Finding Text
2022 ? 002 ? Common Origination and Disbursement (COD) Reporting Federal Agency: U.S. Department of Education Federal Program Title: Student Financial Assistance Cluster Federal Assistance Listing Number: 84.063, 84.268 Award Period: 7/1/21-6/30/22 Type of Finding: Significant Deficiency in Internal Control over Compliance, Other Matters Criteria or specific requirement: An institution shall submit, in accordance with deadline dates established by the Secretary, through federal publication in the Federal Register, other reports and information the Secretary requires and shall comply with the procedures the Secretary finds necessary to ensure that the reports are correct (34 CFR 690.83(b)(2)). Condition: COD reporting was not completed within the required timeframe. Questioned costs: None. Context: During our testing, we noted 3 instances out of our sample of 40 COD disbursements tested that were reported to the COD outside the required 15-day timeframe. Cause: The University?s process in place to timely report disbursements to COD did not ensure disbursements were reported timely. Effect: COD reporting was outside the 15-day requirement. Repeat Finding: Yes, 2021-004. Recommendation: We recommend the University evaluate its policies and procedures around reporting disbursements to COD to ensure that student information is reported accurately and timely. Views of responsible officials: Management agrees with the finding.