Finding Text
Inaccurate and Untimely Return of Title IV Funds (R2T4) Significant Deficiency DEPARTMENT OF EDUCATION ALN #: 84.268, 84.063 Federal Award Identification #: 2021-22 Financial Aid Year Condition: There were two incorrect calculations of returned funds for students that unofficially withdrew during the term, and there were three late returns. Criteria: 34 CFR 668.22 Questioned Costs: $6,068 Context: Out of 17 students, 3 students who withdrew during the audit period tested had funds returned late, for a total of $8,086 returned late ranging from 77-319 days late. One student was an official withdrawal while the other two were unofficial withdrawals. All three students were corrected during the audit process. Cause: There were miscommunications on last date of attendance and whether the students met the exemption for not requiring a return under the modular regulations. Effect: One student did not have a return calculation performed until the audit process, and two students had the incorrect amounts returned initially. Identification as repeat finding, if applicable: 2021-003 and 2020-002 Recommendation: We recommend the University ensure all last dates of attendance are captured timely for students who withdraw. We further recommend the financial aid office and third party processor work together to determine how to best complete return calculations. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.