EIN: 421315493
UEI: P78NHUPVXCB4
Audited by: Forge Financial and Management Consulting, Inc.
Oversight agency: 84 [Department of Education]
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Data as of September 2, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on March 2, 2026. Under 2 CFR 200.521(d), a pass-through entity that provided federal funds to this organization for this audit period must issue a management decision on these findings by September 2, 2026 (4 days ago).
What is a management decision? →According to federal regulations, student refunds of credit balances caused by disbursement of a Title IV award (Title IV credit balance) must be returned to the borrower within 14 days. Three of the credit balances selected was not disbursed within the 14 day requirement. Context: The students were owed a refund for the Fall 2024 term, but the disbursement was delayed beyond the required timeframe. Cause: The University did not have adequate processes in place to ensure timely disbursements to students owed a Title IV refund. Effect: The University did not comply with the requirement to disburse funds for Title IV credit balances within 14 days, resulting in a delayed refund to the students. Recommendation: We recommend the University review its refund procedures and implement controls to ensure Title IV credit balances are disbursed timely. Views of Responsible Officials: The University will review and update its internal procedures and controls for handling credit balances to ensure that future Title IV credit balances are disbursed to students within the 14 day window. Questioned Costs: $0
Show full finding ▾Hide full finding ▴Student Financial Aid Cluster Finding 2025-001: Disbursement of Title IV Credit Balance Criteria and Condition: According to federal regulations, student refunds of credit balances caused by disbursement of a Title IV award (Title IV credit balance) must be returned to the borrower within 14 days. Three of the credit balances selected was not disbursed within the 14 day requirement. Context: The students were owed a refund for the Fall 2024 term, but the disbursement was delayed beyond the required timeframe. Cause: The University did not have adequate processes in place to ensure timely disbursements to students owed a Title IV refund. Effect: The University did not comply with the requirement to disburse funds for Title IV credit balances within 14 days, resulting in a delayed refund to the students. Recommendation: We recommend the University review its refund procedures and implement controls to ensure Title IV credit balances are disbursed timely. Views of Responsible Officials: The University will review and update its internal procedures and controls for handling credit balances to ensure that future Title IV credit balances are disbursed to students within the 14 day window. Questioned Costs: $0
The University will review and update its internal procedures and controls for handling credit balances to ensure that future Title IV credit balances are disbursed to students within the 14 day window.
2024-001
FAC accepted this audit on December 9, 2024 — management decision was due June 9, 2025.
According to federal regulations, student refunds of credit balances caused by disbursement of a Title IV award (Title IV credit balance) must be returned to the borrower within 14 days. One (sample of 53) of the credit balances selected was not disbursed within the 14 day requirement. Context: The student was owed a refund for the Fall 2023 term, but the disbursement was delayed beyond the required timeframe by one day. The delay was due to a bank holiday, which pushed disbursement to the 15th day from the date of creation of the credit. Cause: The University’s procedures for administering credit balance refunds did not account for the bank holiday causing a delay in disbursing the funds. Effect: The University did not comply with the requirement to disburse funds for Title IV credit balances within 14 days, resulting in a delayed refund to the student. Recommendation: We recommend the University review its refund procedures and implement controls to ensure Title IV credit balances are disbursed timely. Views of Responsible Officials: The University will review and update its internal procedures and controls for handling credit balances to ensure that future Title IV credit balances are disbursed to students within the 14 day window. Questioned Costs: $0
Show full finding ▾Hide full finding ▴Student Financial Aid Cluster Finding 2024-001: Disbursement of Title IV Credit Balance Criteria and Condition: According to federal regulations, student refunds of credit balances caused by disbursement of a Title IV award (Title IV credit balance) must be returned to the borrower within 14 days. One (sample of 53) of the credit balances selected was not disbursed within the 14 day requirement. Context: The student was owed a refund for the Fall 2023 term, but the disbursement was delayed beyond the required timeframe by one day. The delay was due to a bank holiday, which pushed disbursement to the 15th day from the date of creation of the credit. Cause: The University’s procedures for administering credit balance refunds did not account for the bank holiday causing a delay in disbursing the funds. Effect: The University did not comply with the requirement to disburse funds for Title IV credit balances within 14 days, resulting in a delayed refund to the student. Recommendation: We recommend the University review its refund procedures and implement controls to ensure Title IV credit balances are disbursed timely. Views of Responsible Officials: The University will review and update its internal procedures and controls for handling credit balances to ensure that future Title IV credit balances are disbursed to students within the 14 day window. Questioned Costs: $0
The University will review and update its internal procedures and controls for handling credit balances to ensure that future Title IV credit balances are disbursed to students within the 14 day window.
FAC accepted this audit on March 28, 2024 — management decision was due September 28, 2024.
FAC accepted this audit on December 20, 2022 — management decision was due June 20, 2023.
FAC accepted this audit on January 12, 2022 — management decision was due July 12, 2022.
