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Session #4

Session #4. TITLE IV FUNDING TO SCHOOLS: FROM COD through GAPS Anthony Laing George Karayianis Tremayne Cobb. Session Outline. Pell, ACG & National SMART Grant Funding Direct Loans Funding GAPS – New Web Screens. Iron Triangle of Funds Management:. Budget Service. COD. GAPS.

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Session #4

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  1. Session #4 TITLE IV FUNDING TO SCHOOLS: FROM COD through GAPS Anthony Laing George Karayianis Tremayne Cobb

  2. Session Outline Pell, ACG & National SMART Grant Funding Direct Loans Funding GAPS – New Web Screens

  3. Iron Triangle of Funds Management: Budget Service COD GAPS Department of Education

  4. Iron Triangle of Funds Management: USED BusinessOffice FinancialAid Office School

  5. Funding Lifecycle

  6. Daily ProductionCOD 24-Hour Turnaround Deadlines10:00 AM ET in COD - Same Day10:00 PM ET in COD - Next Day

  7. Initial Authorization Pell Grant Program-wide authorization in May Advance Funded Records first for a few exceptions ACG & National SMART Grant NO program-wide authorization Records first

  8. When to Submit Disbursement Records Pell Grant 30 Days in advance of disbursement date 7 days before COD sends funding transaction to GAPS ACG & National SMART Grant 7 Days in advance of disbursement date 7 days before COD sends funding transaction to GAPS

  9. Pell Administrative Cost Allowance (ACA) • Three Times During an Award Year Cycle For 2007-2008: March 2008 August 2008 August 2009 • NO DRAWDOWNSPayments sent directly to bank accounts by GAPS

  10. Pell Reduction to Net Accepted and Posted Disbursement Records Reduction Cycle will reduce the Authorization to equal Net Accepted and Posted Disbursements (NAPD) For 2007-2008:

  11. Stay Reconciled!

  12. Reconciliation Tools • Reconciliation File • Snapshot • YTD File • Comprehensive

  13. Pell Verification-W Reduction • For Award Year 2007-2008, Verification-W Reduction will be run in Summer 2008 • Verification Status of W is an interim status • Schools must change status to V, S, or blank • Otherwise, FSA will reduce to zero

  14. No-Pell DeobligationACG, National SMART Grant • If student has either an ACG or National SMART Grant and not a Pell recipient, the student will lose the ACG/National SMART Grant • For Award Year 2007-2008, No-Pell Deobligation will be run in Summer 2008

  15. Reduction to GAPS Net DrawdownPell, ACG, National SMART Grant • For Award Year 2007-2008, Reduction to GAPS Net Drawdown is scheduled for March 2010 • Schools not in compliance with 30-day reporting rule

  16. Reduction to GAPS Net DrawdownExample

  17. Individual Reductions • POP Process • Only for Pell, not in ACG & National SMART Grant • Negative Pendings

  18. Post-Deadline Processing • For Award Year 2007-2008: • Occurs After September 30, 2008 • Schools Request on the Web • Request only when you are ready to submit

  19. Closeout/Reconciliation • For Award Year 2007-2008, Schools SHOULD be reconciled by September 30, 2008 • Must closeout within… • Pell: Five Years • ACG, SMART: Four Years

  20. Title IV Funding to Schools Pell, ACG & National SMART Grant Funding Direct Loans Funding GAPS – New Web Screens

  21. Direct Loan FundingHow do schools get their $money$?

  22. Funding Lifecycle Initial Funding Disbursement and Loan processing (in COD) Drawdowns (through GAPS) Monthly reconciliation disbursements/cash School/COD/GAPS End of Award Year Reconciliation and Closeout

  23. Iron Triangle of Funds Management: COD GAPS School Direct Loans

  24. Funding based on booked loans/disbursements 7 day rule Records submitted up to 7 days in advance of disbursement date can trigger change in funding Cash Management Regulations 30 day reporting requirement 3 -Day cash rule Monthly reconciliation (DL only) Funding Basics

  25. Funding Delivery Methods Advanced Funds/School-Initiated Drawdowns Pushed Cash/ System-Initiated Drawdowns versus

  26. School receives an initial CFL School draws down cash via GAPS School submits booked disbursements to substantiate cash received (including an accepted and linked MPN) COD sends CFL increases to GAPS so school can continue to drawdown funds as needed Advanced Funds/School-Initiated Drawdowns

