Finding Text
Federal Program Information: Federal Supplemental Education Opportunity Grants (ALN# 84.007), Federal Pell Grant Program (ALN #84.063), Federal Direct Student Loans (ALN# 84.268) Criteria or Specific Requirement: N. Special Test and Provisions ? Return of Title IV Funds: 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 aid earned by the student as of the student?s withdrawal date. Additionally, returns of Title IV funds are required to be deposited or transferred into the student financial assistance account or electronic fund transfers initiated to the U.S. Department of Education no later than 45 days after the date the institution determines the student has withdrawn. Condition: The College did not prepare certain students? return calculations properly. Cause: Administrative oversight in determining the school days to be used in calculating the percentage of refunds to be disbursed. Effect or Potential Effect: Over or underpayment of Title IV funds. Questioned Costs: Below reporting threshold. Context: For 3 of 3 students selected for testing, the amounts to return were not calculated in accordance with the requirements. Identification as a Repeat Finding: There was no similar finding identified during the prior year. Recommendation: We recommend the College enhance its procedures over the preparation and review of R2T4 calculations to ensure that the school days used in calculating the percentage of refunds are in accordance with the federal requirements. Views of Responsible Officials: Management of the College agrees with this finding. The Registrar?s office updated the Holiday Calendar schedules in PeopleSoft, the Student Information System, to ensure that institutionally scheduled breaks of 5 or more consecutive days are properly reflecting weekend days. These updates will be used to accurately calculate the percent of a term attended and federal aid earned for federal aid recipients who withdraw from the University during a term as part of the Return to Title IV aid mandatory calculations. The calendar entries will be made by the Associate Registrar and reviewed and approved by the Registrar during the academic year set up process each academic year.