Finding Text
Condition: Title IV funds for 2 out 5 students examined was not returned timely to the student financial assistance program. The Title IV fund calculations for 1 out 5 students examined was not correctly calculated. 1 out of 5 students, neither a calculation was performed, nor federal funds returned to the student financial assistance. Effect: The University failed to return funds within the 45 day regulatory requirement, and did not perform the correct calculation which permitted the improper retention of federal funds. For the one student that a calculation was performed, it was because it was a dual enrollment student that did not return the following semester and the College had limited information on this new program (dual enrollment students). Cause: Due to oversight, unearned aid was not accurately or timely returned. Questioned costs: $1,216 Context: Of 158 recipients of student financial aid, 20 case files were examined.