Finding Text
2022-003 Common Origination and Disbursement (COD) Dates Not Reflecting Actual Disbursement Dates DEPARTMENT OF EDUCATION ALN #: 84.268 Federal Award Identification #: 2021-22 Financial Aid Year Condition: The anticipated disbursement dates in COD were not updated with the actual dates of disbursement when reporting disbursement records for summer 2022 Federal Direct Loans (FDL) to COD. Criteria: 34 CFR 668.164(a) Questioned Costs: $-0- Context: 3 of 51 tested had COD loan disbursement date errors ranging from 23?77 days, with all errors in the summer 2022 term. There were no errors in the amounts reported, just the date of disbursement. All three students were corrected during the audit process. Cause: The anticipated disbursement dates in COD were not updated to the actual dates that FDL were disbursed to the students? accounts. Effect: Inaccurate FDL reporting can impact a student?s interest accumulating period based on the dates of the loan disbursement dates. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend that procedures be implemented to ensure that disbursement reporting to COD be reflective of the actual disbursement dates. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.