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How to get Money for your FSA Projects 101

How to get Money for your FSA Projects 101. Richard Lucas and Lauren Bloom. Today’s Agenda. Introductions The Purpose of a Budget Types of Funding Budget Phases Monitoring and Reporting Year-End Closeout. The Purpose of a Budget. It is a living document which sets forth: Priorities

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How to get Money for your FSA Projects 101

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  1. How to get Money for your FSA Projects 101 Richard Lucas and Lauren Bloom

  2. Today’s Agenda Introductions The Purpose of a Budget Types of Funding Budget Phases Monitoring and Reporting Year-End Closeout

  3. The Purpose of a Budget • It is a living document which sets forth: • Priorities • Levels of spending • Financing options • Methods for managing funds

  4. Budget Support Division Our basic objective – Ensure the right funding is in the right place at the right time.

  5. Session Topics The Purpose of a Budget Types of Funding Budget Phases Monitoring and Reporting Year-End Closeout

  6. Federal Student Aid Types of Funding Congress Congress provides discretionary funding for Student Aid Administration through annual appropriation. Category 1&2 - Basic Baseline Operations and Support Category 3-5 • Initiatives in response to GAO and OIG audits and new laws and regulations • Re-engineering projects • Re-competes

  7. Session Topics The Purpose of a Budget Types of Funding Budget Phases Monitoring and Reporting Year-End Closeout

  8. FSA Budget Phases Phase I: Formulation/Justification/Presentation Phase II: Budget Execution • How Federal Student Aid receives funding • Appropriation • Apportionment • Allotments • Sub-allotments • How Federal Student Aid uses funding • Commitments • Obligations • Expenditures

  9. Phase I:Formulation/Justification/Presentation Formulation/Justification • IMG - Call for Investment Requests (IRs) • IMG, BSD, BPC - Reviews/Analyzes • BPC - Prepares budget priorities recommendation • IRB - Reviews and approves budget request • BSD - Prepares written justification

  10. Call for Investment Requests • Investment Request (IR): All operational programs, projects, or initiatives requesting authority to execute are required to enter IR into the EPPM tool – Jan-Feb

  11. Reviews/Analyzes Review/Analyze IR’s for: • Completeness • Sufficiency of Justification • Impact Statements • Budget Requests • Large increases • New line items • Increases in Category 3-5 • Timing of when funds are needed

  12. Prepares Budget Priorities Recommendation BPC • Reviews IRs to ensure consistency • Uses the EPPM tool to optimize the portfolio • Develop assumptions around funding recommendations • Submit priority recommendation to IRB

  13. Reviews and Approves Budget Request IRB • Reviews BPC Recommendation • IRB: • Deliberates • Accepts recommendation • Rejects recommendation • Modifies

  14. Prepares Written Justification BSD • Works with ED to determine approach for justification • Uses information in IRs to prepare written justification. • Presents justification to FSA-CFO

  15. Phase I:Formulation/Justification/Presentation Presentation • Submit budget request and justification to ED- June • Coordinates responses to ED – July/Aug • ED submits request to OMB - Sept • OMB hearings-Oct • OMB Passback- Nov • President submits budget to Congress-Feb

  16. Phase II: Budget Execution How Federal Student Aid receives funding 3. Allotment • Federal Student Aid requests funding for allotment period (CR period or Quarterly) • ED allots funding to Federal Student Aid • Budget Support Division suballots to activity code • Changes to funding levels may require a reapportionment by OMB 1. Appropriation - Congress passes funding bill 2. Apportionment • Federal Student Aid submits an operating plan to ED • ED reviews and adjusts funding to support operating plan • OMB apportions funding to ED (quarterly)

  17. Phase II: Budget Execution How Federal Student Aid uses the funds • Commitments: • Receive requisition from COR/Budget Contact • Conduct pre-commitment research: • Review content of requisition: • Budget line item titles • Budget line item category number • Contract title • Funding period • Estimated date of obligation • Contracting officer name • Contract Specialist name • Contracting Officer Representative name • Investment managers name

  18. Phase II: Budget Execution How Federal Student Aid uses the funds • Verify approvals • Governance approval for category 3-5 • FSA Acquisitions approval on all requisitions • Verify funding • Commit funds • Submit requisitions to FSA Acquisitions or CAM 2. Obligations and Expenditures Track commitments through obligation

  19. A Closer Look:Approval Process Federal Student Aid Level • IRB must approve Business Unit budget plans • Budget changes - OOCFR • Notify IMG/Budget Support Division by entering an Out of Cycle Funding Request into the EPPM tool • If the OOCFR is under $50K, BSD will present the request to the CFO for review/decision • If the OOCFR is over $50K the BPC will review/prioritize and make a recommendation to the IRB for review/decision

  20. Session Topics The Purpose of a Budget Types of Funding Budget Phases Monitoring and Reporting Year-End Closeout

  21. Monitoring and Reporting The Budget Group provides monthly reports on the execution of our administrative budget • System Reports • Internal Management Reports developed over time to meet the needs/requirements of IRB, Budget Contacts, Contracting Officers, CORs, etc.

  22. Monitoring and Reporting Examples of System Reports (EDCAPS) • Commitments Unobligated GL Report • Award Financial History Report • Obligation Detail Report • Status of Funds • Transaction History

  23. Monitoring and Reporting Federal Student Aid internal management reports: • Status of Funds Report • Requisition Aging Schedule Report • Invoice Aging Schedule Report • Prompt Payment Interest Report • Unliquidated Obligation Report

  24. A Closer Look: Status of Funds What is it? • Cumulative monthly spending plan and report of commitments, obligations, and expenditures against allocation Why? • To monitor spending rates • To analyze planned vs. actual spending

  25. A Closer Look: Requisition Aging Schedule • What is it? • Reports funds committed, but not yet obligated • Why? • To plan for remainder of year and impact on future years • To track outstanding commitments

  26. A Closer Look: Invoice Aging Schedule • What is it? • Reports invoices received, but not yet receipted • Why? • To ensure compliance with current regulations • To identify opportunities to avoid prompt pay interest

  27. A Closer Look: Prompt Payment Interest What is it? • Reports interest payments Why? • To report interest paid to a vendor due to late payments on an invoice

  28. A Closer Look: Unliquidated Obligation Report What is it? • Identifies unexpended obligations of prior year funds Why? • To recover unexpended funds available to support Federal Student Aid priorities

  29. Session Topics The Purpose of a Budget Types of Funding Budget Phases Monitoring and Reporting Year-End Closeout

  30. Year-End Closeout Notify Business Units of procedures/schedule Send final year-end projection request to Business Units to determine final budgetary needs Monitor closeout through September 26,2014 Utilize funds to support Federal Student Aid priorities as directed by CFO and IRB Prepare and submit 1st quarter apportionment request

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