Finding 961387 (2023-001)

Significant Deficiency
Requirement
N
Questioned Costs
-
Year
2023
Accepted
2024-03-26

AI Summary

  • Core Issue: The College made errors in the Return of Title IV Funds (R2T4) calculations, using incorrect semester days for one student, leading to overpayments.
  • Impacted Requirements: The College's review procedures failed to catch these errors, affecting compliance with federal regulations.
  • Recommended Follow-Up: The College should improve its R2T4 review process and confirm accurate calendar dates with the financial aid office to prevent future mistakes.

Finding Text

Return of Title IV Funds (R2T4) Calculation Errors Finding Type: Significant deficiency and reportable noncompliance with laws and regulations. Criteria and Condition: Out of our sample of three students, we noted the College used the incorrect number of days in the semester for one of the students. The error was not identified by the College’s procedures for preparing and reviewing the R2T4 calculation. After reviewing all of the R2T4 for the spring semester, it was determined that there was a total of eight affected. Context: In the case of the student tested, the number of total days for the spring semester was entered as 109 days whereas the total should have been 107 days resulting in additional money the College could have kept. Cause: The College’s preparation and review process did not timely identify the error. Effect: The College returned $307 more than required to the DOE as a Return of Title IV funds for all 8 incorrect calculations for the spring semester, which is not material to the federal program. Recommendation: We recommend the College evaluate its procedures for reviewing R2T4 calculations and implement changes to validate the inputs to the calculation. Views of Responsible Officials and Planned Corrective Actions: The finding is due to Central College incorrectly inputting the number of break days in the school calendar profile in the R2T4 section of the common origination and disbursement website. When doing annual se-up, the financial aid office will now be confirming correct dates with Central’s controller. The school calendar profiles have already been issued to Forge Financial & Management Consulting for the 23-24 academic year.

Categories

Student Financial Aid Reporting Significant Deficiency

Other Findings in this Audit

  • 384942 2023-001
    Significant Deficiency
  • 384943 2023-002
    Significant Deficiency
  • 384944 2023-003
    Significant Deficiency
  • 384945 2023-001
    Significant Deficiency
  • 384946 2023-002
    Significant Deficiency
  • 384947 2023-003
    Significant Deficiency
  • 384948 2023-003
    Significant Deficiency
  • 384949 2023-003
    Significant Deficiency
  • 384950 2023-001
    Significant Deficiency
  • 384951 2023-003
    Significant Deficiency
  • 384952 2023-001
    Significant Deficiency
  • 384953 2023-003
    Significant Deficiency
  • 384954 2023-001
    Significant Deficiency
  • 384955 2023-003
    Significant Deficiency
  • 384956 2023-001
    Significant Deficiency
  • 384957 2023-003
    Significant Deficiency
  • 961384 2023-001
    Significant Deficiency
  • 961385 2023-002
    Significant Deficiency
  • 961386 2023-003
    Significant Deficiency
  • 961388 2023-002
    Significant Deficiency
  • 961389 2023-003
    Significant Deficiency
  • 961390 2023-003
    Significant Deficiency
  • 961391 2023-003
    Significant Deficiency
  • 961392 2023-001
    Significant Deficiency
  • 961393 2023-003
    Significant Deficiency
  • 961394 2023-001
    Significant Deficiency
  • 961395 2023-003
    Significant Deficiency
  • 961396 2023-001
    Significant Deficiency
  • 961397 2023-003
    Significant Deficiency
  • 961398 2023-001
    Significant Deficiency
  • 961399 2023-003
    Significant Deficiency

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $1.55M
84.038 Federal Perkins Loan Program, Beginning Loan Balance $1.28M
84.063 Federal Pell Grant Program $1.23M
84.047 Trio_upward Bound $1.03M
84.044 Trio_talent Search $452,602
84.042 Trio_student Support Services $344,314
84.007 Federal Supplemental Educational Opportunity Grants $256,322
84.379 Teacher Education Assistance for College and Higher Education Grants (teach Grants) $234,210
84.033 Federal Work-Study Program $215,970
47.049 Mathematical and Physical Sciences $79,972
84.425E Education Stabilization Fund $55,804
19.009 Academic Exchange Programs - Undergraduate Programs $27,507