Finding Text
Untimely Returns of Title IV Funds (R2T4) DEPARTMENT OF EDUCATION
ALN #: ALN #: 84.063 Pell Grants and 84.268 Federal Direct Loans
Federal Award Identification #: 2022-2023 Financial Aid Year
Condition: When students withdrew unofficially, the University did not always return unearned Title IV aid timely.
Criteria: 34 CFR 668.22
Questioned Costs: $0
Context: Out of 39 students, 3 non-traditional students in modular programs who withdrew during the audit period tested had funds totaling $7,562 returned late ranging from 6 - 18 days late. The University reviewed all 39 students for timely return. The amounts returned by the University were accurate.
Cause: There was a lack of timely communication from faculty to the financial aid department that students ceased attendance therefore the returns were not able to be processed with the required timeframe. As an attendance taking institution, faculty are to report to the appropriate departments that students have been absent for more than 14 days so the administrative withdrawal process can begin as necessary. The financial aid department is processing the returns timely once they have received notification.
Effect: Return of Title IV funds were not performed timely.
Identification as repeat finding, if applicable: N/A
Recommendation: We recommend the University improve policies and procedures to require timely communication to the financial aid and business affairs departments for them to process returns timely.
Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.