FAC Explorer

Finding 626461 (2022-001)

Significant Deficiency
Requirement
N
Questioned Costs
-
Year
2022
Accepted
2023-03-28
Audit: 49718
Organization: Mary Baldwin University (VA)
Auditor: Brown Edwards

AI Summary

  • Core Issue: Title IV funds must be returned promptly after a student withdraws.
  • Impacted Requirements: Funds should be deposited or transferred within 45 days of withdrawal determination.
  • Recommended Follow-up: Ensure compliance with 34 CFR Section 668.173(b) to avoid penalties.

Finding Text

Returns of Title IV funds are required to be deposited or transferred into the SFA account or electronic fund transfers initiated to the Department of Education as soon as possible, but no later than 45 days after the date the institution determines that the student withdrew in accordance with 34 CFR Section 668.173(b)

Categories

Student Financial Aid

Other Findings in this Audit

  • 50019 2022-001
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $22.76M
84.063 Federal Pell Grant Program $4.07M
84.425 Education Stabilization Fund $1.42M
84.033 Federal Work-Study Program $253,371
84.007 Federal Supplemental Educational Opportunity Grants $171,421
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $49,506