Finding Text
Finding 2022-003 Disbursing Funds for the Title IV Programs - Noncompliance Criteria: In accordance with 34 C.F.R. ?668.162 Requesting Funds, under the advanced payment method, an institution must disburse the funds requested as soon as administratively feasible but not later than three business days following the date the institution receives those funds. Statement of Condition: The disbursement of a Federal Pell Grant was made later than three business days after the institution received funds based on the G5 drawn down date. Cause: Unknown. Effect: In two (2) of 215 disbursements to students, the institution did not disburse a Federal Pell Grant within three business days following the date the institution received the funds. Description of nature and extent of the issues reported: The institution did not disburse Federal Pell Grant disbursements to the students within three business days after the institution received funds.