Out of a sample of 14 students (population of 133), we noted the return of Title IV funds for one student was not completed within the 45-day requirement from the time the University determined the student?s withdrawal. The error was not identified by the University?s procedures for preparing and reviewing the R2T4 calculation. Cause: The University?s preparation and review process did not correctly track the 45-day requirement to ensure funds are returned timely. Effect: Title IV funds were not returned on a timely basis with Department of Education regulations. Recommendation: The University should adopt procedures that will ensure the timely return of Title IV funds to the lenders. Response: The University concurs that the refund was not returned on a timely basis. Internal procedures within the different departments of the University will be reviewed to determine appropriate actions that will ensure timely communication of a student?s withdrawal to the financial aid office.
Show full finding ▾Hide full finding ▴Significant Deficiency: Finding 2021-001: Student Financial Assistance Cluster ? Late Return of Title IV Funds Criteria and Condition: Out of a sample of 14 students (population of 133), we noted the return of Title IV funds for one student was not completed within the 45-day requirement from the time the University determined the student?s withdrawal. The error was not identified by the University?s procedures for preparing and reviewing the R2T4 calculation. Cause: The University?s preparation and review process did not correctly track the 45-day requirement to ensure funds are returned timely. Effect: Title IV funds were not returned on a timely basis with Department of Education regulations. Recommendation: The University should adopt procedures that will ensure the timely return of Title IV funds to the lenders. Response: The University concurs that the refund was not returned on a timely basis. Internal procedures within the different departments of the University will be reviewed to determine appropriate actions that will ensure timely communication of a student?s withdrawal to the financial aid office.
Maharishi International University respectfully submits the following corrective action plan for the year ended June 30, 2021. Name and address of independent public accounting firm: TDT CPAs and Advisors, P.C. 1700 42nd St NE Cedar Rapids, IA 52402 The findings from the June 30, 2021 schedule of findings and questioned costs are discussed below. The findings are numbered consistently with the numbers assigned in the schedule. 3) Findings and Questioned Costs for Federal Awards (a) Internal Control over Compliance Finding 2021-001: Student Financial Assistance Cluster ? Late Return of Title IV Funds Criteria and Condition: Out of a sample of 14 students (population of 133), we noted the return of Title IV funds for one student was not completed within the 45-day requirement from the time the University determined the student?s withdrawal. The error was not identified by the University?s procedures for preparing and reviewing the R2T4 calculation. Cause: The University?s preparation and review process did not correctly track the 45-day requirement to ensure funds are returned timely. Effect: Title IV funds were not returned on a timely basis with Department of Education regulations. Recommendation: The University should adopt procedures that will ensure the timely return of Title IV funds to the lenders. Response: The University concurs that the refund was not returned on a timely basis. Internal procedures within the different departments of the University will be reviewed to determine appropriate actions that will ensure timely communication of a student?s withdrawal to the financial aid office. If the Department of Education has questions regarding this plan, please contact Michael Spivak, Treasurer at 641-472-7000. Sincerely, Maharishi International University
FAC accepted this audit on December 9, 2020 — management decision was due June 9, 2021.
FAC accepted this audit on February 4, 2020 — management decision was due August 4, 2020.
When a student withdraws from the school and the University has not earned all the financial aid awarded to the student, the University is required to return a portion of the Title IV funds received to the Department of Education (DOE). Two returns of Title IV funds were not remitted to the DOE within 45 days after the institution determined the student withdrew, as required by DOE regulations. Context: Two of eight withdrawals selected for testing were not returned timely. Our sample was a statistically valid sample. Cause: University procedures related to the return of funds were not followed as documented. Effect: Title IV funds were not returned on a timely basis with DOE regulations. Recommendation: The University should adopt procedures that will ensure the timely return of Title IV funds to the DOE Views of Responsible Officials: The University concurs that the returns were not made on a timely basis. Internal procedures within the different departments of the University will be reviewed to determine appropriate actions that will ensure timely communication of a student?s withdrawal to the financial aid office.
Show full finding ▾Hide full finding ▴Finding 2019-001 ? Late Return of Title IV Funds U.S. Department of Education: Student Financial Assistance Cluster CFDA #84.268 ? Federal Direct Student Loans Criteria and Condition: When a student withdraws from the school and the University has not earned all the financial aid awarded to the student, the University is required to return a portion of the Title IV funds received to the Department of Education (DOE). Two returns of Title IV funds were not remitted to the DOE within 45 days after the institution determined the student withdrew, as required by DOE regulations. Context: Two of eight withdrawals selected for testing were not returned timely. Our sample was a statistically valid sample. Cause: University procedures related to the return of funds were not followed as documented. Effect: Title IV funds were not returned on a timely basis with DOE regulations. Recommendation: The University should adopt procedures that will ensure the timely return of Title IV funds to the DOE Views of Responsible Officials: The University concurs that the returns were not made on a timely basis. Internal procedures within the different departments of the University will be reviewed to determine appropriate actions that will ensure timely communication of a student?s withdrawal to the financial aid office.
