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Funds Management. Introductions. Name Organization Title/Function Job Responsibility SCT Banner Experience Expectations. Objectives. Performance Objectives Create and maintain Financial Aid funds Create default award and disbursement schedules
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Introductions • Name • Organization • Title/Function • Job Responsibility • SCT Banner Experience • Expectations SCT Banner Financial Aid 4.0
Objectives • Performance Objectives • Create and maintain Financial Aid funds • Create default award and disbursement schedules • Create fund-specific award and disbursement schedules • Create fund awarding and disbursement rules • Reconcile funds, monitor fund balances • Run basic fund reports SCT Banner Financial Aid 4.0
Funds Management Module overview • Process overview • Funds Management menu • No control menu -- the Funds Management menu is itself a control menu • Module definition • Establish fund type codes • Establish fund source codes • Establish fund base information • Creation of funds (part 1) SCT Banner Financial Aid 4.0
Funds Management Module overview (cont.) • Module definition(cont.) • Create default award and disbursement schedules • Create fund-specific award and disbursement schedules • Disbursement dates • Memo expiration dates • Award percentages by term SCT Banner Financial Aid 4.0
Funds Management Module overview (cont) • Funds Management Form (RFRMGMT) • Budget allocation, award minimum and maximum fund-specific options for each aid year • Funds and budget components • Funds and detail codes • Funds and applicant requirements • Funds and message codes • Disbursement and packaging options • Form is aid year-specific SCT Banner Financial Aid 4.0
Funds Management Module overview (cont) • Creation of funds (part 2) • Fund inquiry forms • Fund Budget Inquiry Form (RFIBUDG) • Federal Fund ID Inquiry Form (RFIFFID) • Federal Rules Inquiry Form (RFIFEDR) • Manage Funds (ROAMGMT) • Establish fund award and disbursement rules (RORRULE) • Processes related to Funds Management SCT Banner Financial Aid 4.0
Funds Management: Process overview Award & Disb. Schedules Award & Disb. Schedules Standard Fund Specific Fund Reconciliation & management Fund Awarding & Disb. rules RORRULE 4 Fund Mgmt Menu 1 2 3 Fund Mgmt Form Fund type codes Fund source codes Fund base info. 5 6 Aid year and fund-specific options 7 ROAMGMT Disbursement Process RUPFNDBL.SQL RSLFNDBL.SQL Packaging Process
Module definition • Establish fund type codes • Define the fund’s basic characteristics • Define fund type • Create Accounts Receivabledetail codes • Associate appropriate Federal Fund ID as required - source codes, etc. SCT Banner Financial Aid 4.0
Module definition (cont.) • Establish fund source codes • Indicate if fund will come from: • Federal • State • Organization • Other • Create as many fund source codes as necessary • Examples: Institutional Endowment Fund Institutional Athletic Department SCT Banner Financial Aid 4.0
Module definition (cont.) • Establish fund base information • Establish a code and description • Associate an A/R detail code with each Financial Aid fund code • This is a “one to one” relationship; each fund code must have a distinct A/R detail code • Associate Fed ID code, if applicable • Establish the print order for award letters • Associate fund type and source codes previously discussed SCT Banner Financial Aid 4.0
Module definition (cont.) RFRBASE Establish base information Associate fund source and fund type codes
Module definition (cont.) • Review • Fund type codes established on the Financial Aid Fund Type Validation Form (RTVFTYP) • Fund source codes established on the Fund Source Code Validation Form (RTVFSRC) • Fund base information on the Fund Base Data Form (RFRBASE) • Rule and validation forms SCT Banner Financial Aid 4.0
Module definition (cont.) • Create default award and disbursement schedules • Semester organization vs. quarter or term organization • Determine the percentage of the award by term • Determine the percentage of disbursement within a term, multiple disbursements in same term? • SCT Banner is term driven SCT Banner Financial Aid 4.0
Module definition (cont.) • Create default award and disbursement schedules (cont.) • Set the date funds will be disbursed • Set the memo expiration date • NOTE: The session on fund disbursement will describe “memo’d” financial aid in detail • Will create both default schedules and fund-specific schedules SCT Banner Financial Aid 4.0
