Text Size Default Text SizeDefault Text Size Large Text SizeLarge Text Size Largest Text SizeLargest Text Size Print Print this Page

4.7 & 3.10.3 Financial Aid

Title IV Program Responsibilities and Financial Aid Audits

The institution is in compliance with its program responsibilities under Title IV of the 1998 Higher Education Amendments. (Federal Requirement 4.7)  The institution audits financial aid programs as required by federal and state regulations. (Comprehensive Standard 3.10.3)

Compliance

In Compliance

Narrative

Federal Requirement 4.7

Longwood University is in compliance with its program responsibilities under Title IV of the 1998 Higher Education Amendments. The Office of Financial Aid is approved to participate in federal financial aid programs through December 31, 2011, as evidenced in the Federal Student Aid and School Eligibility Program Participation Agreement. The next re-certification process will begin in September 2011. There has been no adverse communication from the U.S. Department of Education (USDOE), there are no funds due back to the USDOE, the University is not on the reimbursement method for federal funding, and we know of no complaints to the USDOE, any of which would indicate possible areas of non-compliance. The University's most recent calculated and published cohort default rate from the USDOE for the Federal Family Education Loan Program is 1.6% for fiscal year 2007, well below the national average of 6.9%.

Comprehensive Standard 3.10.3

The institution audits financial aid programs as required by federal and state regulations. As specified in Longwood University Policy 1301: Internal Audit: Charter, the director of the Office of Internal Audit prepares an annual internal audit plan for approval by the Board of Visitors. Projects for audit come from a risk assessment questionnaire, recommendations by senior administration, regular coverage of large functional operations (cashiering, accounts payable, etc.), and special requests. According to this plan, the Office of Financial Aid is typically audited internally every three to five years. In August 2009, the Office of Internal Audit completed an internal audit of Financial Aid. This report stated that "there appear to be sufficient controls in place to provide an adequate and efficient system of internal controls for the Office of Financial Aid." There were no findings other than suggestions for continued improvement in several areas in anticipation of changes to federal programs and University information systems. Prior to the 2009 internal audit, Financial Aid underwent an operational review performed by the Office of Internal Audit in September 2006, with the following conclusion: "Internal Audit commends the Financial Aid Office on the organization and depth of their policy and procedures manual as well as the depth and thought given to their business process analysis. This unit appears to operate efficiently and effectively and to communicate well with all shareholders in the financial aid process."

Longwood University is audited each year (2006, 2007, 2008) by the Commonwealth of Virginia Auditor of Public Accounts (APA) per Commonwealth of Virginia Code 30-133. The APA is responsible for auditing the financial statements, for internal control over financial reporting, and for compliance with rules and regulations of all Virginia state agencies on an annual basis. The APA is also responsible for auditing the University's financial aid programs as stipulated in  Section 487(c) of the Higher Education Act of 1965, as amended, and Section 668.23 of Title 34 of the Code of Federal Regulations. Public colleges, state and local universities, and nonprofit institutions and servicers must have their audits conducted in accordance with Office of Management and Budget Circular A-133, Single Audit Act of 1996, Audits of States, Local Governments, and Non-profit Organizations. The Office of Financial Aid received unqualified audits from 2004 through 2009 as evidenced by Longwood's omission from the documents (2006, 2007, 2008) listing agencies that were issued audit points. The USDOE has never selected Longwood University to receive a federal financial aid audit.

Supporting Documents

Name of Document Location
APA Longwood University Report on Audit for the Year Ended June 30, 2006 Report on Audit 063006.pdf
APA Longwood University Report on Audit for the Year Ended June 30, 2007 Report on Audit 063007.pdf
APA Longwood University Report on Audit for the Year Ended June 30, 2008 Report on Audit 063008.pdf
APA Single Audit Report for the Year Ended June 30, 2006 SSA06.pdf
APA Single Audit Report for the Year Ended June 30, 2007 SSA07.pdf
APA Single Audit Report for the Year Ended June 30, 2008 SSA08.pdf
Federal Student Aid and School Eligibility Program Participation Agreement (2011) Financial Aid PPA.pdf
Federal Student Aid School Default Rates (2005-2007) Cohort_Default_Rate.pdf
Interim Report on Operational Review of Financial Aid (memorandum, 9/11/06) Interim Report on Operational Review of Financial Aid 2006.pdf
Internal Audit of Financial Aid (2009) Longwood_University_Internal_Audit_of_Financial_Aid.pdf
Internal Audit: Charter (APPM, Policy 1301) APPM Policy_1301.pdf