Finding 2019-001 ? Late Return of Title IV Funds Recommendation: The University should adopt procedures that will ensure the timely return of Title IV funds to the Department of Education. Response: The University concurs that the returns were not made on a timely basis. Internal procedures within the different departments of the University will be reviewed to determine appropriate actions that will ensure timely communication of a student?s withdrawal to the financial aid office. Anticipated Completion Date: June 30, 2020
Two students received an improper award amount of either Pell Grant or FSEOG based on their status and eligibility. The Department of Education stipulates the Pell award amounts based on student status (full-time, half-time, etc.) and expected family contribution. FSEOG funds are awarded according to criteria set by the University. Context: Two students of a sample of 40 were awarded incorrect amounts of Pell and FSEOG awards. One student received Pell grants of $762 greater than the calculated award and one student did not receive FSEOG funds of $858 for which the student qualified. Our sample was a statistically valid sample. Cause: University awarding procedures related to the awarding of these federal awards were not followed as documented. Effect: Improper awards were given out to two students for their federal award packages. Additional errors could exist in the remaining untested population. Recommendation: The University should adopt procedures that ensure that proper awards are made to each student based on properly applying the eligibility requirements. Views of Responsible Officials: The University concurs that it improperly awarded Pell and FSEOG funds to students. Internal procedures within the student financial aid department will be reviewed to determine appropriate actions that will ensure proper awarding of federal funds.
Show full finding ▾Hide full finding ▴Finding 2019-002 ? Awarding Errors for Pell Grant and Federal Supplemental Educational Opportunity Grant (FSEOG) U.S. Department of Education: Student Financial Assistance Cluster CFDA #84.063 ? Federal Pell Grant CFDA #84.007 ? Federal Supplemental Educational Opportunity Grant (FSEOG) Criteria and Condition: Two students received an improper award amount of either Pell Grant or FSEOG based on their status and eligibility. The Department of Education stipulates the Pell award amounts based on student status (full-time, half-time, etc.) and expected family contribution. FSEOG funds are awarded according to criteria set by the University. Context: Two students of a sample of 40 were awarded incorrect amounts of Pell and FSEOG awards. One student received Pell grants of $762 greater than the calculated award and one student did not receive FSEOG funds of $858 for which the student qualified. Our sample was a statistically valid sample. Cause: University awarding procedures related to the awarding of these federal awards were not followed as documented. Effect: Improper awards were given out to two students for their federal award packages. Additional errors could exist in the remaining untested population. Recommendation: The University should adopt procedures that ensure that proper awards are made to each student based on properly applying the eligibility requirements. Views of Responsible Officials: The University concurs that it improperly awarded Pell and FSEOG funds to students. Internal procedures within the student financial aid department will be reviewed to determine appropriate actions that will ensure proper awarding of federal funds.
Finding 2019-002 ? Awarding Errors for Pell Grant and Federal Supplemental Educational Opportunity Grant Recommendation: The University should adopt procedures that ensure that proper awards are made to each student based on properly applying the eligibility requirements. Response: The University concurs that it improperly awarded Pell and FSEOG funds to students. Internal procedures within the student financial aid department will be reviewed to determine appropriate actions that will ensure proper awarding of federal funds. Anticipated Completion Date: June 30, 2020
Finding 2019-003 ? Monitoring Compliance Requirements U.S. Department of Education: Student Financial Assistance Cluster Significant Deficiency: Noncompliance related to findings 2019-001 and 2019-002 occurred and was not detected and corrected by the University?s compliance monitoring procedures related to the special tests (Finding 2019-001) and eligibility (Finding 2019-002) compliance requirements. Recommendation: The University should evaluate its process and implement procedures to ensure proper awarding and timely return of Title IV funds is completed accurately and timely.
Show full finding ▾Hide full finding ▴Finding 2019-003 ? Monitoring Compliance Requirements U.S. Department of Education: Student Financial Assistance Cluster Significant Deficiency: Noncompliance related to findings 2019-001 and 2019-002 occurred and was not detected and corrected by the University?s compliance monitoring procedures related to the special tests (Finding 2019-001) and eligibility (Finding 2019-002) compliance requirements. Recommendation: The University should evaluate its process and implement procedures to ensure proper awarding and timely return of Title IV funds is completed accurately and timely.
Significant Deficiency: Noncompliance related to findings 2019-001 and 2019-002 occurred and was not detected and corrected by the University?s compliance monitoring procedures related to the special tests (Finding 2019-001) and eligibility (Finding 2019-002) compliance requirements. Recommendation: The University should evaluate its process and implement procedures to ensure proper awarding and timely return of Title IV funds is completed accurately and timely. Response: The University agrees with the finding and will implement changes to its procedures to address the noncompliance in Findings 2019-001 and 2019-002. Anticipated Completion Date: June 30, 2020
FAC accepted this audit on December 18, 2018 — management decision was due June 18, 2019.
FAC accepted this audit on February 1, 2018 — management decision was due August 1, 2018.
FAC accepted this audit on December 21, 2016 — management decision was due June 21, 2017.
Data source: This information comes from the Federal Audit Clearinghouse, the official repository of Single Audit data. All data is public domain. Verify this organization's audit history at fac.gov.
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