Finding Text
Finding 2022-002: Borrower Data and Reconciliation (Significant Deficiency) U.S. Department of Education 84.268 Federal Direct Student Loans Compliance requirement: Special Tests and Provisions Criteria: Institutions must report all loan disbursements and submit required records to COD within 15 days of disbursement. Each month, COD provides institutions with a School Account Statement ("SAS") data file which consists of a Cash Summary, Cash Detail, and (optional at the request of the institution) Loan Detail records. The institution is required to reconcile these files to the institution?s monthly records. Condition and Context: During our audit procedures we noted that the institution was not formally documenting and maintaining their monthly SAS reconciliations. Cause: The cause appears to be due to administrative oversight. Effect or Potential Effect: Information relating to the School Account Statements may be inaccurate. Identification of repeat finding: Yes. Questioned costs: $0 Recommendation: We recommend that the Seminary add additional procedures to ensure that they are performing and maintaining monthly School Account Statement reconciliations.