Finding Text
Untimely Returns of Title IV Funds (R2T4) Material Weakness
DEPARTMENT OF EDUCATION
ALN #: 84.268
Federal Award Identification #: 2022-2023 Financial Aid Year
Condition: When students withdrew either officially or unofficially, the University did not always return unearned Title IV aid timely.
Criteria: 34 CFR 668.22
Questioned Costs: $-0-
Context: Out of 25 students tested for accurate and timely R2T4s, 5 students who withdrew during the audit period tested had $5,255 returned late. Four of the late returns were made after the fiscal year and between 160-475 days late. One return was during the fiscal year and 109 days late.
Cause: This was an oversight by the University.
Effect: Returns of Title IV funds were not performed timely.
Identification as repeat finding, if applicable: 2022-002
Recommendation: We recommend a zero-credit report be run at the end of each semester to ensure all unofficial withdrawals are followed up on so that R2T4s are completed timely when required.
Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.