Finding 8777 (2023-001)

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Requirement
N
Questioned Costs
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Year
2023
Accepted
2024-01-17
Audit: 12061
Organization: Southern Nazarene University (OK)
Auditor: Hogantaylor LLP

AI Summary

  • Answer: Management has provided their response and action plan to address the findings.
  • Trend: This indicates a proactive approach to resolving identified issues.
  • List: Review the management's plan for effectiveness and follow up on implementation progress.

Finding Text

Management's response is reported in "Management's Views and Corrective Action Plan" at the end of this report.

Corrective Action Plan

The institution has refigured the R2T4 calculation for the affected files and will report the aid adjustments to COD. To avoid repeating the same mistake of miscalculating the number of break days in the semester in regard to completing the R2T4 for traditional undergraduates, we will verify with the school’s official academic calendar recordkeeper, the Registrar's Office, on an annual basis to ensure the correct number of academic days (and breaks) are being entered. We will also develop a committee made up of the Assistant Director of Financial Aid, the Director of Financial Aid, the Associate Vice President of Financial Services, and the Registrar to ensure we are collaboratively reviewing the school calendar profiles for the R2T4 process so as to eliminate any errors that might occur. Personnel involved are Josiah Mosley, Assistant Director of Financial Aid, Perry Diehm, Director of Financial Aid, Chris Peterson, Associate VP for Financial Services, and Chuck Chitwood, Registrar.

Categories

No categories assigned yet.

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $16.14M
84.063 Federal Pell Grant Program $3.47M
84.038 Federal Perkins Loan Program $970,798
84.031 Higher Education_institutional Aid $413,535
84.042 Trio_student Support Services $251,663
84.217 Trio_mcnair Post-Baccalaureate Achievement $242,093
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $227,263
84.033 Federal Work-Study Program $201,647
84.007 Federal Supplemental Educational Opportunity Grants $162,716
43.008 Education $3,736