Finding Text
Finding 2022-001: Late Return to Title IV (R2T4) Criteria: In accordance with 34 CFR 668.22(1) 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. Condition: The Institution returned the correct amount of Title IV funds beyond the allowable time frame. Cause: The Institution did not follow its ordinary procedures in returning Title IV funds in a timely manner. Effect: The Institution may owe interest on funds returned late. Nature, Extent of Issue, and Questioned Costs: In 1 instance out of 65 files reviewed, of which 25 students withdrew, the Institution returned the correct amount of Title IV funds beyond the allowable time frame. In this instance, the Institution returned the correct amount of funds 85 days beyond the allowable time frame. Recommendation: We recommend the Institution review its policies and procedures regarding R2T4 and enact stronger controls to ensure that all future returns are performed timely. Views of Responsible Official: The Institution concurs with this finding and has procedures in place as outlined in the Corrective Action Plan to ensure compliance with requirements.