Finding Text
REFERENCE 2022-002 ? Student Financial Assistance ? Return of Title IV Funds Federal Agency: U.S. Department of Education Program: Student Financial Assistance Cluster Award(s) Federal Pell Grant Assistance Listing Number(s): 84.063 Award Year: July 2021 through June 20, 2022 CRITERIA: 34 CFR part 668 establishes rules governing the student withdrawal process including the return of unearned Title IV aid within 45 days of a student?s withdrawal. CONDITION: Through our Return of Title IV Funds testing, we noted 1 out of 15 selections for which the students began attendance but subsequently withdrew and their unearned title IV funds were not returned within 45 days of the withdrawal date. QUESTIONED COSTS: $668 CAUSE/EFFECT: The incorrect withdrawal date was inadvertently entered into Banner by admissions when they updated the withdrawal code. They system was showing a withdrawal date over the 60% threshold, but the withdrawal form the student and SFA office signed was prior to the 60% threshold date. As such, the required return of funds was not calculated timely and the College was not in compliance with the Return of Title IV Funds requirements. RECOMMENDATION: The auditor recommends the College enhance its controls and incorporate multiple individuals in the process to ensure that Title IV refunds are calculated and made timely. VIEW OF RESONSIBLE OFFICIALS: Management concurs with this finding and will reassess controls, review these accounts and implement controls to ensure that timely calculations and refunds are made.