Finding Text
Inaccurate and Untimely Return of Title IV Funds (R2T4) Significant Deficiency
DEPARTMENT OF EDUCATION
ALN #: 84.268 and 84.063
Federal Award Identification #: 2022-2023 Financial Aid Year
Condition: When students withdrew either officially or unofficially, the University did not always return unearned Title IV aid timely or accurately.
Criteria: 34 CFR 668.22
Questioned Costs: $44
Context: 3 of 10 withdrawals tested were not returned timely totaling $7,676 and ranging from 6 to 178 days late. Of those, 1 student did not have the correct amount returned, resulting in a $44 under-return of federal direct loans. Additionally, out of the 10 withdraws tested, 1 student had a calculation error in the R2T4 form and had $147 more in federal direct loans returned than required. This was due to an inaccurate tuition amount used in the calculation.
Cause: This was an oversight by the University.
Effect: Incorrect amounts of federal funding were returned, and funds were not returned timely.
Identification as repeat finding, if applicable: n/a
Recommendation: We recommend an individual in financial aid with the appropriate level of experience periodically review student's R2T4 calculations and returns to help ensure that internal controls over such process can operate effectively and achieve compliance.
Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.