  27. Funding FlowAdvanced Funds SCHOOL Batches GAPS COD CFL

  28. COD initiates drawdown requests and cash is deposited in a school’s bank account based on disbursements accepted and posted by COD Schools must have an accepted origination record and MPN on file before an actual disbursement is accepted and cash is pushed to a school Pushed Cash/System-Initiated Drawdowns

  29. Funding FlowPushed Cash SCHOOL Batches GAPS COD CFL Drawdowns FDLs

  30. Example:Funded Disbursement Listing Run Date: 11/2/07 US Department of Education Page: 1 Federal Direct Loan Program Funded Disbursement Listing Report For Loans to be Funded by: 11/1/07 For Academic Year 2007-2008  School: Capital Hair Salon School Code: G11111 13 Maple Pl. Washington, DC 20202 Student Loan ID Disb Date Gross Fee Rebate Net Amt. Sally Mae 233234454S08G11111001 11/2/07 $2,500 -$100 $38 $2,438 Jerry Jones 212121233S08G11111001 10/28/07 $2,383 -$95 $36 $2,324 Marcy Kay 887890766U08G11111001 11/5/07 $2,000 -$80 $30 $1,950   -------------------- Total School Amount $6,712

  31. 30-Day Reporting Requirement 685.301(d) Direct Loan 3-Day Cash Rule 668.162(b) Monthly Reconciliation 685.102(b) Direct Loan Cash Management Requirements

  32. Reconciliation and Closeout

  33. Monthly Reconciliation Compare your records with the Dept’s to identify and resolve outstanding discrepancies Closeout Net Accepted and Posted Disbursements =GAPS net cash Ending Cash Balance (ECB) = 0 Direct Loan Reconciliation versus End-Of-Year Closeout

  34. Your Ending Cash Balance Equation Beginning Cash Balance Cash Receipts Refunds Of Cash Disburse-ments - - + Upward Adjustments Downward Adjustments Ending CashBalance - = +

  35. COD Funding Web screens Reports (COD) School Account Statement (SAS) Report GAPS web screens and reports COD and GAPS ToolsDirect Loan Reconciliation

  36. School Funding InformationWeb Screen School of Outstanding Students Funding Info Program Direct Loan Award Year 07-08

  37. Cash Activity Screen School of Outstanding Students Program Direct Loan Award Year 07-08 Net Draws $30,000 Cash > Accepted & Posted Disbursements & older than 30 days $0 Totals Date of Transaction 10/13/07 Time 1:35PM Drawdowns $30,000 $2,000 Drawdown adjustments $0 Refunds $1,000 Returns $0 Days for On-time reporting Payment Control Number 2007101321221 Accepted & Posted Disbursements Applied $20,000 $0 Cash > Accepted & Posted Disbursements $10,000 Source System GAPS

  38. Monthly COD Report Copied from main database Loan/Disbursement Information Summary Detail Cash Detail Direct Loan School Account Statement (SAS) Report

  39. Title IV Funding to Schools Pell, ACG & National SMART Grant Funding Direct Loans Funding GAPS – New Web Screens

  40. G5 Phase 1General Overall Improvements • Enhanced self-management of personal profile and account maintenance including self-registration, edit profile, password reset, and unlock account functionality • New descriptive payment flag status fields • More descriptive error messages • Automated email functionality throughout G5 • Flexible sort functionality • Introduction of My Home Page

  41. Payment Request screen listing individual awards and balances to enter request amounts Confirmation screen displaying the control number for the payment request Summary screen listing requested amounts in a single list for user to confirm their selections General Overall Improvements (Continued) • New My Awards Feature will display an interactive list of your awards and balances on your G5 Home Page • Greater Reporting Flexibility with additional report parameters • New G5 Training and Help Facility will provide Online Simulated Training & Materials • Dynamic Web Based Environment will provide greater screen control features and flexibility by utilizing the newest technologies • Consistent Three Step Processing for workflow management provides a logical path to process your payment requests (Payments > Summary > Confirmation)

  42. G5 HOME PAGE

  43. Making a Payment Request

  44. Payments Tab

  45. Payment Summary Tab

  46. Automated Email Tremayne, Requesting User ID: Tremayne@ed.gov Your request made on 09/25/2007 for $25,172.32, has been received. Your control number is 2007092506381 and you will receive your funds on 09/27/2007 in bank account ****9426 • If you did not request this payment, please contact Helpdesk at 1-888-336-8930

  47. Creating an Adjustment

  48. Create Adjustments

  49. Adjustment Summary Page

  50. Adjustment Confirmation

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