Harvard University Faces Heightened Cash Monitoring Status

The U.S. Department of Education announced on Friday that Harvard University has been designated with 'Heightened Cash Monitoring' status. This move stems from apprehensions regarding the financial position of the prestigious institution.

Within this HCM framework, Harvard is mandated to utilize its own resources to dispense federal student aid. Only after these funds are distributed can the university request reimbursement or additional funding from the Education Department.

This status underscores increased scrutiny over Harvard's financial operations, making it imperative for the university to maintain transparency and accountability in its financial dealings.

(With inputs from agencies.)