Internal Audits of Functional Departments | Origin: CM101
This is a general discussion forum for the following learning topic:
Internal Audits: Building a Compliant Campus --> Internal Audits of Functional Departments
Post what you've learned about this topic and how you intend to apply it. Feel free to post questions and comments too.
There were many policies that were included that most of external third party financial audit covers, including 90/10 rate, default rate, R2T4 calculations, audit documents. However, there are some that the policy is covered in our catalog and those fall outside the audit, which means those are areas we can increase our own internal audit attention on that. This section has a few outdates sections with the June 2024 new DOE requirements.
In this module, I learned how schools need to follow rules in areas like Admissions, Financial Aid, and Student Privacy. Schools have to keep good records, check that their information is accurate, and follow policies like recruiting students or giving out financial aid.
I plan to use what I've learned by making sure I pay attention to keeping records organized and following the rules closely. This way when the audit happens, everything will be in order, and there won't be any problems with compliance.
The information regarding Leaves of Absences was very helpful. Students will experience unexpected life happenings, so schools do need to be prepared for this; as well as have LOA policies firmly in place.
It is important to be transparent with students about program length/requirements and how it will impact their funding.
During this lesson
I have learned that it is important to do an internal audit on all departments. We have to make sure that the checks and balances are being done correctly. All it takes is just a simple audit check for all departments and just sample files, folders, spreadsheets'...etc..
Until completing this section, I was not aware that exit counseling needed to be completed by students who reduced to less than half-time enrollment status.
The importance of understanding the criteria for placement categories, including in-field, related, and out-of-field for reporting and placement rate calculations.
Wonderful opportunity in making some adjustments to how we are currently implements our own policies.
I am very delighted for attending training because I am very much comfortable and my college will be compliance with the regulatory authority.
The information provided in this section was phenomenal. I will make sure that are policies are inline with the national and state requirements.
I learnt that the Date of Determination for a student intending to withdraw is the date when the administration is notified or when the student completes the first step required in the formal withdrawal process. Another takeaway is that transfer credits vary from institution to institution.
Various accreditors and state regulatory agencies have different formulas for calculating placements rates. These mandatory formulas often result in different percentages which are statistically disparate. Unfortunately, new federal Borrower Defense to Repayment regulations have further complicated the matter by requiring insitutions to count students who are waived by an accreditor or state regulator to be counted as not placed in the new BDR publihsed palcement rates. Further, BDR regulations will not permit any student who was employed in a particular field prior to graduation to be counted as a placment. It is no wonder students are so confused . . . one program may be required to publish 3-4 different placement rates to satisfy mutliple regulatory bodies!
Learn about financial aid.
It is important to ensure that departments are operating according to policy and are holding students and themselves accountable to guidelines around Title IV funding, LOAs, Withdrawals, and other areas of procedural compliance.
The types of leaves was greatly clarified.
Comment on Everett Neely's post: Remembers in your 10% you can count, military benefit, vocational rehab, payment plan or corporate grant.
Comment on Emilie Wojtowicz's post: thank you for the tip
All the information learned was very helpful to my job duties.