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Session DL-04

Session DL-04. Title IV Funding To Schools: From COD Through G5 (For Direct Loans) George Karayianis U.S. Department of Education. Title IV Funding to Schools. Direct Loan Funding Cash Management G5 – Updates. Direct Loan Funding Process Overview. “How do schools get their $Money$?”.

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Session DL-04

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  1. Session DL-04 Title IV Funding To Schools: From COD Through G5 (For Direct Loans) George Karayianis U.S. Department of Education

  2. Title IV Funding to Schools Direct Loan Funding Cash Management G5 – Updates

  3. Direct Loan FundingProcess Overview “How do schools get their $Money$?”

  4. Triangle of Funds Management:Direct Loans COD System G5 School

  5. Funding Lifecycle Initial funding Disbursement and loan processing (in COD System) Drawdowns (through G5) Monthly reconciliation disbursements/cash School/COD System/G5 End-of-award year reconciliation and closeout

  6. Funding based on actual disbursements 7 day rule Records submitted up to 7 days in advance of disbursement date can trigger an increase in funding Funding Basics

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

  8. School receives an initial CFL School draws down cash via the G5 Web site School sends in MPNs and actual disbursement records to substantiate cash received COD System sends CFL increases to G5 so school can continue to drawdown funds as needed Advanced Funds/School-Initiated Drawdowns

  9. Funding Flow Advanced Funds SCHOOL Batches COD System G5 CFL

  10. The COD System initiates drawdown requests based on actual disbursements accepted and posted by the COD System and cash is deposited in a school’s bank account 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

  11. Funding Flow Pushed Cash SCHOOL Batches COD System G5 FDLs CFL Drawdowns

  12. Example:Funded Disbursement Listing

  13. Title IV Funding to Schools Direct Loan Funding Cash Management G5 – Updates

  14. 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

  15. Monthly reconciliation Compare your records with the Dept’s to identify and account for discrepancies Ending Cash Balance (ECB) may not equal $0 Closeout Process ensuring all records are processed and all cash is accounted for The “final” reconciliation, but your ECB must = $0 Direct Loan Reconciliation versus End-Of-Year Closeout

  16. Your Ending Cash Balance Equation Beginning Cash Balance Cash Receipts Refunds Of Cash Booked Disburse-ments - - + Booked Adjustments Ending CashBalance - =

  17. School Account Statement (SAS) COD funding Web screens COD reports G5 Web screens and reports COD and G5 ToolsDirect Loan Reconciliation

  18. School Funding InformationWeb Screen

  19. Cash Activity Screen

  20. Monthly file sent from the COD System Contains school data as reflected on the COD System Sections of the SAS Cash summary Disbursement summary by loan type Cash detail Loan/disbursement information Direct Loan School Account Statement (SAS)

  21. Title IV Funding to Schools Direct Loan Funding Cash Management G5 – Updates

  22. G5 • Department of Education’s payment system • Formerly known as GAPS • Provides location for all school funding processes • Drawdowns • Drawdown adjustments • Refunds • G5 funding reports 22

  23. G5 Homepage 23

  24. G5 Registration 24

  25. 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

  26. G5 – My Awards Page 26

  27. How do I Request my Direct Loan Funds???

  28. Create Payments 28

  29. Create Payment – Payment Tab 29

  30. Create Payment – Summary Tab 30

  31. Automated E-mail George, Requesting User ID: Georgek@school.edu 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.

  32. Drawdown Adjustments • Can’t move more than has been drawn • Net adjustment must equal zero • Do not use adjustments as a substitute for returning excess cash • Do not use adjustments to close out a year or bring your school’s cash balance to zero

  33. Select Drawdown Adjustments from Payments Menu

  34. Enter School ID

  35. Click Continue

  36. Enter Amount of Adjustment

  37. Click Continue

  38. Click Submit Adjustments

  39. Adjustment Confirmation

  40. Advantages of Electronic Refunds • Posts to GAPS within 2 business days • You control process • You direct from which bank account the money is refunded • Multiple refunds on one screen and at one time • Reduces human error and delays

  41. Enter Refund Functionality

  42. Enter Refund Amount

  43. Confirm refund and click continue

  44. Select confirm to process refund

  45. Refund confirmation

  46. G5 Reporting

  47. External Award Activity

  48. External Award History Report

  49. External Award History Report

  50. External Award History Report

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