Finding Text
Finding 2023-001
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 one student from a sample of seven whose return of Title IV aid was not calculated and returned in the appropriate time required. Additionally, we identified two students from a sample of seven whose Title IV refunds were not calculated correctly.
Cause: Administrative oversight by personnel in reporting the status accurately and timely did not operate as designed.
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.
Questioned Costs: None
Repeat Finding: No
Recommendations: The University should implement and document an overall quality assurance process including adequate controls to prevent overall noncompliance.
Corrective Action Plan: See page 40 for Corrective Action Plan.