Finding Text
Finding No. 2022-010?Special Tests ? Disbursement to or on Behalf of Students Federal Agency: U.S. Department of Education Program: Federal Direct Student Loans: ALN: 84.268 Criteria: The Direct Loan regulations at 34 CFR 685.300(b)(9) requires the institution to implement and document a quality assurance process to ensure that they are complying with program requirements and meeting program objectives. Condition: The institution does not have a documented quality assurance process. Questioned Costs: None Prevalence: There was no documented quality assurance process for the year ended June 30, 2022. Effect: Not following requirements could result in the DOE withholding payments to the Conservatory. Cause: There was significant turnover in the finance and financial aid department and a lack of formal documentation and filing of policies and procedures surrounding administering financial aid. Recommendation: We recommend that the Conservatory implement a formal documented quality assurance process, to review this process on a regular basis and document that the process is being used. View of Responsible Officials and Planned Corrective Actions: Management agrees with the finding and corrective actions have been made.