It’s a new year and as always, we’ve got this year’s top ten compliance audit findings.
These findings represent data ED culled from institutions’ annual audits and compliance examinations during the most recently completed fiscal year (2019).
TOP TEN COMPLIANCE AUDIT FINDINGS AT COLLEGES IN FY 2019
1. NSLDS Roster Reporting: Student Status – Inaccurate/Untimely Reporting
2. Repeat Finding-Failure to Take Corrective Action
3. Return of Title IV (R2T4) Calculation Errors
4. Return of Title IV (R2T4) Funds Made Late
5. Verification Violations
6. Qualified Auditor’s Opinion Cited in Audit
7. Student Credit Balance Deficiencies
8. Entrance/Exit Counseling Deficiencies
9. Pell Grants – Overpayment/Underpayment
10. G5 Expenditures Untimely/Incorrectly Reported
Findings like the ones on this list are preventable and if you have already been cited for non-compliance, corrective action can be made.
Higher Ed Executives provides colleges and universities with objective and confidential assessments that can help you uncover unknown compliance problems and improve Title IV administrative and operational procedures and processes.
Our comprehensive assessments cover the full spectrum of Title IV Program Participation Requirements and Program Administration including:
- Standards of Administrative Capability
- Packaging, Awarding and Disbursing FSA Funds
- Fiscal and Administrative Controls
- Institutional Eligibility
- The Federal Perkins Loan Program
- The Federal Work-Study Program
- The Federal Supplemental Opportunity Grant
- The Federal Pell Grant
- The Federal Direct Loan Program
Call us today for a free obligation consultation and to find out how our assessments can work for you.
Institutions with questions about Title IV and compliance with Federal Regulations related to Federal Student AId Programs are welcome to contact our office for assistance.