Finding Text
Return of Title IV (R2T4) Calculations Significant Deficiency DEPARTMENT OF EDUCATION ALN #: 84.268, 84.063 Federal Award Identification #: 2021-22 Financial Aid Year Condition: The University did not return unearned Title IV funds within the 45 days from the determination of the student's withdrawal. Criteria: 34 CFR 668.22 Questioned Costs: $0 Context: Out of 40 students, 2 students who withdrew during the audit period tested had a total of $5,655 in Title IV funds returned late. Both unofficial withdrawals for Fall 2021 had funds returned in September and October 2022 as the financial aid director caught during the 2021-2022 audit that the funds had not yet been returned. Cause: Implementation of new modular withdrawal regulations and lack of review over individual R2T4 calculations, particularly over unofficial withdrawals Effect: Return of Title IV funds were not performed timely Identification as repeat finding, if applicable: n/a Recommendation: We recommend that the University run a listing of withdrawals after each semester and compare the list of students who had R2T4?s completed to ensure completeness. We further recommend a 0-credit report be run at the end of each semester to ensure all unofficial withdrawals are followed up on so that R2T4?s are completed timely when required. We recommend an individual in financial aid with the appropriate level of experience periodically review modular students, R2T4 calculations and returns to help ensure that internal controls over such process can operate effectively and achieve compliance. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.