Finding 614164 (2022-005)

Significant Deficiency
Requirement
N
Questioned Costs
-
Year
2022
Accepted
2023-03-24
Audit: 30445
Organization: Rider University (NJ)

AI Summary

  • Core Issue: The University failed to return Title IV funds in the correct order as required by federal regulations.
  • Impacted Requirements: Compliance with 34 CFR 668.22(i) regarding the order of returning funds.
  • Recommended Follow-Up: Implement a review process to ensure proper order of fund returns, as management agrees with the finding and has a correction plan.

Finding Text

Return of Title IV (R2T4) Order of Funds Returned Federal Agency: U.S. Department of Education Federal Program Name: Federal Pell Grant Program, Federal Direct Student Loans, Federal Work-Study Program, Federal Supplemental Educational Opportunity Grants Assistance Listing Number: 84.063, 84.268, 84.033, 84.007 Award Period: 7/1/2021 ? 6/30/2022 Type of Finding: Significant Deficiency in Internal Control Over Compliance, Other Matters Criteria or specific requirement: R2T4 funds must be distributed in the order prescribed below. The prescribed order must be followed regardless of the institution?s agreements with other state agencies or private agencies (34 CFR 668.22(i)). a. Unsubsidized Federal Direct Stafford Loans b. Subsidized Federal Direct Stafford Loans c. Federal Direct PLUS d. Federal Pell Grant e. Iraq and Afghanistan Service Grant f. Federal Supplemental Educational Opportunity Grants g. Teacher Education Assistance for College and Higher Education Grants Condition: During our testing, it was noted that the University's process did not ensure that funds that were calculated to return were returned to the Department of Education in the correct order. Questioned costs: None. Context: During our testing of 27 students, 1 student's calculated returned funds were not returned to the Department of Education in the proper order. Cause: The University does not have a review process in place to ensure that the calculated funds to return were returned to the Department of Education in the proper order. Effect: The University did not complete an accurate calculation as defined by Federal regulations. Repeat finding: No. Recommendation: We recommend the University implements procedures to ensure that Title IV funds that are to be returned are returned in the proper order. Views of responsible officials: Management agrees with the finding and has developed a plan to correct the finding.

Categories

Student Financial Aid Matching / Level of Effort / Earmarking Internal Control / Segregation of Duties Significant Deficiency

Other Findings in this Audit

  • 37722 2022-005
    Significant Deficiency
  • 37723 2022-004
    Significant Deficiency
  • 37724 2022-002
    Significant Deficiency Repeat
  • 37725 2022-005
    Significant Deficiency
  • 37726 2022-002
    Significant Deficiency Repeat
  • 37727 2022-004
    Significant Deficiency
  • 37728 2022-005
    Significant Deficiency
  • 37729 2022-004
    Significant Deficiency
  • 37730 2022-001
    Significant Deficiency Repeat
  • 37731 2022-004
    Significant Deficiency
  • 37732 2022-005
    Significant Deficiency
  • 37733 2022-003
    Significant Deficiency
  • 614165 2022-004
    Significant Deficiency
  • 614166 2022-002
    Significant Deficiency Repeat
  • 614167 2022-005
    Significant Deficiency
  • 614168 2022-002
    Significant Deficiency Repeat
  • 614169 2022-004
    Significant Deficiency
  • 614170 2022-005
    Significant Deficiency
  • 614171 2022-004
    Significant Deficiency
  • 614172 2022-001
    Significant Deficiency Repeat
  • 614173 2022-004
    Significant Deficiency
  • 614174 2022-005
    Significant Deficiency
  • 614175 2022-003
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $28.51M
84.063 Federal Pell Grant Program $5.66M
84.038 Federal Perkins Loan Program $3.26M
84.033 Federal Work-Study Program $675,110
84.007 Federal Supplemental Educational Opportunity Grants $514,966
84.042 Trio_student Support Services $292,700
84.217 Trio_mcnair Post-Baccalaureate Achievement $201,265
84.425 Education Stabilization Fund $176,710
47.070 Computer and Information Science and Engineering $43,110
81.049 Office of Science Financial Assistance Program $28,376
47.076 Education and Human Resources $14,516
66.605 Performance Partnership Grants $10,644
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $7,073
45.024 Promotion of the Arts_grants to Organizations and Individuals $5,878
47.050 Geosciences $5,283
94.005 Americorps Education Awards $1,343