Finding Text
2022-002 Common Origination Disbursement (COD) Reporting Federal Agency: U.S. Department of Education Federal Program Title: Student Financial Aid Cluster ALN Number: 84.268 Award Period: October 1, 2021 to September 30, 2022 Type of Finding: - Significant Deficiency in Internal Control over Compliance - Other Matters Criteria or specific requirement: The Department of Education requires the College to report the disbursement dates and amounts to the COD system within 15 days of disbursing Direct Loan (34 CFR 685.309) funds to a student. Condition: During our testing, we noted 2 of the 40 disbursements tested had incorrect direct loan disbursement dates reported to the COD system. Questioned costs: None Context: The University had two disbursement dates reported incorrectly to COD. Cause: There was an error in the reporting system that resulted in the dates being incorrectly reported. Effect: Two dates were incorrectly reported to COD. Repeat finding: No Recommendation: We recommend the reporting system be reviewed to ensure the information reported is accurate. Views of responsible officials: There is no disagreement with the audit finding.