Finding Text
Untimely Return of Title IV Funds (R2T4) Significant Deficiency DEPARTMENT OF EDUCATION Assistance Listing #: 84.063 and 84.268 Federal Award Identification #: 21/22 Award Year Condition: The College did not return unearned Title IV funds within the required 45 days from the determination of the student?s withdrawal. Criteria: 34 CFR 668.22 Questioned Costs: $3,991 Context: Out of 8 students tested who officially or unofficial withdrew, 2 were returned late as part of the audit process. Cause: There have been transitions within the student financial aid and business offices that caused a gap in oversight and monitoring of the R2T4 process resulting in late returns. Effect: Title IV funds are not being returned timely in accordance with the regulations to the Department of Education when students withdraw. Identification as repeat finding, if applicable: Yes, 2021-004 Recommendation: We recommend that the financial aid office work with the registrar, third party administrator and business office to put effective procedures in place to ensure that funds are returned to the Department of Education timely. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.