Finding Text
FINDING 2023-001 FEDERAL PROGRAM INFORMATION: STUDENT FINANCIAL ASSISTANCE CLUSTER (ALN: Various)
CRITERIA OR SPECIFIC REQUIREMENT (INCLUDING STATUTORY, REGULATORY OR OTHER CITATION): N. SPECIAL TESTS - RETURN OF TITLE IV FUNDS: PER CRF SECTION 668.22, WHEN RECIPIENTS OF TITLE IV FUNDS WITHDRAW, THE INSTITUTION MUST DETERMINE THE AMOUNT OF TITLE IV AID EARNED BY THE STUDENT AS OF THE STUDENT'S WITHDRAWAL DATE. IF THE TOTAL AMOUNT OF TITLE IV ASSISTANCE EARNED BY THE STUDENT IS LESS THAN THE AMOUNT THAT WAS DISBURSED TO THE STUDENT OR ON HIS OR HER BEHALF AS OF THE DATE OF THE INSTITUTION'S DETERMINATION THAT THE STUDENT WITHDREW, THE DIFFERENCE MUST BE RETURNED TO THE TITLE IV PROGRAMS WITHIN 45 DAYS. CONDITION: DURING OUR TESTING OF TITLE IV RETURNS, WE NOTED THE FOLLOWING EXCEPTION. FOR 1 OF THE 10 SELECTED STUDENTS THAT WITHDREW DURING FISCAL YEAR 2023, RETURNS WERE NOT RETURNED TO THE DEPARTMENT OF EDUCATION WITHIN THE REQUIRED 45 DAY TIMEFRAME. CAUSE: ADMINISTRATIVE OVERSIGHT WITH RESPECT TO RETURN OF TITLE IV FUNDS REQUIREMENTS. EFFECT OR POTENTIAL EFFECT: THE UNIVERSITY IS NOT PROPERLY FOLLOWING ITS POLICIES AND PROCEDURES IN PLACE TO ENSURE THAT COMPLIANCE IS MAINTAINED WITH ALL ASPECTS OF THE RETURN OF TITLE IV FUNDS REQUIREMENTS. QUESTIONED COSTS: NONE. CONTEXT: WE TESTED A SAMPLE OF 10 STUDENTS AND FOUND 1 EXCEPTION AS NOTED IN THE CONDITION. THIS IS A CONDITION IDENTIFIED PER REVIEW OF THE UNIVERSITY'S COMPLIANCE WITH SPECIFIED REQUIREMENTS USING A STATISTICALLY VALID SAMPLE. REPEAT FINDING: THERE WAS NO SIMILAR FINDING FOR THE PRIOR YEAR. RECOMMENDATION: WE RECOMMEND THAT THE UNIVERSITY ENHANCE PROCEDURES TO ENSURE THAT ALL FUNDS REQUIRED TO BE RETURNED FOR STUDENTS THAT HAVE WITHDRAWN ARE RETURNED TIMELY. VIEWS OF RESPONSIBLE OFFICIALS: THE UNIVERSITY CURRENTLY USES AN AUTOMATED WITHDRAWAL PROCESS FOR MAIN-CAMPUS UNDERGRADUATE STUDENTS. TO REMAIN COMPLIANT WITH RETURN OF TITLE IV REGULATIONS, THE OFFICE OF FINANCIAL AID WILL ENGAGE WITH ALL ACADEMIC LEVELS AND DEPARTMENTS ON CAMPUS AND ENCOURAGE THE USE OF THE AUTOMATED WITHDRAWAL PROCESS. THIS WILL ENSURE THE OFFICE OF FINANCIAL AID IS MADE AWARE WHEN A STUDENT IS NO LONGER ATTENDING THE UNIVERSITY AND CAN PROCESS THE R2T4 WITHIN REQUIRED TIMELINES.