Finding Text
Finding 2022-002 ? Refund of Credit Balances (Repeat Finding) Federal Agency: U.S. Department of Education Pass-through Entity: None Federal Program: Student Financial Assistance Cluster (Federal Assistance Listing No.?s 84.007, 84.033, 84.038, 84.063, 84.268, 84.379) Requirement: Special Tests and Provisions Criteria: Per 34 CFR 668.164(h)(2), Culver Stockton College is required to pay or make available any credit balance within the 14-day regulatory timeframe when a Title IV credit balance occurs to ensure compliance with special tests and provisions. Condition: During the course of our audit, we sampled 60 students that received Title IV funds. Within that sample, one student had a credit balance and the College failed to refund the credit balance within the 14-day period and did not have the student or parent?s authorization to retain a credit balance. Cause of Condition: The College did not have a control in place to ensure that timely refunds of credit balances occurred within the 14-day period. Effect: The College is not in compliance with U.S. Department of Education regulations. Questioned Costs: None. Perspective Information: Because this is a repeat finding, this appears to be a systemic problem. Recommendation: We recommend that internal controls be established to ensure that refunds are made available to students within a timely manner. Further, a review should be put in place to provide oversight that no accounts are missed in the refund process.