Finding 562134 (2024-004)

- Repeat Finding
Requirement
N
Questioned Costs
$1
Year
2024
Accepted
2025-06-02

AI Summary

  • Core Issue: Errors in calculating the Return of Title IV Funds for students led to both overstatements and understatements in institutional returns.
  • Impacted Requirements: The institution failed to accurately track completion dates and timely return funds, violating Title IV regulations.
  • Recommended Follow-Up: Review and correct the calculation processes for Title IV funds and ensure timely returns to avoid future compliance issues.

Finding Text

Special Tests and Provision: Return of Title IV Funds: Incorrect Calculation of Return of Title IV Funds, Untimely Return of Grant Overpayment to Secretary Incorrect Calculation of Return to Title IV Funds We noted that 3 of 7 students had an incorrect calculation of the percentage of completion based on the student’s actual number of days completed during the enrollment period. For 2 of these students, the Institution had erroneously entered the scheduled end date, which resulted in an incorrect number of calendar days in the period of enrollment. For the remaining student, the Institution had used an incorrect date of withdrawal, which resulted in an incorrect number of calendar days completed in that period as of the student’s withdrawal date. These errors caused an overstatement of institutional return by $3,517 for the 2 students and an understatement of institutional return by $176 for the remaining student. Untimely Return of Grant Overpayment to Secretary We noted that 1 of 7 students selected for Title IV funds return testing had funds deposited into the SFA account or transferred to ED beyond the required 45-day timeframe after the institution determined the student had withdrawn. The transfer was completed 55 days late.

Categories

Questioned Costs Student Financial Aid Reporting Special Tests & Provisions

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.063 Federal Pell Grant Program $832,607
84.268 Federal Direct Student Loans $495,733
84.425 Education Stabilization Fund $330,146