Recommendation: We recommend management review policies around determining students who withdrew and if a return of Title IV funds calculation is necessary.
Views of responsible officials: There is no disagreement with the audit finding.
Federal Agency: U.S. Department of Education
Federal Program Name: Federal Supplemental Educational Opportunity Grant Program; Federal Pell Grant Program; Federal Direct Student Loan; Federal Work Study Program
Assistance Listing Number: 84.007; 84.063; 84.268; 84.033
Federal Award Identification Number and Year: P007A171583; P007A231583; P063P190147; P063P210147; P063P220147; P063P230147; P063Q210147; P063Q220147; P268K230147; P268K240147; P033A211583; P033A231583 - 2023
Award Period: July 1, 2022 – June 30, 2023
Type of Finding:
Criteria or specific requirement: Schools must establish and maintain financial records of Title IV transactions, and accounting and internal control systems for Title IV funds. Cash management includes the drawdown and maintenance of Title IV funds destined for student recipients. Certain standards are defined by regulation to ensure proper accountability for these public funds.
Condition: The University was unable to provide support for one of the eight cash drawdowns sampled during cash management testing.
Context: CLA notes one out of eight cash draws selected, the University was unable to substantiate related support such as drawdown request and form of approval.
Cause: The University did not follow policies and procedures in place surrounding maintaining support and approval of transaction.
Effect: The University may not be adhering to compliance requirements around when to draw funds down from the government.
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