Post on 01-Jan-2016
What is the Fiscal Operations Report & Application to
Participate (FISAP)?•It’s the school’s operations report on how Campus-Based Program funds were spent for the reporting year that has just ended
•It’s also the school’s application to participate in the Campus-Based Programs and request funds for the upcoming year
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When is the FISAP Due?• By October 1 of each year
– If October 1 falls on a weekend, the due date would be the Friday before. For example, the 2011 date was September 30
– Revisions to the initial FISAP submission may be made through December 15
– December 16 the FISAP form is locked
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Purpose of Tentative Awards
• To provide a preview of each school’s award
• To allow schools to identify possible errors in reporting and correct them before Final Awards are calculated
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FISAP on IFAP
• The updated link will be provided during the session
• Form, Instructions & Technical Reference published by August 1
• Tentative Awards made by February 1
• Final Awards made by April 1
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FISAP• Part I - Identifying Information, Certification,
and Warning Instructions
• Part II - Application to Participate, Request for Funds, and the Eligible Applicant Grid
• Part III - Federal Perkins Loan Program Report (cumulative and award year data)
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FISAP Part II, Section A
• Request for funds for the award year
– Schools should request an amount they can reasonably expend to ensure adequate funding is available to students
– Base Guarantee amount
– Fair Share amount
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FISAP Part II, Section A
• A school will never receive less than their Base Guarantee unless their request for funds is less than the Base Guarantee amount
• If there are available funds, a school will receive their fair share as calculated on the Tentative/Final funding worksheets if their request for funds is at least that amount
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FISAP Part II, Section A• Request for Perkins Loan Level of Expenditure
(LOE)
– Schools with excess Liquid Capital (Cash on Hand) should request a LOE
– Schools requesting a Perkins LOE must actively advance funds to students
– Schools with an approved LOE must actively advance funds to students
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Part II, Section B
• Federal Perkins Loan Liquidation Request
– Schools wishing to liquidate their Perkins Loan Portfolio must check “Yes”
– Schools must also notify the Perkins Liquidation staff with their intent to liquidate by e-mailing PerkinsLiquid@ed.gov
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FISAP Part II, Section C
• Request for the Underuse of Funds Waiver
– Schools with unexpended Campus-Based funds exceeding 10% of their annual allocation should request a waiver to avoid a penalty in the upcoming year
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FISAP Part II, Section D
• Information on Enrollment
– Do not include students only enrolled in classes for audit
– Do not include students not enrolled in an eligible program of study
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FISAP Part II, Section E• Assessments and Expenditures
• Coordinate with Business & Registration Offices to ensure reported amounts are correct
– Total Tuition and Fees
– Total Pell Grant expenditures
– Total State grants
– Note: ACG/SMART not reported on 13/14 FISAP
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FISAP, Part II, Section F• Eligible Applicant Grid
– Pull data from your financial aid system ensuring you are only including eligible applicants
– Verify data to ensure you are pulling the correct CPS transaction number and accurate taxable and nontaxable income
– Make necessary adjustments
– Report information15
FISAP Part III, Section A• Cumulative Perkins Loan Information
– Report Cash on Hand as of 6/30
– Update Cash on Hand as of 10/30
– Add annual info to the cumulative data
– Report the discovery of Perkins Loan identity theft on line 26 Loan Principal Adjustments and on line 55 Other Costs or Losses
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FISAP Part III, Section A
• Cumulative Perkins Loan information
– The debit and credit columns must balance
– Use line 56 Balancing Adjustments (debits) and line 57 Balancing Adjustments (credits) if needed to balance
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FISAP Part III, Section B• Annual Fund Activity during the Award Year
– Report all activity for the reporting year
• Funds transferred from FWS to Perkins
• Funds transferred from Perkins to FWS and SEOG
• New Loans
• Collections
• Collections from Defaulted Borrowers18
FISAP Part III, Section C• Cumulative Repayment Info as of June 30
– Fully retired loans
– Purchased loans
– Assigned and accepted by ED due to default, liquidation, or Total/Permanent Disability
– Borrowers not yet in repayment
– Borrowers on schedule in repayment
– Defaulted borrowers
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FISAP Part III, Sections D & E
• Perkins Cohort Default Rate (CDR)
– School calculates & reports CDR
– Schools with >50% CDR for three consecutive years will be notified by ED to appeal and/or liquidate their portfolio
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FISAP Part IV, Section A• SEOG Final Adjusted Authorization
– Must agree with Final Funding Worksheet for the award year
– Should be reduced if school returned funds through the reallocation process
– Should be increased if school received supplemental funding
– Should not be adjusted for any other reason (such as a deobligation of funds in G5)
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FISAP Part IV, Section B• Amount of SEOG funds Available