Module definition (cont.) • Create fund-specific award and disbursement schedules • Create fund-specific schedules for funds that are unique in awarding and disbursement requirements Example: Scholarship pays 25% for fall and 75% for spring, based on fall grades • Set the date funds will be disbursed • Set the memo expiration date SCT Banner Financial Aid 4.0
Funds Management Form (RFRMGMT) • Funds Management Form • Main form for fund options • aid year-specific • 9 windows - Set Budget amount, fund min and max amount - Offer, accept, and decline status - Memo and disbursement options, lock disbursements - Associate the fund with budget components, A/R detail codes, tracking requirements and messages SCT Banner Financial Aid 4.0
RFRMGMT (cont.) • Fund type, source and fed fund ID* default to RFRMGMT from RFRBASE • Set the amount budgeted for the year, transfer amount, and over-commitment percentage • Make specific comments about a fund • Review packaging and disbursement options in detail from SCT Banner * If applicable SCT Banner Financial Aid 4.0
RFRMGMT (cont.) • Associating funds with other modules • Funds and budget components • Funds and A/R detail codes • Funds and tracking requirements • Funds and message codes SCT Banner Financial Aid 4.0
RFRMGMT (cont.) • Funds and budget components • Associate a budget component with a particular fund • Set the percentage of the budget component that the fund award should not exceed Example: A Barnes & Noble scholarship that cannot exceed the budgeted amount for books and supplies Books and Supplies component = 100% System will not award above books and supplies SCT Banner Financial Aid 4.0
RFRMGMT (cont.) • Funds and A/R detail codes • Associate an A/R detail code with a particular fund • Set the percentage of the detail code that the fund award should not exceed, just like you would for a budget component Example: Institutional grant that meets 100% of need up to 50% of tuition charges Tuition detail code = 50% System will not award above 50% paid to tuition SCT Banner Financial Aid 4.0
RFRMGMT (cont.) • Funds and message codes • Messages in SCT Banner can be used in a variety of ways • Tracking requirements • Budget components • Student specific messages, and ….. • With fund codes SCT Banner Financial Aid 4.0
RFRMGMT (cont.) • Funds and message codes (cont.) • In the previous example for tracking requirement association: Thank You letter required for scholarship You may wish to have a message that tells the student that a Thank You letter is required for that particular scholarship SCT Banner Financial Aid 4.0
Creation of Funds (part 2) ...From part 1 RFRBASE Packaging and Disbursement Funds Management Form (RFRMGMT) Default Award Sched. RFRDEFA Disbursement & Fund Awarding Rules Form RORRULE Fund Award Sched. RFRASCH
Inquiry forms • Fund Budget Inquiry Form (RFIBUDG) • View status of entire budget for a specific fund per aid year • Federal Fund ID Inquiry Form (RFIFFID) • Delivered from SCT, lists all Federal Fund ID’s • Federal Rules Inquiry Form (RFIFEDR) • Delivered from SCT, displays fund awarding rules per federal regulations SCT Banner Financial Aid 4.0
Fund Budget Inquiry Form(RFIBUDG) • Understanding/reading this form • For Packaging • In determining whether there is enough money remaining to make additional offers to students, the System adds together Current Offer + Declined + Canceled and compares it to Available to Offer. Additional awards can be offered if: Available to Offer - (Current Offered + Declined + Canceled) > 0 • For Disbursement • In determining whether there is enough money remaining to pay students, the System adds Memo’d + Authorized + Paid and compares it to Total Allocated. Additional payments can be made if: Total Allocated - (Memo’d + Authorized + Paid) > amount paid SCT Banner Financial Aid 4.0
Understanding/reading this form (cont.) • For the following examples: • Total Allocated will = $ 10,000 • Amount Available to Offer will = $ 12,000(over commit % = 120) • Accepted amount will = $ 5,000 • Paid amount will = $ 0.00 SCT Banner Financial Aid 4.0
