Finding Text
Finding 2024-004-Student Financial Aid Cluster, ALN# 84.007, 84.033, 84.063, 84.268, 84.379 Compliance Requirement: Return of Title IV Funds
Criteria: The University’s policy is that computations of refunds of Title IV Funds and withdrawal statements are to be reviewed by someone other than the preparer prior to funds being returned/disbursed.
Condition: The refund of one of the two students selected for testing was incorrectly computed and was disbursed after 45 days from the withdrawal date.
Cause: The University did not have someone independent of the preparer to review withdrawal statements and R2T4s prior to refunds being issued due to staffing turnover and unfilled positions in the student financial aid department during the year ended June 30, 2024.
Effect: Refunds and disbursements to withdrawn students could be computed incorrectly and not within the required time frame.
Questioned Costs: None
Context: Two out of fourteen withdrawn students for the year ended June 30, 2024 were selected for testing. One of the two selected student’s refund was incorrectly computed and refunded after the required time frame.
Recommendation: The University should have return of Title IV funds computations reviewed by someone independent of the person who does the initial computation.
Management Response: The University concurs with this finding.
Corrective Action Plan: See attached management’s corrective action plan.