Finding Text
Reference Number: 2022-2: Untimely Return of Title IV Funds (R2T4) Federal Agency: U.S. DEPARTMENT OF EDUCATION Federal Program: Student Financial Aid Cluster Federal Assistance Listing Numbers: Various Federal Award Year: 2021 - 2022 Criteria: When a recipient of Title IV grant or loan assistance withdraws from an institution during a payment period or period of enrollment in which the recipient began attendance, the institution must determine the amount of Title IV grant or loan assistance that the student earned as of the student's withdrawal date and must return the amount of Title IV funds for which it is responsible as soon as possible but no later than 45 days after the date of the institution's determination that the student withdrew (34 CFR 668.22(j)(1)). Condition: Out of 37 students that withdrew during the period of enrollment and received Title IV funds, three students required a return of funds. For each of the three students requiring a return, each of the return of funds was returned between 78 and 273 days late. The sample was not intended to be, and was not, a statistically valid sample. Questioned Costs: None Cause: The return of funds was not completed in a timely manner primarily due to a recent system conversion and turnover in the financial aid office personnel that typically calculated and remitted the returns. Effect: The University was not in compliance with return of Title IV funds within the required 45 day period. Identification as a repeat finding, if applicable: Not applicable Recommendation: We recommend the University ensure all last dates of attendance are captured timely for students who withdraw and that the financial aid office implement controls to prevent future untimely remittances. Views of Responsible Officials and Planned Corrective Actions: Management agrees with the finding. See corrective action plan.