Marcia Boyd, Alicia Harris, and James McMillan | Dec. 2015 U.S. Department of Education 2015 FSA...
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Transcript of Marcia Boyd, Alicia Harris, and James McMillan | Dec. 2015 U.S. Department of Education 2015 FSA...
Marcia Boyd, Alicia Harris, and James McMillan | Dec. 2015
U.S. Department of Education
2015 FSA Training Conference for Financial Aid Professionals
Title IV Administration is a Team Sport
Session 46
Agenda
Session OverviewTitle IV Administration: Roles and ResponsibilitiesPolicy Changes and Title IV ComplianceCampus CommunicationHelpful ResourcesQuestions and Answers
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Administrative Capability
To participate in any Title IV program, a school must demonstrate that it is administratively capable of managing its basic operations.
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The Network of Responsibilities
Managing FSA program funds is a school-wide responsibility.
FSA program funds are provided to the school, and all offices at a school must work together to ensure successful program management.
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Primary Responsible OfficesFSA program management generally takes place in three functional areas:
Office of the Chief Executive (CEO, President, Chancellor, etc.)
Chief Financial Aid Officer
Chief Business Officer
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President/CEO’s Office
Ultimate responsibility for a school’s FSA programs
Authority and responsibility delegated to other offices
Strong leadership fosters an environment to promote an effective and responsive financial aid program
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Financial Aid Office
Assigned most of the responsibility for administering FSA programs
Limited role in the institution’s fiscal operation
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Financial Aid OfficeResponsibilities commonly assigned to a school’s Financial Aid office Advise students and parents about financial aid
Provide students with consumer information
Determine students’ eligibility
Make financial aid awards
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Financial Aid Office Coordinate activities with other school offices
Interact with various outside groups, agencies, associations, and individuals
Monitor students’ (SAP)
Maintain records related to the administration of Title IV
Communicate regulations and changes to institutional staff with Title IV responsibilities
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Financial Aid Office Keep current on changes in laws and regulations to ensure
that the school remains in compliance
Manage and report on activities that involve financial aid funds
Calculate the return of Title IV funds
Determine eligibility for post-withdrawal disbursements
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Financial Aid Office
Reconcile student financial aid data provided to the business office Payments Made FSA Funds Returned Expenditures Reported
Report changes to ED effecting eligibility status
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Financial Aid OfficePerform (limited) fiscal operations
Authorizing payment of FSA funds to student
Authorizing return of Title IV funds
Notifying student/ED of overpayments
Coordinating submission of FISAP
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Business Office Most FSA-related fiscal operations
Provides critical services managing both federal and nonfederal financial aid programs
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Business Office
Administers the accounting, recordkeeping, and reporting functions
Strong internal controls and sound business and financial management practices
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Business officeCoordinate activities and cooperate with the Financial Aid Office in:
Projecting cash needs Processing cancellations and institutional refunds Obtaining authorization to pay FSA funds Being aware of the changes in FSA laws and regulations Submitting accurate and timely reports Reconciling Title IV Funds
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Business Office Maintain a system of internal controls
Ensure that the functions of authorizing and disbursing remain separate
Maintain records consistent with government auditing standards
Maintain records to ensure a clear audit trail
Draw down and return FSA funds to program accounts
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Business Office Disburse funds to eligible students
Maintain accurate student account records
Collect Federal Perkins Loans
Calculate the return of Title IV funds
Establish and implement the institution’s refund policy
Notify students of pending loan disbursements and right to cancel
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Business Office Return of Title IV funds
Assist in reporting FSA expenditures
Reconcile accounts Cash between school records and bank Federal funds between bank statements and federally reported balances Internal reconciliation
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Business Office Assist in completing FISAP
Maintain a cash management system
Provide general stewardship for federal funds
Prepare for and participate reviews and audits
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Business Office Separation of Duties
Duties are divided among different individuals to reduce the risk of error or inappropriate action
Responsibility for related transactions should be divided among employees so that one employee’s work serves as a check on the work of other employees
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The Network of ResponsibilitiesAcademic AffairsDegree Programs
Certificate Programs
Gainful Employment Programs
Student Retention
Consumer Information
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The Network of ResponsibilitiesAdmissions Initial Student and Parent Contact
Consumer Information
Provides Financial Aid Information
Collects Critical Student Eligibility Data
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The Network of ResponsibilitiesRegistrarConsumer Information
Satisfactory Academic Progress
Enrollment Reporting
Gainful Employment Reporting
Determining Academic Outcomes
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The Network of ResponsibilitiesStudent AffairsConsumer Information
Retention
Student Conduct
Counseling Requirements
Outreach/Awareness Activities
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The Network of ResponsibilitiesCampus SecurityCampus Safety/Emergency Management
Clery Act
Violence Against Women Act (VAWA)
Annual Security Report
Consumer Information
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The Network of Responsibilities
Information TechnologyData Security
Coordinated Campus-Wide Information System
Student Information System
Data Driven Reporting
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The Network of Responsibilities
Institutional Research
Consumer Information
Integrated Postsecondary Education Data System (IPEDS) Reporting
College Navigator – College Search Tool
IPEDS Data Center – Data for Researchers and Analysts
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Policy Changes and Compliance Adding New Programs
Increasing/Decreasing Program Length
Changing Admission Standards
Determining Non-Attenders
Processing Administrative Withdrawals
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Keys to Success: Three C’s
Institutional success requires an effective communications, collaboration, and cooperation network on the campus between all offices involved in the delivery of Title IV funds.
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Three C’s NetworkCommunications between the financial aid office and the following offices:
Fiscal Office/Student Accounts Registrar Admissions Information Technology Student Housing Academics
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Communications
Communication is a shared institutional responsibility for effective Title IV program management.
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Collaboration
Communication is a shared institutional responsibility, therefore you must collaborate your efforts with all the offices involved in the delivery of Title IV funds.
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CooperationCooperation between the financial aid office and the following offices:
President/CEO’s Office Fiscal Office/Student Accounts Registrar Admissions Academic Affairs Information Technology Student Affairs Campus Security Institutional Research
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SummaryIn Conclusion:
Managing FSA Funds is a school-wide responsibility
All offices must work together to ensure successful program management
Primary responsibility President/CEO, CFO, and the FAD
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Helpful Resources 2015-16 Federal Student Aid Handbook: Appendix B-A School’s
Financial Management Systems
Consumer Information: http://ifap.ed.gov/qahome/qaassessments/consumerinformation.html
Campus Security: http://www2.ed.gov/admins/lead/safety/campus.html
IPEDS Reporting: https://nces.ed.gov/ipeds/Home/ReportYourData
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QUESTIONS?
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