Finding Text
Criteria: Regulations require the Institution refunds calculated for students who withdrew during a semester be remitted to the Department of Education timely, typically within 45 days of withdrawal. Condition: Five students were selected for withdrawal testwork, and of those five students, the Institution calculated an amount that needed to be returned for four of those students (one student tested did not have to return any federal funds as this student met the requirement to keep all aid received). None of those students who required funds to be returned based upon their withdrawal terms and resulting return of funding calculations were returned timely to the Department of Education. Cause: Weak process and controls over the return of funds for students who withdrew during FY2022. Effect: Funds were held in the University?s cash account longer than necessary and such funds were no longer technically the property of the University after the student withdrew from the University. Questioned costs: $-0- Perspective information: The population was the return of Title IV funds - students with Title IV assistance who officially withdrew and received all failing and/or incomplete grades. The total population (in students) was 57. A sample size of 5. The number in sample size that separated from the University and required return of previously awarded funds to the Department of Education was 4. The number of exceptions found in the preceding column was 4. Identification of repeat findings: Not a repeat finding. Recommendation: The University should increase its efforts through training to ensure that federal refunds are calculated and remitted timely when students withdraw from the Institution. Views of responsible officials: See Client?s Corrective Action Plan.