State Audit Says Federal Student Aid Funds May Have Been Mismanaged.

State Audit Says Federal Student Aid Funds May Have Been Mismanaged. BOSTON -- An ongoing state audit has found Roxbury CommunityCollege's federal financial aid files in disarray, with evidencethat $3.5 million in federal funds Federal FundsFunds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements.Notes:These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve may have been mismanaged. "As far as I'm concerned, if there are administrativeproblems at the college, I'm not going to let them put financialaid at risk for the kids who want to go to college," said StephenTocco, chairman of the Board of Higher Education higher educationStudy beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. . "That'sunacceptable." State Comptroller The power of the Knesset to supervise and review government policies and operations is exercised mainly through the state comptroller (Hebrew: מבקר המדינהMartin Benison ben��i��son?n.A blessing; a benediction.[Middle English, from Old French beneison, from Latin benedicti termed the inner-cityschool's files "unauditable" and lacking academictranscripts, student high school diplomas A high school diploma is a diploma awarded for the completion of high school. In the United States and Canada, it is considered the minimum education required for government jobs and higher education. An equivalent is the GED. and other documents that wouldshow the school had spent the money properly. About 2,400 students who attend the two-year state school could beaffected by the problem, the third such scandal in 12 years at RCC RCC - An extensible language. . School President Grace C. Brown, who survived a similar financialaid scandal in 1996, attributed the problem to a faulty computer systemnow being replaced. She said RCC was "75 percent of the way towardcleaning up the situation." But Chancellor Judith I. Gill of the Board of Higher Education, whohas called for an emergency meeting of the school's Board ofTrustees board of trusteesPolitics The posse of thugs who oversee an institution's administration. See Board of directors. , said, "I do not have grounds to agree with her(Brown's) assessment." Gill and Tocco were to meet recently with Brown and TrusteeChairman Harry Sterling to discuss the problem. A top aide to Acting Gov. Jane M. Swift, who requested anonymity,told The Boston Globe, "The governor wants quick and strong actionfrom the college's trustees. An outside receivership team isnecessary." The aide also told the Globe that Swift believes Brown should beplaced on administrative leave. If the school cannot adequately document use of its governmentloans and need-based Pell grants, it would face penalties from the U.S.Department of Education, possibly even losing access to future federalaid. The auditors were conducting a random, periodic review when theydiscovered dozens of files with missing paperwork. They were unable todetermine if federal funds had gone to ineligible students, or ifstudents who qualified for aid had been unfairly denied money. Benison has temporarily suspended the audit.