According to the U.S. Department of Education, one of the top 10 audit findings is R2T4 (return of Title IV funds) made late. The Department finds that many institutions are having trouble making returns within the allowable time frame. Common reasons for late returns include an institution’s policies and procedures not followed; returns not made within the allowable 45-day time frame; inadequate system in place to identify/track official and unofficial withdrawals; and, no system in place to track number of days remaining to return funds.
With many different rules and regulations to monitor and comply, maintaining institutional eligibility can feel overwhelming. But, don’t be discouraged. You’re not alone. Avoiding unintended financial consequences related to the late return of Title IV funds seems to be one of the more common challenges for institutions of all sizes. With some refining of your existing systems these types of findings can be reduced significantly or even eliminated. Let’s consider the reasons for late returns.
Read my blog post, Return of Title IV Funds Made Late? You’re Not Alone., for a deeper look into the reasons for late returns and what you can do about it.
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On another note I am attending the APSCU Annual Convention & Exhibition next week and look forward to meeting as many of you as possible.
Stephen Bastardi, CPA, MBA, CGMA
Stephen Bastardi has more than 25 years of experience working with clients from a variety of industries and backgrounds. He has developed specialization in institutions of higher learning, closely held businesses, manufacturing, employee benefit plans, and non-profit organizations. Contact Steve at [email protected] or 714.990.1040.
Frazer LLP understands the unique needs of institutions of higher learning and the importance of maintaining accurate and reliable financial and compliance records. This is also true with respect to maintenance of your institution's accreditation. Our firm takes pride in maintaining continuous awareness of current legislation and industry changes that affect your institution.