Finding 960795 (2023-002)

Significant Deficiency
Requirement
N
Questioned Costs
-
Year
2023
Accepted
2024-03-25
Audit: 297469
Organization: University of Denver (CO)

AI Summary

  • Core Issue: The University failed to keep required promissory notes for 2 Perkins loans with outstanding balances.
  • Impacted Requirements: This violates 34 CFR 674.19(e), which mandates retention of original MPNs for three years after loan satisfaction.
  • Recommended Follow-Up: Implement procedures to ensure all loan documentation is retained as per federal regulations.

Finding Text

Criteria or specific requirement: The Code of Federal Regulations, 34 CFR 674.19(e) states that Institutions must retain original, true, and exact copies of promissory and master promissory notes (MPN), repayment records, and cancellation and deferment requests for each Perkins loan made. An original electronically signed MPN must be retained by the institutions for three years after all the loans made on the MPN are satisfied. Condition: During our testing, we noted 2 of the Perkins files in which the MPN was not retained on file for loans with outstanding balances. Context: We tested record retention for 40 student Perkins Loans. Of the 40, we identified 2 student’s MPN were not maintained for loans with outstanding balances as required by the regulations. Questioned costs: None. Cause: The record was lost or misplaced. Effect: The University was not in compliance with the Perkins recordkeeping regulations. Repeat Finding: No. Recommendation: We recommend that the University implement procedures to ensure all documentation is being maintained as required by federal regulations. Views of responsible officials and management’s response: The University agrees with the finding.

Categories

Student Financial Aid Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 384352 2023-003
    Significant Deficiency
  • 384353 2023-002
    Significant Deficiency
  • 384354 2023-001
    Significant Deficiency
  • 384355 2023-001
    Significant Deficiency
  • 384356 2023-001
    Significant Deficiency
  • 384357 2023-001
    Significant Deficiency
  • 960794 2023-003
    Significant Deficiency
  • 960796 2023-001
    Significant Deficiency
  • 960797 2023-001
    Significant Deficiency
  • 960798 2023-001
    Significant Deficiency
  • 960799 2023-001
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loan Program $162.59M
84.038 Federal Perkins Loan Program $5.34M
93.658 Foster Care Title IV-E $4.64M
84.063 Federal Pell Grant Program $4.54M
93.859 Biomedical Research and Research Training $2.38M
84.033 Federal Work Study Program $2.04M
93.648 Child Welfare Research Training Or Demonstration $2.04M
21.027 Coronavirus State and Local Fiscal Recovery Funds $1.31M
47.074 Biological Sciences $1.26M
84.007 Federal Supplemental Education Opportunity Grant Program $1.24M
93.837 Cardiovascular Diseases Research $1.23M
47.049 Mathematical and Physical Sciences $924,558
93.086 Healthy Marriage Promotion and Responsible Fatherhood Grants $915,196
47.076 Stem Education (formerly Education and Human Resources) $878,416
93.242 Mental Health Research Grants $871,432
93.732 Mental and Behavioral Health Education and Training Grants $694,403
84.305 Education Research, Development and Dissemination $635,714
93.865 Child Health and Human Development Extramural Research $615,911
84.206 Javits Gifted and Talented Students Education $582,790
93.060 Sexual Risk Avoidance Education $557,690
93.191 Graduate Psychology Education $540,273
47.075 Social, Behavioral, and Economic Sciences $497,488
93.394 Cancer Detection and Diagnosis Research $454,721
47.041 Engineering $428,449
84.327 Special Education Educational Technology Media, and Materials for Individuals with Disabilities $414,160
12.420 Military Medical Research and Development $399,784
93.853 Extramural Research Programs in the Neurosciences and Neurological Disorders $324,711
93.855 Allergy and Infectious Diseases Research $270,435
93.846 Arthritis, Musculoskeletal and Skin Diseases Research $253,761
20.701 University Transportation Centers Program $222,842
93.323 Epidemiology and Laboratory Capacity for Infectious Diseases (elc) $204,069
93.307 Minority Health and Health Disparities Research $161,154
97.132 Financial Assistance for Targeted Violence and Terrorism Prevention $149,834
84.324 Research in Special Education $132,815
93.879 Medical Library Assistance $129,009
93.958 Block Grants for Community Mental Health Services $121,186
14.536 Research and Evaluations, Demonstrations, and Data Analysis and Utilization $114,014
47.070 Computer and Information Science and Engineering $101,477
93.286 Discovery and Applied Research for Technological Innovations to Improve Human Health $100,700
93.243 Substance Abuse and Mental Health Services Projects of Regional and National Significance $100,044
21.008 Low Income Taxpayer Clinics $99,386
93.696 Certified Community Behavioral Health Clinic Expansion Grants $94,962
45.313 Laura Bush 21st Century Librarian Program $90,991
84.326 Special Education Technical Assistance and Dissemination to Improve Services and Results for Children with Disabilities $87,870
12.630 Basic, Applied, and Advanced Research in Science and Engineering $83,820
94.023 Americorps National Service and Civic Engagement Research Competition $69,244
91.005 Priority Grant Competition $61,283
15.946 Cultural Resources Management $57,768
16.830 Girls in the Juvenile Justice System $57,308
93.604 Assistance for Torture Victims $56,686
12.421 Basic Scientific Research $55,137
16.560 National Institute of Justice Research, Evaluation, and Development Project Grants $53,106
45.161 Promotion of the Humanities Research $46,155
45.024 Promotion of the Arts Grants to Organizations and Individuals $45,001
15.954 National Park Service Conservation, Protection, Outreach, and Education $44,278
93.838 Lung Diseases Research $42,528
84.379 Teacher Education Assistance for College and Higher Education (teach) Grants $38,979
15.944 Natural Resource Stewardship $36,653
45.312 National Leadership Grants $28,144
47.079 Office of International Science and Engineering $26,210
43.001 Science $25,806
93.696 Pphf Geriatric Education Centers $24,959
10.310 Agriculture and Food Research Initiative (afri) $23,505
93.575 Child Care and Development Block Grant $19,216
93.113 Environmental Health $19,095
93.136 Injury Prevention and Control Research and State and Community Based Programs $14,749
43.001 Science $14,717
15.945 Cooperative Research and Training Programs – Resources of the National Park System $13,855
93.866 Aging Research $11,421
45.160 Promotion of the Humanities Fellowships and Stipends $10,001
16.812 Second Chance Act Reentry Initiative $6,397
15.933 Preservation of Japanese American Confinement Sites $5,416
16.320 Services for Trafficking Victims $4,525
84.016 Undergraduate International Studies and Foreign Language Programs $2,979
93.600 Head Start $2,797
16.825 Smart Prosecution Initiative $1,944
84.184 School Safely National Activities $734
93.172 Human Genome Research $229