Finding 966993 (2023-001)

Material Weakness

Requirement

Questioned Costs

Year

2023

Accepted

2024-03-30

Audit: 301309

Organization: Michigan Barber School (MI)

Auditor: Manning & Associates Cpa's LLC

AI Summary

Issue: The required Return-to-Title IV (R3T4) calculation was not completed, which affects compliance with federal regulations.
Trend: This oversight may indicate a pattern of neglect in financial aid processes, potentially leading to increased scrutiny from regulators.
Follow-up: Implement a review process to ensure R3T4 calculations are performed timely and accurately in the future.

MISSING RETURN-TO-TITLE IV (R3T4) CALCULATION

ALN	Program Name	Expenditures
84.063	Federal Pell Grant Program	$727,201
84.425	Education Stabilization Fund	$559,301