Finding Text
Federal Program Information: Student Financial Assistance Cluster (Various ALNs)
Criteria or Specific Requirement (Including Statutory, Regulatory or Other Citation): N. Special Tests and Provisions - Using a Servicer or Financial Institution to Deliver Title IV Credit Balances to a Card or Other Access Device - In accordance with 34 CFR 668.164(e)(2 (viii), the University is required to provide to the Secretary of Education an up-to-date URL for its contract and contract data as described in 34 CFR 668.164(e)(2)(vii) for publication in a centralized database accessible to the public.
Condition: The University did not report the URL of its cash management contract to the Department as required.
Cause: Administrative oversight.
Effect or Potential Effect: The University was not in compliance with certain Title IV cash management regulations.
Questioned Costs: None.
Context: The University has publicly disclosed its Tier One Arrangement via the University’s website; however, the URL of its contract was not reported to the Department as required.
Identification as a Repeat Finding: There was no similar finding identified during the prior year.
Recommendation: We recommend that the University implement procedures to ensure that links provided are accurate and to provide updates to the Department, as appropriate.
Views of Responsible Officials: The link has been submitted to the Department of Education.