‘Remaining’ columns calculated • Current Offer: Remaining amount= ($7,000.00) • Available to Offer - (Current Offered + Declined + Canceled) • $ 12,000.00 - ($ 5,000.00 + 0.00 + 0.00) • Current Offer: Remaining % = (58.34 %) • (Available to Offer - (Current Offered + Declined + CANCEL)) / AVAILABLE TO OFFER • ($ 12,000.00 - ($ 5,000.00 + 0.00 = 0.00)) / $ 12,000.00 • Current Offer: Actual amount remaining =($ 5,000.00) • TOTAL ALLOCATED - CURRENT OFFERED = Amount Remaining • $ 10,000.00 - $ 5,000.00 = $ 5,000.00 SCT Banner Financial Aid 4.0
‘Remaining’ columnscalculated(cont) • Accepted - Remaining Amount: ($0.00) • Current Offered - Accepted • $ 5,000.00 - $ 5,000.00 • Accepted - Remaining %: ($0.00) • (Current Offered - Accepted) / Current Offered • ($ 5,000.00 - $ 5,000.00) / $ 5,000.00 • Paid - Remaining Amount: ($ 5,000.00) • Accepted - Paid • $ 5,000 - $ 0.00 • Paid - Remaining %:(100%) • (Accepted - Paid) / Accepted • ($ 5,000.00 - $ 0.00) / $ 5,000.00 SCT Banner Financial Aid 4.0
Federal Fund ID Inquiry Form (RFIFFID) • Displays all federal funds and the federal ID for that fund • Delivered by SCT • Hard-coded SCT Banner Financial Aid 4.0
Federal Rules Inquiry Form (RPIFEDR) • Displays rules for all federal funds • Class load • Award minimum and maximum • Extended Loan Option (ELO), HEAL Loan, and Additional Stafford Eligibility • Used in packaging process • Delivered by SCT • Hard-coded SCT Banner Financial Aid 4.0
Manage Funds Form(ROAMGMT) • Use segments from entire Funds Management module • Monitor, update, and create financial aid fund activity • Sort by fund source, type or all funds • From RT • Custom display displays funds by: • Available to offer Accepted Paid • Current offer Declined Remaining SCT Banner Financial Aid 4.0
Manage Funds Form(ROAMGMT) (cont.) • View information on a yearly basis or term by term • Detailed information about awards made to all students from a specific fund for a particular year SCT Banner Financial Aid 4.0
Manage Funds (ROAMGMT) Sort by fund source, type, or all funds Custom display
Financial Aid Selection Rules Form(RORRULE) • Create specific fund awarding and disbursement rules • Create and modify selection criteria to award aid to students • Create and modify selection criteria to disburse aid to students • Assign funds to applicants within a certain packaging group • Driven by rule type • A, F, and D pertain to Funds Management SCT Banner Financial Aid 4.0
Processes related to Funds Management • Account Balances Report (RFRABAL) • Prints detailed information on the status of each fund for a given aid year • 7 parameters: Aid year code, fund code, source, type, fed fund ID, term code, sort (ascending or descending) • Fund Budget Report (RFRBUDG) • Prints fund budget allocation information for each fund account for a given aid year SCT Banner Financial Aid 4.0
Processes related to Funds Management (cont.) • Fund Budget Report (RFRBUDG) (cont.) • 6 parameters: Aid year code, fund code, source, type, federal fund ID, sort sequence • Fund Description Report (RFRFUND) • Provides detailed descriptive information on the fund, System rules, and budget allocation assigned each fund for a given aid year SCT Banner Financial Aid 4.0
Processes related to Funds Management (cont.) • Fund Description Report (RFRFUND) (cont.) • 6 parameters: Aid year code, fund code, source, type, federal fund ID, sort sequence • Simulation Balance Report (RFRSBAL) • Provides detailed fund balance information for use during packaging simulation • 6 parameters: Aid year code, fund code, source, type, federal fund ID, sort sequence SCT Banner Financial Aid 4.0
Fund reconciliation • Fund balances stored in the RFRASPC table • Updated when: • Student’s award for year changes • Award status changes • When memo, authorize, or disburse amount changes SCT Banner Financial Aid 4.0
Fund reconciliation (cont.) • Two SQL*PLUS scripts ensure that summary balances in the RFRASPC table match the student-by-student totals from the RPRAWRD table: • RSLFNDBL.SQL & RUPFNDBL.SQL SCT Banner Financial Aid 4.0
Fund reconciliation (cont.) • RSLFNDBL.SQL • Selects and displays fund balances for all funds for a selected year • Calculated based on the sum of awards on the RPRAWRD table • Compare to the Fund Budget Inquiry Form to see if totals match…….. SCT Banner Financial Aid 4.0
Fund reconciliation (cont.) …. If totals do not match • RUPFNDBL.SQL • Can be run to update the balances stored in the RFRASPC table to match the student-by-student totals stored in RPRAWRD • SCT Banner may stop awarding or disbursing if a fund is out of balance • RECON ALL button from ROAMGMT will also run this process SCT Banner Financial Aid 4.0