Finding 964910 (2023-003)

Significant Deficiency
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2024-03-29
Audit: 300191
Organization: Saint Elizabeth University (NJ)
Auditor: Capincrouse LLP

AI Summary

  • Core Issue: Disbursement dates for Federal Pell Grants and Federal Direct Loans were not updated in COD, leading to inaccuracies in reported data.
  • Impacted Requirements: This violates 34CFR 668.164(a) and can affect students' loan interest periods and lifetime limits.
  • Recommended Follow-Up: Implement procedures to ensure COD disbursement reporting matches actual disbursement dates.

Finding Text

Common Origination and Disbursement (COD) Reporting Significant Deficiency DEPARTMENT OF EDUCATION ALN #: 84.268 and 84.063 Federal Award Identification #: 2022-2023 Financial Aid Year Condition: The anticipated disbursement dates in COD were not updated with the actual dates of disbursement when reporting disbursement records for Federal Pell Grants (Pell) and Federal Direct Loans (FDL) to COD. Additionally two students did not have aid posted on their student accounts but it was reported to COD as disbursed. Criteria: 34CFR 668.164(a) Questioned Costs: $5,938 Context: 24 of the 55 tested had COD FDL disbursement date errors ranging from 24-25 days for a disbursement batch in March 2023. 1 of the 32 Pell students tested had a COD disbursement date error that was 108 days. 2 of the 55 tested had FDL disbursement amounts reported to COD incorrectly for disbursements not made on the student account. This resulted in incorrectly reporting $3,217 and $2,721 of Federal Direct Loan disbursements for each student, respectively. The University disbursed these amounts on the student accounts at a later date during the audit. Cause: The anticipated disbursement dates in COD were not updated to the actual dates that Pell and FDL were disbursed to the students’ accounts. Reconciliations of University records to COD were not completed regularly so the discrepancies between the two systems were not identified and corrected in a timely manner. Effect: Inaccurate FDL reporting can impact a student's interest accumulating period based on the dates of the loan disbursement dates as well as the monitoring of FDL aggregate limits. Inaccurate Pell reporting could allow a student to exceed their lifetime limit. Identification as repeat finding, if applicable: Not applicable Recommendation: We recommend that procedures be implemented to ensure that disbursement reporting to COD be reflective of the actual disbursement dates. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.

Categories

Student Financial Aid Matching / Level of Effort / Earmarking Subrecipient Monitoring Reporting Significant Deficiency

Other Findings in this Audit

  • 388462 2023-002
    Significant Deficiency
  • 388463 2023-002
    Significant Deficiency
  • 388464 2023-002
    Significant Deficiency
  • 388465 2023-002
    Significant Deficiency
  • 388466 2023-002
    Significant Deficiency
  • 388467 2023-003
    Significant Deficiency
  • 388468 2023-003
    Significant Deficiency
  • 388469 2023-004
    Significant Deficiency
  • 388470 2023-004
    Significant Deficiency
  • 388471 2023-004
    Significant Deficiency
  • 388472 2023-005
    - Repeat
  • 388473 2023-006
    -
  • 388474 2023-007
    -
  • 964904 2023-002
    Significant Deficiency
  • 964905 2023-002
    Significant Deficiency
  • 964906 2023-002
    Significant Deficiency
  • 964907 2023-002
    Significant Deficiency
  • 964908 2023-002
    Significant Deficiency
  • 964909 2023-003
    Significant Deficiency
  • 964911 2023-004
    Significant Deficiency
  • 964912 2023-004
    Significant Deficiency
  • 964913 2023-004
    Significant Deficiency
  • 964914 2023-005
    - Repeat
  • 964915 2023-006
    -
  • 964916 2023-007
    -

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Student Loans $12.14M
84.063 Federal Pell Grant Program $2.28M
84.031 Higher Education_institutional Aid $803,292
84.038 Federal Perkins Loan Program $608,633
84.425 Covid-19 Governors Emergency Education Relief Fund $380,055
84.425 Covid-19 Education Stabilization Fund Heerf - Minority Serving Institutions $131,646
84.007 Federal Supplemental Educational Opportunity Grants $100,000
84.033 Federal Work-Study Program $100,000
47.076 Stem Education $73,515