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calculation did not include the full spring break which was eight consecutive days in length resulting in excess funds returned.
Per the provision of CFR 34 §668.22, the total number of calendar days in a payment period or period of enrollment includes all days within the period that the student was scheduled to complete, except that scheduled breaks of at least five consecutive days are excluded from the total number of calendar days in a payment period or period of enrollment.
The University currently does not have adequate controls in place to ensure the Return of Title IV Funds calculations are being completed properly.
The provisions of CFR 34 §668.22 were not followed which caused excess funds to be returned. The number of days related to spring break was calculated incorrectly on the spring Return of Title IV Funds calculations. By not having adequate controls over this area, incorrect Return of Title IV Funds calculation could also be produced in the future as well.
We recommend the University review its current procedures for Return on Title IV calculations and implement a control that will ensure the proper number of break days is being used in the calculation of the Return of Title IV Funds. We also recommend that the University implement a control where they do a periodic check of a sample of Return of Title IV Funds calculations to ensure correct calculations are being complete.
We concur. We have updated our current processes to ensure that Scheduled Breaks are entered into the system correctly.
During our testing of equipment management, we noted the University does not reconcile physical inventory taken with equipment records at least once every two years.
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