US Dept of ED Program Review Assistance
Our team establishes a Financial Aid Review Checklist for each client based on the assessment of needs, the content of a notification letter from the Department to the Institution, or from internal needs due to non-compliance items identified in annual FSA Audits. We focus our work on site during the examination or records, process, and administrative concerns to define from a sampling the non-compliant and compliant information relative to the Title IV financial aid processes and practices for which the school is responsible.
The U. S. Department of Education has primary responsibility for monitoring of the Title IV programs, however, institutions are held accountable for all areas on non-compliance being large or small in nature if the areas on non-compliance are repeated. Our work in audit review and preparations are not a limited review, nor are they intended or expected to rely heavily upon the institutions prior audit reports; they are however, a focused process that defines way for institutions to meet and to resolve all administrative capability issues as required under federal statutes and regulations.
Our team or reviewers examines your most recent financial compliance audits, evaluates the effectiveness of your institution's response to any findings and recommendations, and, then conducts a review of current administrative process. We are well versed in the US Dept of ED requirements and focus our work on defining appropriate changes that can be made prior to a review, and as such, can impact the results of a US Dept of ED program review. We summarize in a written report any findings where they are procedural or result in financial liability.
Our team of reviewers uses the following as a guide in all audits to assist in ensuring compliance with C.F.R. published regulations:
- Select a random sample of withdrawn or terminated student files (minimum 70 or 10% of annual population). Review the files check for valid procedures including the use of accurate dates, appropriate and timely refunds, as well as documented evidence of refunds.
- Identify and validate the accuracy of the following:
- Accurate start date,
- Request for leave of absence (LOA, if applicable),
- Last date of attendance (LDA), and date of determination (DOD).
- Refund calculation documentation,
- For all students who are Title IV recipients, the institution must also make the required calculation for the Return of Title IV Funds (R2T4).
- Timely refunds – refunds made within 45 days of date of determination.
- Evidence or documentation to show that refunds were actually made, including EFT (Electronic Fund Transfer) records, paper refund checks or a combination.
- Enrollment agreement complete, signed, dated as necessary
- Entrance criteria documentation/certification (High School Diploma, GED, ATB)
- SAP checkpoint verification, documentation of probation, appeal procedures, and resolutions
- Does the school meet the consumer information and administrative requirements as required
- Review the accounting records of each financial aid program for accuracy and compliance with state and federal regulations
Upon completion of our Program Review audits we evaluate the strengths, weaknesses, opportunities and threats associated with the audit, and propose changes when necessary and provide opportunities for corrective action.
The final results of our Financial Aid Program Review audit activities focus compliance on the related to the day-to-day operations of institution’s Financial Aid Office, related administrative functions, and the documentation of actions conducted by all parties involved. Our summary reports routinely include the areas of our analysis of student records, the appropriate determination of student status and financial aid eligibility, review of financial aid applications and associated documents and the awarding of financial aid, as well as maintenance of related records and files.
We provide a comprehensive look at your financial aid health and a thorough dissemination of your financial aid program policies, goals, and procedures as this is one of our duties to you, the client.