Finding Text
2022-001 Review of Return of Title IV Funds calculation Cluster: Student Financial Assistance Cluster Grantor: Department of Education Award Names: Federal Pell Grant Program, Federal Supplemental Educational Opportunity Grants, Federal Direct Student Loans Award Year: July 1, 2021 ? June 30, 2022 Award Number: Not applicable Assistance Listing Numbers: 84.063, 84.007, 84.268 Criteria a) In accordance with 34 CFR section 668.22 (a) (1), when a recipient of the 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 the Title IV grant or loan assistance that the student earned as of the student?s withdrawal date. b) Management has a process in place whereby the Return of Title IV aid calculations are prepared by Assistant Dean of Financial Aid and reviewed by Senior Associate Dean or Dean of Financial Aid. Condition We tested a sample of 5 students who were awarded Title IV aid and withdrew from the College during the fiscal year that required a Return of Title IV aid calculation. For each of the 5 calculations, management performed the calculation accurately, however, there was no evidence noting review and approval by the Senior Associate Dean or Dean of Financial Aid based on management?s process. Cause The College did not retain sufficient evidence of the review performed by management over the Return of Title IV aid calculations. Effect An inaccurate Return of Title IV aid calculation could result in the College returning excess Title IV aid to the Department of Education or disbursing excess Title IV aid to the student in excess of allowable amounts in an untimely manner. Questioned Costs None identified. Recommendation We recommend that the College retain sufficient evidence of the review performed by management over the Return of Title IV funds calculations to ensure that the refunds are accurate. Management?s Views and Corrective Action Plan Management?s Views and Corrective Action Plan are included at the end of this report after the summary schedule of prior audit findings and status.