue date, and reconciliation status. The reconciliation process for unresolved
credit balances/refunds will begin April 21, 2025 and should be completed by April 25,
2025. CCC will begin developing a tracking process to have in place for next start in June
2025.
Additional measures: Community Christian College has established a bi-weekly
reconciliation process to take place between the Accounting Department and the
Financial Aid Department; this internal audit will ensure the credit balances aligns with
federal regulations. Furthermore, the Director of Financial aid will conduct trainings will all
parties of both departments.