Comprehensive Standard 3.10.2: Financial Aid Audits
The institution audits financial aid programs as required by federal and state regulations.
The University of South Florida (USF) System financial aid programs are regulated at the federal, state, and institutional levels. Financial aid at USF Sarasota-Manatee is administered as a USF System function. Therefore, the USF System’s financial aid program is awarded and audited as a whole, not by individual institution within the USF System.
The U.S. Department of Education authorizes the USF System to participate in the Federal Title IV programs under a Federal Student Aid Program Participation Agreement, the most current of which is valid through its Title IV Expiration Date of March 31, 2018.
The Auditor General of the State of Florida, in accordance with the U.S. Office of Management and Budgets Circular A-133, conducts an annual audit of all Title IV HEA financial aid programs administered by the USF System. Audited programs include the Federal Pell Grant Program, the Federal Family Education Loan Program, the Federal Direct Student Loan Program, the Federal Perkins Loan Program, the Federal Supplemental Educational Opportunity Grant Program, and the Federal Work-Study Program. As part of the USF System, USF Sarasota-Manatee is included in the most recent audits:
- In the March 2013 report (March 2013, OMB A-133 Report), USF had two findings: Finding FA 12-078, “Certain access controls protecting ten institutions’ information technology (IT) resources needed improvements,” and Finding FA 12-088, “The institution did not always document attendance in at least one class for students who received Title IV HEOA funds and return applicable Title IV HEOA funds to the Federal Programs.”
- In the March 2014 report (March 2014, OMB A-133 Report), USF had no findings, and the previous findings were thus closed. These State of Florida Auditor General’s reports do not list institutions with no findings; therefore, USF does not appear in the March 2014 OMB 133 report.
- In the March 2015 report (March 2015, OMB A-133 Report), USF had one finding related to the Treatment of Title IV Funds When a Student Withdraws: Finding 2014-060, “the institution did not always maintain documentation evidencing that the date reported by faculty was correct. In some cases, this led to the institution not performing a calculation when required.” The USF System instituted corrective action in response to this finding. As of this date, there are no outstanding issues between the Department of Education and the USF System with regard to the administration of Title IV programs, and no known complaints have been filed with the Department of Education regarding the administration of Title IV programs. The USF System submits all required reports to the Department of Education in a timely manner. No USF System institution has been placed on reimbursement, nor has any been required to obtain a letter of credit in favor of the Department of Education.
There are no significant unpaid dollar amounts due back to the Department of Education, and the USF System is not aware of any infractions to regulations that would jeopardize Title IV funding. The USF System’s most recent draft default rate calculation for the Federal Family Education Loan program is 5.4% for fiscal year 2012.
The USF System’s financial assistance programs include federal, state, private, and institutional aid. As required by federal and state regulations, these programs are included in the annual financial audit of the USF System conducted by the State of Florida Auditor General (USF System Audit FY 2014, USF System Audit FY 2013, USF System Audit FY 2012).
USF System Regulation 3.021 – Financial Aid Administration charges the Financial Aid Policy and Advisory Committee with reviewing and recommending policies related to the administration of financial aid programs, which is compliant with Florida Board of Governors Regulation 3.009 – Student Financial Aid and USF System Regulation 3.0120 – Financial Aid.
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