Finding 615507 (2022-002)

Material Weakness
Requirement
N
Questioned Costs
-
Year
2022
Accepted
2023-03-07
Audit: 44948
Organization: Williamsburg Technical College (SC)

AI Summary

  • Core Issue: The College did not return Title IV funds for one student within the required 45-day period.
  • Impacted Requirements: Compliance with Title 2 U.S. CFR Part 200 is essential for timely processing of student financial aid refunds.
  • Recommended Follow-up: Ensure regular reviews of student withdrawals to prevent future delays in fund returns.

Finding Text

2022-002. Return of Title IV Funds CFDA#: 84.033, 84.007, 84.063 Student Financial Aid Cluster Award Year: 2022 Criteria: Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) require that, when there are Title IV funds to be returned, that they be deposited or transferred into the student financial aid account or an electronic funds transfer initiated to the Department of Education as soon as possible, but no later than 45 days after the institution determines that a student withdrew. Condition: There was one student where the College failed to initiate the electronic funds transfer to the Department of Education within the 45-day timeframe. Context: We addressed this matter with College management who are aware of the requirements of review of all student withdrawals to determine Title IV refunds and timely return of funds. Effect: Failure to properly review and adhere to policies and procedures can lead to noncompliance and the misappropriation of federal funds that are not detected during the normal course of business. Cause: The lack of compliance is due to the College failing to review student withdrawals in a timely manner.

Categories

Student Financial Aid Allowable Costs / Cost Principles

Other Findings in this Audit

  • 39064 2022-002
    Material Weakness
  • 39065 2022-002
    Material Weakness
  • 39066 2022-002
    Material Weakness
  • 615506 2022-002
    Material Weakness
  • 615508 2022-002
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
84.063 Federal Pell Grant Program $1.42M
84.047 Trio_upward Bound $302,211
84.425 Education Stabilization Fund $219,211
17.285 Apprenticeship USA Grants $91,534
84.007 Federal Supplemental Educational Opportunity Grants $63,858
84.048 Career and Technical Education -- Basic Grants to States $61,399
84.033 Federal Work-Study Program $18,133
93.575 Child Care and Development Block Grant $2,541