This document provides a 10-step guide for business managers to evaluate their institution's financial aid office and Title IV administration. It outlines key areas to review, including federal funds bank statements, Title IV accounting records, student account records, return of Title IV funds calculations, policies and procedures documentation, and entrance/exit counseling. The goal is to ensure compliance, identify any issues or errors, and determine that federal financial aid funds are being properly managed and distributed.
Three B's Budgeting (Bad) economy Banking foundation bank 09 26-12 Christy Murphey
The document summarizes best practices for budgeting, dealing with economic challenges, and banking controls for community associations. It discusses budget development processes like zero-based and historical trend budgets. It addresses how to plan for a bad economy, including budgeting for bad debts, special assessments, borrowing from reserves, and operating deficits. It also covers financial controls like monthly budget comparisons, bank statement reconciliation, and cash verification.
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The document outlines important functions related to administering a school's Title IV financial aid programs including: accessing the National Student Loan Data System, reviewing students' financial aid histories, correctly calculating Title IV refunds, maintaining student financial records, academic records, and completing annual reports and audits. It notes that while Weber & Associates can provide assistance, the responsibility belongs to the participating institution.
Most Common Audit and Program Review FindingsJoel Weber
Take the worrying out of your audit or program review. Here are the most common audit and program review findings as reported by the U.S. Department of Education.
Fiscal Oversight: COVID and Beyond: Is your fiscal oversight proactive enough?
With Mary Bradley and Cindy Schumacher. Presented at NACSA 2020.
Fiscal insolvency is one of the most common reasons charters close, but does it have to be? With COVID, will we see more schools in financial trouble? How will an authorizer know when a school is headed for challenging times? What role should an authorizer play? Dialogue with the presenters about these questions and discuss the importance of building a proactive fiscal oversight system that includes early identification and preparing the environment for the challenges ahead.
The 2016 audit guide introduces new requirements for audits of schools that participate in federal student aid programs. It requires auditors to sample a minimum of 60 student files for schools with over 250 students, increases the detail required for examining administrative capabilities, and strengthens the assessment of gainful employment compliance. The guide is over 50% larger than the previous 2000 version. Auditors must submit reports through the eZ-Audit system and retain documentation for a minimum of five years.
1. This document outlines the course introduction for a financial accounting course. It covers topics like the balance sheet, income statement, and cash flow statement.
2. The course aims to teach students to analyze and evaluate company financials, understand accounting choices, and link business decisions to financial performance.
3. Key topics include the roles of management, auditors, and accounting standard setters in financial reporting, and how different stakeholders use company financial statements.
Samantha Rainey Schaffner has over 10 years of experience in accounting and financial roles. She has a Masters in Accounting and is skilled in financial software and accounting tasks like accounts receivable, payable, and fixed assets. Currently she works as a Corporate Fixed Asset Accountant at Transdev, where she manages the company's fixed asset accounting.
Three B's Budgeting (Bad) economy Banking foundation bank 09 26-12 Christy Murphey
The document summarizes best practices for budgeting, dealing with economic challenges, and banking controls for community associations. It discusses budget development processes like zero-based and historical trend budgets. It addresses how to plan for a bad economy, including budgeting for bad debts, special assessments, borrowing from reserves, and operating deficits. It also covers financial controls like monthly budget comparisons, bank statement reconciliation, and cash verification.
Management of HEA Title IV Financial Aid ProgramJoel Weber
The document outlines important functions related to administering a school's Title IV financial aid programs including: accessing the National Student Loan Data System, reviewing students' financial aid histories, correctly calculating Title IV refunds, maintaining student financial records, academic records, and completing annual reports and audits. It notes that while Weber & Associates can provide assistance, the responsibility belongs to the participating institution.
Most Common Audit and Program Review FindingsJoel Weber
Take the worrying out of your audit or program review. Here are the most common audit and program review findings as reported by the U.S. Department of Education.
Fiscal Oversight: COVID and Beyond: Is your fiscal oversight proactive enough?
With Mary Bradley and Cindy Schumacher. Presented at NACSA 2020.
