2007 Reaffirmation Teams :: 3.10.3 - 2007 Reaffirmation Teams

2007 Reaffirmation Teams

3.10.3 - 2007 Reaffirmation Teams

The institution audits financial aid programs as required by federal and state regulations.

Compliance Judgment

Compliance

Narrative

The University of Texas at Dallas (UT Dallas) regularly audits its financial aid programs as required by federal and state regulations. According to the information extracted from the Student Information System (SIS), approximately 58% of UT Dallas’ students receive some form of financial aid. During the 2005-06 academic year, federal and state disbursements totaled $47,088,827 and $5,751,451 respectively. Pell Grants totaled $5,815,620, and Federal Education Loan Program totaled $40,988,707, according to the financial aid director. Department of Education certified default rates average approximately 4.5% across the three year span of fiscal years 2002-04 (4.4, 4.1, 5.0) [1]. A more detailed discussion of compliance with federal requirements (including audit requirements) for Title IV funding is available in the response to Principle 4.7 [2].

As part of the Statewide Single Audit, the Texas State Auditor’s Office is responsible for conducting annual financial aid [3] and federal audits [4] of state agencies and higher education institutions “so that the State can comply with legislation and federal grant requirements that require it to obtain an opinion regarding the material accuracy of its basic financial statements and a report on internal controls related to those statements [5].” The State Auditor’s Office contracts with an external accounting firm to perform financial aid audits that evaluate the controls over and test compliance with federal aid programs. All reports are then submitted to the federal government as part of the single audit [6].

The UT Dallas Financial Aid Office [7] is audited in accordance with the Office of Management and Budget Circular A-133; the engagement letters for the past two years [8] [9] define the parameters for the audit. The fiscal year 2006 audit was completed in January 2007 with no material findings or issues of noncompliance, as reported on pages 332-333 of the Federal Portion of the Statewide Single Audit Report for the Fiscal Year Ended August 31, 2006 [10]. UT Dallas also submits to the federal government an Annual Fiscal Operations Report and Application to Participate (FISAP) detailing Title IV expenses [11]. UT Dallas has not received any limitations, suspensions, or terminations from the U.S. Department of Education with regard to student financial aid or other financial aid programs during the previous three years. There are no reimbursements or exceptional statuses in regard to federal or state financial aid.

The University of Texas System (UT System) and the Texas Higher Education Coordinating Board (THECB) also provide monitoring and reporting oversight. UT System, for example, publishes on its website an annual summary of financial aid awards to undergraduate students [12] [13]. THECB posts its annual report on the Uniform Recruitment and Retention (Closing the Gaps) Initiative each year and includes a summary of the cost versus the available aid for undergraduates at each institution [14].

Supporting Documents

Footnote Document
[1]Official Cohort Default Rate (FY 2004, FY 2003 and FY 2002) for UT Dallas from U.S. Dept. of Education - dated 20070623
PDF Document, 1 Page, 16.18 KB (table1039)
[2]Principle 4.7 - Title IV (u407)
Link to UT Dallas 2007-ccr Compliance Certification Report
[3]State Auditors Office Financial Audit Report for FY05
PDF Document, 42 Pages, 271.13 KB (report1168)
[4]State Auditors Office Federal Audit Report for FY05
PDF Document, 313 Pages, 2.46 MB (report1007)
[5]State audit for financial aid: UT Dallas Eligibility for Student Financial Assistance Cluster in Award year - July 1, 2004 to June 30, 2005
PDF Document, 2 Pages, 46.96 KB (report1325)
[6]State Auditors Office Website for Statewide Audit Reports
PDF Document, 3 Pages, 35.52 KB (report1009)
[7]UT Dallas Financial Aid Office
PDF Document, 1 Page, 10.22 KB (memo1030)
[8]Financial Aid Audit Engagement Letter FY 2006
PDF Document, 10 Pages, 428.49 KB (correspondence1020)
[9]Financial Aid Audit Engagement Letter FY 2007
PDF Document, 10 Pages, 441.66 KB (correspondence1019)
[10]State Auditors Office Federal Audit Report FY06
PDF Document, 376 Pages, 2.57 MB (report1159)
[11]UT Dallas Campus-Based Fiscal Operations Report 2005-06 and Application to Participate 2007-08
PDF Document, 26 Pages, 1.30 MB (report1155)
[12]Undergraduate Financial Aid Awards by Source, AY 04-05 from the UT System Institutional Studies and Policy Analysis - y2005
PDF Document, 1 Page, 22.51 KB (table1059)
[13]Undergraduate Financial Aid Awards by Source, AY 05-06 from the UT System Institutional Studies and Policy Analysis - y2006
PDF Document, 1 Page, 22.03 KB (table1058)
[14]UT Dallas Cost of Attendance vs. Available Financial Aid for AY 2000-2001 to AY 2005-2006
PDF Document, 1 Page, 25.31 KB (table1060)
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