FISAP Everything you wanted to know. Presenter- Bill Burke, University of Scranton

Transcription

1 FISAP Everything you wanted to know. Presenter- Bill Burke, University of Scranton Bedford Springs, October 12-14, 2015

2 What is the FISAP Application for future award year campus based funding- Application to Participate Report on prior award year campus based funding- Fiscal Operations Report Campus Based Funding- Federal Perkins Loans, Federal Work Study, Federal SEOG Application Deadline normally first day of October

3 What information is required? Enrollment data from prior award year for undergraduate and graduate, if applicable, eligible students Tuition and Fees from prior award year for eligible students Award expenditures from prior award year Pell Grants State Awards Campus Based Awards

4 How should I prepare to report? Create a Task List to record tasks, who is responsible to provide, where data needs to come from, target dates and completion dates Review most recent FISAP completed form and instructions until new form and instructions are provided by ED Make sure you have access to ecampusbased ED site and have active token

5 Who is involved? Financial Aid Office Bursar Office Controller s Office Payroll Office Registrar s Office Institutional Research President s Office Other Offices involved in Campus Based Aid

6 When should I begin? March/April- Review Campus Based expenditures with Finance area to ensure proper utilization of funding for full year and/or make carry back/carry forward plans June/July- Finalize any outstanding Campus Based awards and confer with Bursar & Controller to reconcile awards and expenditures August- Begin to collect data from various areas to prepare a draft September- Circulate draft and monitor any changes to awards to prepare final report

7 What information is required? Total Family Income for eligible aid applicants broken down by income ranges Total Family Income for Campus Based award recipients broken down by income ranges Perkins account data Work Study payroll data Work Study Community Service, Job Location & Development, Tutors, Civic Education, Disaster Related Recipients

8 Application to Participate Part I- Make sure all directory information is correct for school, Financial Aid Administrator, Financial Aid Consultant, if applicable, and CEO Part II- Make sure to ask for enough funding and be able to justify Part II- Perkins Liquidation option, Waiver of underutilization

9 Application to Participate Part II, Section D- report unduplicated UG and Graduate students enrolled in a degree program between July 1 and June 30 or prior award year Part II, Section E- report tuition and fees for the same students reported in Section D Part II, Section E- report up to date Pell & State Grants for prior award year. Hint- Confirm expenditures day you submit report

10 Application to Participate Part II, Section F- Check any edits of questionable students as soon as possible to properly identify what income grid they belong in Cross check several students with actual ISIR record to confirm students are falling into proper income grids

11 Fiscal Operations Part III, Section A- Perkins Loan Balance Sheet Most difficult and error prone section of FISAP Most often prepared by Controller Many schools use a servicer to provide data Perkins data is cumulative- Example- number of borrowers and funds borrowed should never decline Debits and Credits balances must be to the dollar

12 Fiscal Operations Part III, Section B- Fund Activity Reports changes in Perkins Fund throughout award year- loans advanced, administrative expense, principal and interest changes, etc Part III, Section C- Cumulative Repaymentreport activity on repayments, assignments, defaults Part III, Section D or E- Calculation of co-hort default rate

13 Fiscal Operations Part IV SEOG Section A- Authorization Hint- Check FISAP Self-Service to ensure using most recent authorized amount Section B- Fund Expenditures- may carry unused funds forward, carry back for summer payments, transfer to Work Study, or have Work Study transfer to SEOG Hint- Never, Ever not spend full authorization

14 Fiscal Operations Part IV SEOG Section C- Report on recipient non federal expenditures institutional share Some schools match up front using the SEOG fund account Some schools fulfill institutional match by awarding institutional aid to SEOG recipients Section D- Report on recipient federal expenditures Section E- Unexpended should always be zero

15 Fiscal Operations Part V FWS Section A- Authorization Hint- Check FISAP Self-Service to ensure using most recent authorized amount Section B- Fund Expenditures- may carry unused funds forward, carry back for summer payments, transfer to SEOG, Perkins or Work Colleges, or have SEOG transfer to FWS Never, Ever not use full authorization

16 Fiscal Operations Part V FWS Section C- Report on student expenditures and off campus portions Section D- Report on federal and institutional share of expenditures Section E- Use of Authorization- make sure unexpended is zero Section F- Job Location and Development Section G- Community Service- must have expenditures, unless given a waiver

17 Fiscal Operations Part V FWS Section H- Reading Tutors and Family Literacy Section I- Mathematics Tutors Section J- Civic Education Section K- Disaster-Affected Students- we had students affected by Sandy reported here several years ago

18 Fiscal Operations Part VI Program Summary Section A-Report Perkins, SEOG, FWS by FISAP income grid for recipients and expenditures May be necessary to prorate your expenditures depending on how you match SEOG and FWS Section B- Calculation of Administrative Expense Hint- Work with Controller on preferred way to use Administrative Expense

19 Submission Record data onto FISAP located on ecampus site May allow Fiscal area to add their own data, or simply enter their data from copy Use Update Total option to confirm data Use Validate after all sections complete, else you will get multiple errors Use Validate All option, once all data entered

20 Submission Copy and paste error messages onto Word or Excel document and edit to record field values to determine difference, and then research to correct Resolve any errors with Fiscal area Call FISAP Help Line to resolve any complications Once all Validation is complete, print working copy and present to Fiscal area to confirm

21 Submission Print full FISAP and send to President/CEO to have signature page signed Hint- Check with President/CEO s office the week prior to submission to make arrangements to have signed Submit FISAP electronically and print and save confirmation notice Mail signature page certified/return receipt and retain proof of mailing

22 Follow-up Provide copy of signed FISAP to Controller and President/CEO Maintain all backup in paper and electronic format Thank all contributors for their assistance If a Perkins school, must confirm October 30 Cash on Hand by December using edit feature May also update any expenditure changes noted due to late changes using edit feature

23 Congratulations! You are all done, but will need to start all over the next year That s what we call Job Security!