1 / 49

Session C-12

Session C-12. Title IV Funding to Schools: From COD through G5 For Pell Grants, ACG and National SMART Grants Anthony T. (Tony) Laing U.S. Department of Education. Pell, ACG & National SMART Grant Funding Cash Management G5 - Updates. Session Outline.

akasma
Download Presentation

Session C-12

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Session C-12 Title IV Funding to Schools: From COD through G5 For Pell Grants, ACG and National SMART Grants Anthony T. (Tony) Laing U.S. Department of Education

  2. Pell, ACG & National SMART Grant Funding Cash Management G5 - Updates Session Outline

  3. Iron Triangle of Funds Management: Department of Education Budget Service COD G5

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

  5. Funding Lifecycle

  6. Daily ProductionCOD 24-Hour Turnaround Disbursement Record Deadlines 10:00 AM ET in COD - Same Day10:00 PM ET in COD - Next Day

  7. Payment Methods Advanced Funded = 5,200 Schools JIT Pilot = 43 Schools HCM1, HCM2 & Reimbursement = 400 Schools

  8. Initial Authorization Pell Grant Program-wide authorization in May Advance funded 2008-2009 - $7 billion for 4,645 schools JIT, HCM1, HCM2, & Reimbursement = Records First ACG & National SMART Grant NO program-wide authorization Records first

  9. When to Submit Disbursement Records Pell Grant 30 Days in advance of disbursement date 7 days before COD sends funding transaction to G5 ACG & National SMART Grant 7 Days in advance of disbursement date 7 days before COD sends funding transaction to G5

  10. Four Program Wide Global Reduction Jobs Pell Reduction to Net Accepted and Posted Disbursements (NAPD) Pell W Verification Reduction ACG & SMART No Pell De-obligation Pell, ACG & SMART Reduction to GAPS Net Drawdown 10

  11. Pell Reduction to Net Accepted & Posted Disbursement Records Reduction Cycle will reduce the Authorization to equal Net Accepted and Posted Disbursements (NAPD) For 2008-2009:

  12. 2008 –2009 Pell CFL Reduction to NAPD Example: May 2008: Initial Authorization - $1,000,000 January 2009: NAPD - $500,000 Reduction - $500,000

  13. Pell Reduction to Net Accepted & Posted Disbursement Records (NAPD) 2007-2008 Award Year 374 schools reduced by $23 million 13

  14. Stay Reconciled!

  15. Stay Reconciled 15 • Goal is Zero Available Balances • No Available Balances • 1,100 schools in prior years • No Negative Balances • 700-900 schools in prior years

  16. School Funding InformationWeb Screen School of Outstanding Students Funding Info Program Pell Award Year 08-09 16

  17. Reconciliation Tools • Reconciliation File • Snapshot • Mass mailing in September for Pell, ACG & National SMART • YTD File • Comprehensive

  18. Pell “W” Verification Reduction • 2008-2009 Award Year “W” Verification Reduction scheduled for Summer 2009 • Verification Status of W is an interim status • Schools must change status to V, S, or blank • Otherwise, FSA will reduce to zero • 2007-2008 Award Year Reduction in Summer 2008 for 310 schools; 2,117 students; $3 million

  19. No-Pell DeobligationACG, National SMART Grant • If student has either an ACG or National SMART Grant and is not a Pell recipient, the student will lose the ACG/National SMART Grant • 2008-2009 Award Year No-Pell Deobligation scheduled for Summer 2009 • 2007-2008 Award Year • ACG 264 schools, 519 students • SMART 51 schools, 58 students

  20. Reduction to G5 Net DrawdownPell, ACG, National SMART Grant 2006-2007 Award Year Reduction to G5 Net Drawdown scheduled for March 2009 2005-2006 Award Year – 529 schools; $5 million Schools not in compliance with 30-day reporting rule Continued customer service outreach

  21. Reduction to G5 Net DrawdownExample

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

  23. Post-Deadline Processing • For Award Year 2008-2009: • Occurs After September 30, 2009 • Schools request on the Web • Request only when you are ready to submit

  24. Post-Deadline Processing 30 days to resubmit records after administrative relief granted 15 days for a second request Continued follow-up

  25. Closeout/Reconciliation • For Award Year 2008-2009, Schools SHOULD be reconciled by September 30, 2009 • Must closeout within… • Pell: five years • ACG, SMART: four years

  26. Pell Administrative Cost Allowance (ACA) 26 • Three times during an award year cycle For 2008-2009: March 2009 August 2009 August 2010 • NO DRAWDOWNSPayments sent directly to bank accounts by G5

  27. Title IV Funding to Schools Pell, ACG & National SMART Grant Funding Cash Management G5 - Updates

  28. 30-day reporting requirement Report changes within 30 days after becoming aware of changes 3-day cash rule Only draw down cash for use within three days Cash Management Requirements

  29. Excess Cash Includes any Title IV funds received from ED that are deposited or transferred into a federal account as a result of an award cancellation, adjustment, or recovery Tolerance -- 1% of prior year amount Finding may trigger cash monitoring or reimbursement 29

  30. Title IV Funding to Schools Pell, ACG & National SMART Grant Funding Cash Management G5 - Updates

  31. G5 - Department of Education’s Payment System • G5 access • Assistance available in PC lab • Send refunds electronically • Do NOT use paper checks!

  32. G5 Home page

  33. Registration Page • Online form where new users can register for access to G5 • Access is granted/denied between 1-2 business days

  34. G5 Registration 34

  35. My Awards • An easy to view list of all of your institution’s awards in G5 • Gives a quick snapshot of the Award number, Available Balance, Last Date to Draw, and Award Status

  36. G5 – My Awards Page 36

  37. How Do I Get Grant Money???

  38. Create Payments 38

  39. Create Payment – Payment Tab 39

  40. Create Payment – Summary Tab 40

  41. Automated Email Tremayne, Requesting User ID: Tremayne@ed.gov Your request made on 08/12/2008 for $100.00, has been received. Your control number is 2008081206381 and you will receive your funds on 08/13/2008 in bank account ****9426. If you did not request this payment, please contact Helpdesk at 1-888-336-8930.

  42. Reporting

  43. External Award Activity 43

  44. External Award History Report 44

  45. External Award History Report 0215S060156 $1,126,423.00 -$374,043.00 $0.00 $0.00 $0.00 -$374,043.00 09/30/2010 45

  46. External Award History Report Q215S06156 $-741,192.00 09/30/2010 $1,126,423.00 -$741,192.00 $0.00 $0.00 $0.00

  47. COD School Relations Center 1-800-474-7268 G5 Help desk 1-888-336-8930 Need Funding Help?

  48. Related Conference Sessions

  49. Contact Information Anthony T. (Tony) LaingDirector, Internal Controls Division – Federal Student Aid anthony.laing@ed.gov(202) 377-3112

More Related