– Report the transfer of funds between Campus-Based Programs
• FWS and/or Perkins to SEOG• SEOG to FWS
– Report Campus-Based funds carried forward/backward
– Calculate the total amount of SEOG funds available for the reporting year
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FISAP Part IV, Section C
• SEOG funds Available to Recipients
– Report total funds to recipients
– Compute the non-federal share
• Cash outlay
• Other resources
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FISAP Part IV, Section D
• Total Funds Spent in SEOG
– Federal share of funds provided to recipients
– Amount of Administrative Cost Allowance claimed
– Total federal funds spent
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FISAP Part IV, Section E• Use of SEOG Authorization
– Report total expended amount
– Report total unexpended amount
• Any amount reported as unexpended will be deobligated from G5 around the end of April
– The school is responsible to repay the amount deobligated if they drew the funds down from G5 during the year
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Award Authorized Amount and G5
• Confirm the amounts authorized for each Campus-Based program matches the amount authorized on the G5 Award History Report
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FISAP Part V, Section A• FWS Final Adjusted Authorization
– Must agree with Final Funding Worksheet for the award year
– Should be reduced if school returned funds through the reallocation process
– Should be increased if school received supplemental funding
– Should not be adjusted for any other reason (such as a deobligation of funds in G5)
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FISAP Part V, Section B• Amount of FWS funds Available
– Report the transfer of funds between Campus-Based Programs
• SEOG to FWS• FWS to SEOG/Perkins
– Report Campus-Based funds carried forward/backward
– Calculate the total amount of FWS funds available for the reporting year
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FISAP Part V, Section C• Total Compensation for FWS
– Report total earned compensation• On-campus earned compensation• Off-campus earned compensation in public or private
non-profit organizations• Off-campus earned for agencies unable to pay the non-
federal share and had a federal share up to 90%• Off-campus for private for-profit organizations
– Report total institutional share of earned compensation
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SEOG and FWS in G5
• Please note that the reported total amount of SEOG and FWS expended should equal the total draw down amount for each program in the G5 Award History Report
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FISAP Part V, Section D• Federal share of earned compensation
• Federal share up to 75%, federal share up to 100% for Title III/V waiver, federal share up to 90% for agencies unable to pay their regular non-federal share, federal share up to 50% for off-campus private for-profit organizations
• ACA
• Federal share of Job Location and Development (JLD)
• Total federal share spent
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FISAP Part V, Section E• Use of FWS Authorization
– Report Expended amount of FWS
– Report Unexpended amount of FWS
• Any amount reported as unexpended will be de-obligated from G5 around the end of April
– The school is responsible to repay the amount deobligated if they drew the funds down from G5 during the year
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FISAP Part V, Sections F - I
• Section F – JLD Expenditures
• Section G – Community Service Expenditures
• Section H – Reading Tutor Expenditures
• Section I – Mathematics Tutor Expenditures
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FISAP Part V – Sections J - K
• Section J – Civic Education and Participation Activities Expenditures
• Section K – FWS Disaster Affected Student Expenditures
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Part VI, Section A• Distribution of Program Recipients and
Expenditures by Type of Student– Independent/Dependent– Income Level– Graduate/Professional– Less than Full Time– Auto Zero EFC
• Unduplicated Student Recipient Counts in each Category
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Transfer of Campus-Based Program Funds
• The transfer of Campus-Based Program funds should only be noted on the FISAP
• Beginning mid-June 2012, G5 will disable the drawdown adjustment functionality for Campus-Based awards
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Transfer of Campus-Based Program Funds
• After G5 disables this functionality, schools will no longer be able to transfer Campus-Based funds in G5 between programs or years
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FISAP Reporting and G5
• Reminder: The Campus-Based information reported in Part IV and V of the FISAP must match how the funds were drawn down in G5 for each program
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FISAP Corrections Due by December 15
• Initial submission due by October 1 (or the Friday before if October 1 falls on the weekend)
• Schools have until December 15 to make revisions to FISAP data after the initial submission
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FISAP Corrections Due by December 15
• After December 15, revisions must be requested through Campus-Based Programs staff via the FISAP change request process within eCB
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Failure to Make Required FISAP Revisions
• Impacts tentative and final awards; there are limited funds appropriated annually
• School may receive less than what they are eligible for or be over-awarded and required to repay after an audit
– Base guarantee affected if request is less
– Fair share may be affected
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Failure to Make Required FISAP Revisions (cont.)
