Finding 8267 (2023-001)

Significant Deficiency

Requirement

Questioned Costs

Year

2023

Accepted

2024-01-11

Audit: 10934

Organization: Tennessee Wesleyan University (TN)

Auditor: Henderson Hutcherson McCullough PLLC

AI Summary

Issue: The University does not have proper controls to confirm that students are informed about their financial aid and disbursement details before they receive funds.
Trend: This lack of notification could lead to confusion and potential financial mismanagement for students.
Recommendation: Implement a system to ensure timely communication of aid and disbursement information to students before funds are disbursed.

Finding Text

The Univeristy lacks verifiable controls to ensure student receiving financial aid are notified of their aid and disbursement details prior to the student receiving said disbursements.

Corrective Action Plan

The student aid department will prodcue a master student list each semester and will save this file in Excel format. A staff member will mark the student as having received an aware notification letter prior to the disbursement of the aid. This list will be reviewed and signed by the Associate Vice President of Student Financial Services.

Other Findings in this Audit

584709 2023-001

Significant Deficiency

Programs in Audit

ALN	Program Name	Expenditures
84.268	Federal Direct Student Loans	$6.86M
84.063	Federal Pell Grant Program	$1.92M
84.425	Education Stabilization Fund	$1.55M
84.033	Federal Work-Study Program	$75,041
84.007	Federal Supplemental Educational Opportunity Grants	$64,951