Commonwealth of Virginia Single Audit Report for the Year Ended ...

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Management Plan for Corrective Action for Dabney S. Lancaster Community College The college has implemented new procedures to ensure that disbursements are made appropriately in accordance with federal guidelines and reported to COD in a timely manner. Responsible Party: Director of Financial Aid Estimated Completion Date: August 2011 Management Plan for Corrective Action for Southwest Virginia Community College A date was incorrect in the Student Information System setup which led to the untimely reporting of disbursements to COD. Steps have been taken to ensure that there are no date issues in the system that will cause this problem. A cross check system will be implemented during the Student Information System yearly setup to check for date errors. The college will also work closely with COD to ensure timely reporting in order to meet the federal guidelines in accordance with 76 FR 32961. Responsible Party: Financial Aid Officer Estimated Completion Date: Has been completed 11-27: Improve Notification of Direct Loan Awards to Students Applicable to: Dabney S. Lancaster Community College New River Community College Federal Program Name and CFDA#: Student Financial Aid Compliance Requirement: Special Tests and Provisions Type of Finding: Compliance The Financial Aid Office is not properly notifying students of Federal Direct Loan Awards. The Financial Aid Office communicates loan awards verbally to students when they speak with a financial aid staff member instead of the required written notification to students which provide important details on the rights, options, and requirements of the student loan. Code of Federal Regulations, Title 34 CFR 668.165(a) (2), requires institutions to properly notify students receiving direct loans, in writing, of the date and amount of the disbursement, the student’s right to cancel all or a portion of a loan or loan disbursement, and the procedure and time by which the student must notify the institution that he or she wishes to cancel the loan. Failure to properly notify students in accordance with Federal Regulations may result in fines, withholding of Title IV funds, or suspension or termination of participation in Title IV programs. 43
Management Plan for Corrective Action for Dabney S. Lancaster Community College The College requires each loan student to receive in-person loan counseling as part of our default prevention effort. During these sessions we were verbally communicating this information. Beginning with the fall 2011 counseling sessions, we developed an additional sheet containing all of this information in writing. The students are signing one copy to be placed in their file and keeping a copy for their information. Responsible Party: Director of Financial Aid Estimated Completion Date: August 2011 Management Plan for Corrective Action for New River Community College The Financial Aid Office has implemented a procedure for sending written notifications to all students who receive Federal Direct Loan awards. The notifications include the information required by Title 34 CFR 668.165(a) (2). Responsible Party: Director of Financial Aid Estimated Completion Date: August 15, 2011 44
Page 1 and 2: COMMONWEALTH OF VIRGINIA SINGLE AUD
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COMMONWEALTH OF VIRGINIA Schedule o
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financial assistance will be reflec
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COMMONWEALTH OF VIRGINIA CONTACT LI
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