Finding 599131 (2022-005)

Significant Deficiency Repeat Finding
Requirement
N
Questioned Costs
-
Year
2022
Accepted
2023-03-30
Audit: 21940
Organization: Marymount University (VA)

AI Summary

  • Core Issue: Three out of five students had incorrect R2T4 calculations affecting their refunds.
  • Impacted Requirements: Attendance records and proper documentation for financial aid must be accurately maintained.
  • Recommended Follow-Up: Review and correct R2T4 calculations and ensure all financial aid documentation is complete before processing withdrawals.

Finding Text

Criteria: If an institution is not required to take attendance, the institution may use as the withdraw date, the date that the student began the withdrawal process as prescribed by the institution. Condition: Based on professional judgement, we selected six students for withdraw testing and five of the six students required a refund based on documented correspondence. Three of the five had incorrect R2T4 calculations. Cause: The first student?s institutional charges were incorrect on the R2T4 calculation. The second student?s direct loans were entered as aid that could have been disbursed, but there was not a promissory note signed by the student. A withdrawal date was used for the third student, however, the student never attended during the semester.

Categories

Student Financial Aid Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 22687 2022-003
    Significant Deficiency Repeat
  • 22688 2022-004
    Significant Deficiency Repeat
  • 22689 2022-005
    Significant Deficiency Repeat
  • 599129 2022-003
    Significant Deficiency Repeat
  • 599130 2022-004
    Significant Deficiency Repeat

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Loan Program $33.12M
84.425 Education Stabilization Fund $3.62M
84.063 Federal Pell Grant Program $2.48M
84.033 Federal Work Study Program $196,664
84.007 Federal Supplemental Educational Opportunity Grant Program $139,253
47.076 Grants to Reduce Domestic Violence, Dating Violence, Sexual Assualt and Stalking on Campus $70,650