Fiscal insolvency is one of the most common reasons charters close, but does it have to be? With COVID, will we see more schools in financial trouble? How will an authorizer know when a school is headed for challenging times? What role should an authorizer play? Dialogue with the presenters about these questions and discuss the importance of building a proactive fiscal oversight system that includes early identification and preparing the environment for the challenges ahead.
The 2016 audit guide introduces new requirements for audits of schools that participate in federal student aid programs. It requires auditors to sample a minimum of 60 student files for schools with over 250 students, increases the detail required for examining administrative capabilities, and strengthens the assessment of gainful employment compliance. The guide is over 50% larger than the previous 2000 version. Auditors must submit reports through the eZ-Audit system and retain documentation for a minimum of five years.
1. This document outlines the course introduction for a financial accounting course. It covers topics like the balance sheet, income statement, and cash flow statement.
2. The course aims to teach students to analyze and evaluate company financials, understand accounting choices, and link business decisions to financial performance.
3. Key topics include the roles of management, auditors, and accounting standard setters in financial reporting, and how different stakeholders use company financial statements.
Samantha Rainey Schaffner has over 10 years of experience in accounting and financial roles. She has a Masters in Accounting and is skilled in financial software and accounting tasks like accounts receivable, payable, and fixed assets. Currently she works as a Corporate Fixed Asset Accountant at Transdev, where she manages the company's fixed asset accounting.
This resume is for Bret Pennison, who has over 15 years of experience in accounting, purchasing, and financial roles at Loyola University New Orleans. He has held several positions of increasing responsibility at Loyola, most recently as the Director of Purchasing. His experience includes managing purchasing and accounts payable functions, implementing financial policies and procedures, and supervising staff. Pennison has a Master's in Business Administration and is working towards his CPA and CPSM certifications.
Auditing When You Don't Have an Internal AuditorDiane Bradley
Presentation by Jennifer Shields and Sara Kirk of HeinfeldMeech and Lizette Huie of Sahuarita Unified School District, AASBO Annual Conference, July 2016
La'Shaun Marie Harp has over 10 years of experience in financial aid roles. She has a proven track record of meeting goals, such as achieving high collection rates and saving over $16 million through audits. Her skills include customer service, financial aid processing, and training and supervising staff. She is now seeking a new financial aid role where she can continue helping students and institutions.
This document provides a summary of Elizabeth Casapulla's professional experience and education. She has over 20 years of experience in financial analysis, accounting, and reporting roles for companies such as Verizon, Olympus America Corporation, Johnson & Johnson, Barclays Capital, ICI Americas, and Lucent Technologies. Her experience includes managing budgets, financial reporting, accounting, auditing, and system implementations. She holds an MBA in Accounting from the University of Phoenix and a BA in Accounting from Alvernia College.
The document lists the most common audit and program review findings reported by the U.S. Department of Education. Top findings include late return of Title IV funds, incorrect Return of Title IV calculations, verification violations, Pell over/underpayments, and missing or inconsistent information in student files. Solutions provided include revising policies and procedures, implementing controls, conducting staff training, and performing regular reviews of student files and financial aid processes.
Strong internal controls and clear and easy to understand policies and procedures help a charter school maintain compliance and mitigate risks. They also help a school use their funds in the most effective way to benefit learning and student outcomes. How do you develop, maintain, update and communicate proper internal controls while maintaining your organization’s culture? What are the key controls to have? How do you maintain compliance with limited staff? How do you ensure accurate and timely financial reports and audits?
Understanding Federal Programs from an Auditor PerspectiveDiane Bradley
The document discusses federal compliance requirements for the Child Nutrition Cluster federal program from an auditor's perspective. It provides an overview of the financial and federal compliance audit process as it relates to a school district's food service fund. It then reviews 12 potential federal compliance requirements and how auditors would test for compliance. Specific requirements covered in more depth include activities allowed/allowable costs, cash management, eligibility, equipment/property management, matching, period of performance, procurement/suspension and debarment, program income, reporting, and special tests and provisions such as verification of free and reduced price meal applications. The document emphasizes the importance of internal controls and provides examples of key controls for each compliance requirement.
