Finding Text
Finding 2022-001: Return of Title IV Funds Federal Program: Student Financial Assistance Cluster - Federal Pell Grant Program Federal Agency: U.S. Department of Education Pass-Through Entity: Not applicable Assistance Listing Number: 84.063 Federal Award Year: June 30, 2022 Criterion: 34 CFR 668.22 requires that 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 in accordance with Federal regulations and return the unearned portion of the grant or loan funds to the Title IV programs as soon as possible but no later than 45 days after the withdrawal date. Condition and Context: For one student out of ten selected for testing, return of the unearned portion of Title IV funds return was not submitted within the required 45-day window. Our sample was not statistically valid. Cause and Effect: The College did not have an adequate control to ensure that the Title IV funds were returned within the required 45 days, and as a result, the funds were not timely remitted. Recommendation: The College should implement a process and related control to ensure that the Title IV funds are returned timely to the Department of Education. Management Response: Management agrees with the finding. The Director of Financial Aid will ensure the implementation of procedures and controls in 2023 to ensure timely return of Title IV funds.