Finding Text
2023-004 Eligibility
Federal Agency: U.S. Department of Education
Federal Program Title: Student Financial Assistance Cluster
Assistance Listing No. 84.063
Federal Award Identification Number and Year: P063P218567-20233
Award Periods: July 1, 2022 through June 30, 2023
Type of Finding:
- Significant Deficiency in Internal Control Over Compliance
- Other Matters
Criteria or specific requirement: The DoE requires institution to report the disbursement dates and amounts to the COD system within 15 days of disbursing Pell (34 CFR 690.83(b)(2) and Direct Loan (34 CFR 685.309) funds to a student.
Condition: Of the 60 disbursements tested, one (1) had incorrect disbursement dates to the COD system.
Questioned Costs: None
Context: During our testing, of the 60 disbursements tested, one (1) had incorrect disbursement dates to the COD system. While performing audit procedures, it was noted that information was incorrectly reported to the COD and was not updated within the 15-day reporting time frame.
Cause: The College did not have the appropriate resources and staffing in place to verify they were in compliance with all requirements.
Effect: Student interest accrues based on disbursement date reported to COD, thus interest calculation could be skewed due to the discrepancy in disbursement dates reported.
Repeat findings: 2022-003
Recommendation: We recommend the College provide additional resources to ensure all compliance requirements are met.
Views of Responsible Officials: There is no disagreement with the audit finding.