The financial aid department assists students with all financial aid questions, veteran affairs, and financial counseling. Students must complete the financial aid checklist, plans of attendance form, and submit any required documents through their financial aid portal. Once completed, the financial aid office will review documents and create award letters. Students who withdraw from classes may have their financial aid adjusted. Refunds are issued within 14 days if a direct deposit form is on file. Veterans should notify the office of any schedule changes so certifications can be updated. Students are advised to review financial aid policies and check their status each semester.
2017 short stack - reviewing your current academic programsStamats
This short stack from the Center for Strategic Change at George Fox University will show you how to assess your current academic programs along four dimensions: quality, demand, cost, and revenue
LDA Presentation - Spring 2021 Convocationderrickgriffey
This presentation was delivered at the Spring 2021 Convocation of Gadsden State Community College. The presentation details the importance of accurate Last Dates of Attendance (LDAs) in online courses.
The document provides best practices for treasury management in non-profits. It discusses how the treasury function is evolving to focus more on strategic activities. It outlines concerns of CFOs, financial performance metrics, financing mechanisms like loans and lines of credit, the budgeting process, asset management practices, and challenges of international treasury management. The document provides detailed guidance on setting up an effective treasury department through organization, technology, policies, metrics, and risk management.
This document is a resume for Stephanie D. Robinson. It summarizes her education, including a Master's in Accounting from The College of Saint Rose and a Bachelor's in Economics from University at Albany. It also outlines her professional experience in accounting, financial analysis, customer service, and administrative roles. Her most recent role is as an Account Analyst at Kelly Services/GE Power & Water Renewable Energy. She is seeking a position that allows her to utilize her education and experience in accounting.
P. Siva Shanker is a finance professional with over 15 years of experience working for non-profit organizations. He has a Master's degree in Financial Management and has worked in roles managing finances, accounting, payroll, and statutory compliance for World Vision India, SAATHII, and IFMR Lead. Currently he works as a Finance Associate for IFMR Lead in Chennai, India.
Serge N. Borodulin is a California-licensed accountant and CPA exam candidate seeking an accounting position. He has over 20 years of accounting and finance experience in various industries including daycare, coffee, tax preparation, and marketing. His experience includes financial reporting, budgeting, payroll processing, and human resources responsibilities. He has a BA in Accounting and Psychology and an Associate's degree in Liberal Arts and Accounting.
This document provides a profile for P. SIVA SHANKER including personal details like name, address, date of birth, education qualifications, and work experience. Some key points:
- He has an MFM from Annamalai University and an MA in Philosophy from RKM Vivekananda College.
- He has over 15 years of experience working in finance and administration roles for organizations like World Vision India and currently works as Finance Manager for SAATHII.
- At World Vision India he managed over $1 billion in financial transactions and relief efforts during the 2004 Indian Ocean tsunami as Finance Officer for the Tsunami Response Team.
The Enrollment Service Center Coordinator will serve students in both the call center and walk-in center. They will counsel students on eligibility for financial aid programs, assist with payments and account questions, and register students for courses. Key responsibilities include assessing student financial aid status, learning and communicating financial aid regulations, assisting with financial needs assessments and aid options, and helping students complete the FAFSA. Additionally, the coordinator will balance cash draws, analyze billing statements, explain withdrawal and return of funds policies, set up payment plans, and assist students through the entire registration process.
This presentation is for executive directors of small nonprofits or other staff members who need to understand and use budgets. The session covered basic accounting principles and how to use them to develop an accurate annual budget. The presenter reviewed components of a budget, identified common errors made by nonprofit organizations in budgeting, and taught methods for handling items specific to the nonprofit sector, including donations and in-kind contributions and services.
Tarvinder Pal Singh is seeking a position in accounts receivables and payables or accounting operations in Hyderabad. He has over 8 years of experience managing accounts receivables and payables. Currently, he is a Senior Associate at Bausch & Lomb India managing accounts receivables, financial reporting, and client relationships. Previously he held accounting roles at Bata India and Panasonic India.
