Finding 964970 (2023-002)

Finding 2023-002 Federal Program: Student Financial Assistance Cluster Federal Assistance Listing Number: 84.063 and 84.268 Federal Agency: Department of Education Award Year: 2023 Criteria: The University is required to implement procedures to appropriately administer funding under the Student Financial Assistance Cluster to return Title IV funds in the appropriate time required by regulations. Condition: During the course of our testing, we identified three students from a sample of three whose return of Title IV aid was not calculated and returned in the appropriate time required. Cause: Administrative oversight by personnel in refund process. Context: Controls did not operate properly to refund students with Federal Direct loans or Pell grants. Effect: The University has not complied with certain requirements of FSA Handbook and Federal Code of Regulations to return aid properly to the students. Repeat Finding: No Recommendations: The University should implement and document an overall quality assurance process including adequate controls to prevent overall noncompliance. Views of responsible officials: Management agrees with the finding. See page 43 for Corrective Action Plan.