• Annual funding amount may be reduced in G5 by ED
• Amount expended on FISAP is official statement
• Funds in G5 will be adjusted to match and a negative balance may result
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Reinstatement of Campus-Based Funds in G5
• No reinstatement of funds for reporting errors
• FISAP revision does not initiate reinstatement of Campus Based funds
• Must request reinstatement of funds from Campus Based Program Manager
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Accurate FISAP Data• Schools are requested to make revisions
after the December 15 deadline to ensure FISAP historical data is accurate
– A-133 audit findings
– Award cancellations
– Ineligible students
– Errors in reporting
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FISAP Change Requests after December 15
• FISAP revisions are made in the “working copy” of the FISAP by the school
• Cannot submit the revisions until Campus- Based staff approves and “unlocks” the FISAP for submission
• School has five days after the FISAP change request approval to submit the revisions
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FISAP Change Requests after December 15
• Campus-Based staff work with the school to ensure revisions are made correctly and that the school understands the possible impact of the revisions made
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FISAP Change Requests after December 15
• Examples of changes not permitted:
– Increase/decrease in requested SEOG, FWS, and Perkins LOE
– Increase/addition of administrative cost allowance for any Campus-Based Program (many schools attempt to increase this amount to eliminate reported unexpended funds after G5 has been reduced)
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FISAP Change Requests after December 15
• Items that have the most impact on funding levels for the upcoming year:
– Number of enrolled students
– Total Tuition and fees
– Total grant funding expended
– Eligible applicant grid
– All Part II information
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FISAP Change Requests after December 15
• Items that have the most impact on funding for the reporting year (prior year expenditures):
– Part IV - SEOG expended/unexpended funds
– Part V - FWS expended/unexpended funds
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FISAP Changes in Part III, Perkins Loan Data
• Currently this program is not funded by ED
• Changes made to Part III will not impact the school’s revolving fund
• Increases in Administrative Cost Allowance are not permitted after December 15
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Common Errors in FISAP Filing
• Schools do not coordinate with other offices on campus in collecting and reconciling program information
• Schools do not validate FISAP information provided by third party servicers
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Common Errors in FISAP Filing• Mergers /Splits
– Schools combine or separate FISAP reporting data too soon
– Schools do not request funding for all involved schools
– Schools need to work with school compliance staff, FSA’s internal controls, and campus-based staff to ensure proper reporting
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Examples of Offices Involved in Collection/Reporting of FISAP Data
• Financial Aid Office - awards/disbursements• Business Office - disbursements/G5
drawdowns
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Examples of Offices Involved in Collection/Reporting of FISAP Data
• Registration – enrollment/program of study
• Admissions – guest student/regular student
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Contact Information
• We appreciate your feedback and comments
• Perkins Loan liquidation team e-mail – PerkinsLiquid@ed.gov – for schools in the Perkins Loan Liquidation process or have questions about the process
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Contact Information
• Phone: eCampus-Based Call Center 877-801-7168 for all other questions regarding Campus-Based Programs
• Email: CBFOB@ed.gov
• Pat Stephenson – Manager, Campus-Based Programs, 202-377-3782– Pat.Stephenson@ed.gov
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