This document outlines an accounting course covering fundamental accounting concepts and financial statements. The course objectives are to understand accounting information sources and concepts, how financial data is used for decision making, and controlling operations. Topics include the balance sheet, income statement, cash flows, accounting principles, corporations, and ratio analysis. The course utilizes lectures, assignments, cases, and exams. Managerial accounting is also covered, focusing on cost analysis, budgeting, and decision making.
This document provides information about financial aid at a university. It discusses what financial aid is, the financial aid checklist process, book voucher eligibility and distribution, satisfactory academic progress (SAP) requirements and statuses, how academic circumstances can impact financial aid status, using the Campus Ivy financial aid portal, developing plans of attendance, the disbursement process, and information for veterans receiving benefits. Key details are outlined regarding SAP calculations, warning and failure statuses, qualitative and quantitative requirements, how grades and course withdrawals can impact aid, and disbursement notification procedures.
This resume is for Bret Pennison, who has over 15 years of experience in accounting, purchasing, and financial roles at Loyola University New Orleans. He has held several positions of increasing responsibility at Loyola, most recently as the Director of Purchasing. His experience includes managing purchasing and accounts payable functions, implementing financial policies and procedures, and supervising staff. Pennison has a Master's in Business Administration and is working towards his CPA and CPSM certifications.
Auditing When You Don't Have an Internal AuditorDiane Bradley
Presentation by Jennifer Shields and Sara Kirk of HeinfeldMeech and Lizette Huie of Sahuarita Unified School District, AASBO Annual Conference, July 2016
La'Shaun Marie Harp has over 10 years of experience in financial aid roles. She has a proven track record of meeting goals, such as achieving high collection rates and saving over $16 million through audits. Her skills include customer service, financial aid processing, and training and supervising staff. She is now seeking a new financial aid role where she can continue helping students and institutions.
This document provides a summary of Elizabeth Casapulla's professional experience and education. She has over 20 years of experience in financial analysis, accounting, and reporting roles for companies such as Verizon, Olympus America Corporation, Johnson & Johnson, Barclays Capital, ICI Americas, and Lucent Technologies. Her experience includes managing budgets, financial reporting, accounting, auditing, and system implementations. She holds an MBA in Accounting from the University of Phoenix and a BA in Accounting from Alvernia College.
The document lists the most common audit and program review findings reported by the U.S. Department of Education. Top findings include late return of Title IV funds, incorrect Return of Title IV calculations, verification violations, Pell over/underpayments, and missing or inconsistent information in student files. Solutions provided include revising policies and procedures, implementing controls, conducting staff training, and performing regular reviews of student files and financial aid processes.
Strong internal controls and clear and easy to understand policies and procedures help a charter school maintain compliance and mitigate risks. They also help a school use their funds in the most effective way to benefit learning and student outcomes. How do you develop, maintain, update and communicate proper internal controls while maintaining your organization’s culture? What are the key controls to have? How do you maintain compliance with limited staff? How do you ensure accurate and timely financial reports and audits?
Understanding Federal Programs from an Auditor PerspectiveDiane Bradley
The document discusses federal compliance requirements for the Child Nutrition Cluster federal program from an auditor's perspective. It provides an overview of the financial and federal compliance audit process as it relates to a school district's food service fund. It then reviews 12 potential federal compliance requirements and how auditors would test for compliance. Specific requirements covered in more depth include activities allowed/allowable costs, cash management, eligibility, equipment/property management, matching, period of performance, procurement/suspension and debarment, program income, reporting, and special tests and provisions such as verification of free and reduced price meal applications. The document emphasizes the importance of internal controls and provides examples of key controls for each compliance requirement.
The financial aid department assists students with all financial aid questions, veteran affairs, and financial counseling. Students must complete the financial aid checklist, plans of attendance form, and submit any required documents through their financial aid portal. Once completed, the financial aid office will review documents and create award letters. Students who withdraw from classes may have their financial aid adjusted. Refunds are issued within 14 days if a direct deposit form is on file. Veterans should notify the office of any schedule changes so certifications can be updated. Students are advised to review financial aid policies and check their status each semester.
