Condition and context: Out of a population of 1,425 students, we sampled 40. Out of this sample, the University failed to reimburse student account credit balances timely for 5 students.
Recommendation: We recommend that the University establish controls to ensure that credit balances are paid directly to the student or parent within 14 days of the first day of class or within 14 days of the occurrence of a credit balance.
Status: Unresolved. All 5 students received reimbursements before the end of the semester in which their credit balance was created. Due to the timing of issuance of the audit report for the year ended June 30, 2021, the University was unable to address this finding during the fiscal year ended June 30, 2022. See finding 2022-006.
147.