University officials agreed with our finding and recommendation and stated they have implemented comprehensive policy and procedural changes. The remaining findings and recommendations were less significant and are being given attention by University management. We will review progress toward implementation of our recommendations during our next audit. University responses were provided by Mr. Thomas Stepke, Director of Business Operations. Final reconciliation is anticipated to be completed by the end of February 1999.
Procedures are in place to ensure monthly reconciliation thereafter.
The Financial Aid Office is now sufficiently staffed to minimize federal noncompliance. As of November 1996, work with the U.S Department of Education and its direct loan servicer has rectified 90 percent of the data problems.