2017 short stack - reviewing your current academic programsStamats
This short stack from the Center for Strategic Change at George Fox University will show you how to assess your current academic programs along four dimensions: quality, demand, cost, and revenue
LDA Presentation - Spring 2021 Convocationderrickgriffey
This presentation was delivered at the Spring 2021 Convocation of Gadsden State Community College. The presentation details the importance of accurate Last Dates of Attendance (LDAs) in online courses.
The document provides best practices for treasury management in non-profits. It discusses how the treasury function is evolving to focus more on strategic activities. It outlines concerns of CFOs, financial performance metrics, financing mechanisms like loans and lines of credit, the budgeting process, asset management practices, and challenges of international treasury management. The document provides detailed guidance on setting up an effective treasury department through organization, technology, policies, metrics, and risk management.
This document is a resume for Stephanie D. Robinson. It summarizes her education, including a Master's in Accounting from The College of Saint Rose and a Bachelor's in Economics from University at Albany. It also outlines her professional experience in accounting, financial analysis, customer service, and administrative roles. Her most recent role is as an Account Analyst at Kelly Services/GE Power & Water Renewable Energy. She is seeking a position that allows her to utilize her education and experience in accounting.
P. Siva Shanker is a finance professional with over 15 years of experience working for non-profit organizations. He has a Master's degree in Financial Management and has worked in roles managing finances, accounting, payroll, and statutory compliance for World Vision India, SAATHII, and IFMR Lead. Currently he works as a Finance Associate for IFMR Lead in Chennai, India.
Serge N. Borodulin is a California-licensed accountant and CPA exam candidate seeking an accounting position. He has over 20 years of accounting and finance experience in various industries including daycare, coffee, tax preparation, and marketing. His experience includes financial reporting, budgeting, payroll processing, and human resources responsibilities. He has a BA in Accounting and Psychology and an Associate's degree in Liberal Arts and Accounting.
This document provides a profile for P. SIVA SHANKER including personal details like name, address, date of birth, education qualifications, and work experience. Some key points:
- He has an MFM from Annamalai University and an MA in Philosophy from RKM Vivekananda College.
- He has over 15 years of experience working in finance and administration roles for organizations like World Vision India and currently works as Finance Manager for SAATHII.
- At World Vision India he managed over $1 billion in financial transactions and relief efforts during the 2004 Indian Ocean tsunami as Finance Officer for the Tsunami Response Team.
The Enrollment Service Center Coordinator will serve students in both the call center and walk-in center. They will counsel students on eligibility for financial aid programs, assist with payments and account questions, and register students for courses. Key responsibilities include assessing student financial aid status, learning and communicating financial aid regulations, assisting with financial needs assessments and aid options, and helping students complete the FAFSA. Additionally, the coordinator will balance cash draws, analyze billing statements, explain withdrawal and return of funds policies, set up payment plans, and assist students through the entire registration process.
This presentation is for executive directors of small nonprofits or other staff members who need to understand and use budgets. The session covered basic accounting principles and how to use them to develop an accurate annual budget. The presenter reviewed components of a budget, identified common errors made by nonprofit organizations in budgeting, and taught methods for handling items specific to the nonprofit sector, including donations and in-kind contributions and services.
Tarvinder Pal Singh is seeking a position in accounts receivables and payables or accounting operations in Hyderabad. He has over 8 years of experience managing accounts receivables and payables. Currently, he is a Senior Associate at Bausch & Lomb India managing accounts receivables, financial reporting, and client relationships. Previously he held accounting roles at Bata India and Panasonic India.
This document outlines an accounting course covering fundamental accounting concepts and financial statements. The course objectives are to understand accounting information sources and concepts, how financial data is used for decision making, and controlling operations. Topics include the balance sheet, income statement, cash flows, accounting principles, corporations, and ratio analysis. The course utilizes lectures, assignments, cases, and exams. Managerial accounting is also covered, focusing on cost analysis, budgeting, and decision making.
This document provides information about financial aid at a university. It discusses what financial aid is, the financial aid checklist process, book voucher eligibility and distribution, satisfactory academic progress (SAP) requirements and statuses, how academic circumstances can impact financial aid status, using the Campus Ivy financial aid portal, developing plans of attendance, the disbursement process, and information for veterans receiving benefits. Key details are outlined regarding SAP calculations, warning and failure statuses, qualitative and quantitative requirements, how grades and course withdrawals can impact aid, and disbursement notification procedures.
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2. TABLE OF
CONTENTS
f
t
in
Step
1
Review
Federal
Funds
Bank
Statements
Step
2
Review
Title
IV
Accoun=ng
Records
Step
3
Review
student
account
records
Step
4
Compliance
with
Return
of
Title
IV
Funds
Requirements
(R2T4)
Step
5
Policies
and
Procedures
Step
6
Entrance
and
Exit
Interviews
Step
7
Default
Management
Step
8
Records
Balance
with
ED
Step
9
Verifica=on
and
Comment
Codes
Step
10
Dependency
Overrides
and
Professional
Judgments
4. • Are
the
words
“FEDERAL
FUNDS”
in
the
official
name
of
the
bank
account
in
which
federal
funds
are
deposited?
• Do
the
federal
funds
leave
the
account
within
3
days
of
electronic
deposit?
• If
there
is
a
credit
balance
at
the
end
of
the
month,
look
at
the
next
month’s
statement
to
determine
if
the
funds
le`
the
account
within
3
days.
• If
a
check
was
sent
to
the
U.S.
Department
of
Educa=on
to
return
Title
IV
Funds,
was
the
check
deposited
in
a
=mely
manner?
Incidentally,
comple=ng
returns
by
check
are
not
recommended.
• Was
there
any
record
or
report
to
indicate
that
the
end-‐of-‐month
bank
statement
had
been
reconciled?
Review Federal Funds Bank Statements
f
t
in
6. • Are
the
General
Ledger
entries
for
all
Title
IV
programs
up-‐to-‐date?
• Do
the
cash
balances
for
the
prior
month
match
the
balance
on
the
current
month’s
bank
statement?
• Do
the
fund
disbursement
totals
at
COD
agree
with
the
ins=tu=on’s
fund
disbursement
records?
Review Title IV Accounting Records
f
t
in
9. • Each
student’s
account
record
must
provide
a
clear
audit
trail
of
charges
and
payments.
• Does
the
student’s
account
show
a
credit
balance?
– A
school
is
permieed
to
hold
credit
balances
if
it
obtains
a
voluntary
authoriza=on
from
the
student
(or
parent,
in
the
case
of
PLUS)
– Funds
received
that
cause
a
credit
balance
must
be
applied
to
charges
or
returned
to
the
student.
• If
you
discover
any
errors
in
the
areas
listed
above,
you
should
review
more
files.
If
the
trend
con=nues,
you
may
have
problems.
Review Student Account Records
f
t
in
11. • R2T4
is
the
Return
of
Title
IV
Funds
Policy
-‐
The
R2T4
policy
must
be
applied
when
a
student
has
dropped
from
aeendance.
• Do
you
know
how
to
perform
the
calcula=on?
If
you
do
not,
your
financial
aid
staff
should
be
able
to
explain
it.
• The
files
and
account
ledgers
of
several
students
who
recently
withdrew
need
to
be
reviewed.
• More
informa=on
on
R2T4
is
available
in
Volume
5
of
the
Federal
Student
Aid
(FSA)
Handbook.
Compliance with Return of Title IV
Funds Requirements (R2T4)
f
t
in
12. • It
is
important…
– To
review
and
determine
that
the
calcula=ons
have
been
performed
properly
and
in
a
=mely
manner.
– To
ensure
that
the
repayment
has
been
made
in
a
=mely
manner
and
to
the
appropriate
aid
source
by
the
appropriate
party.
– There
is
a
record
of
the
calcula=on
in
the
student’s
financial
aid
file.
Compliance with Return of Title IV
Funds Requirements (R2T4)
f
t
in
14. • Does
your
ins=tu=on
have
wrieen
policies
and
procedures
regarding
its
financial
aid
processes?
• Are
they
up-‐to-‐date?
• How
frequently
are
they
reviewed
and
updated?
• Who
in
your
organiza=on
owns
and/or
manages
the
policies
and
procedures
documents?
Policies and Procedures
f
t
in
15. Policies and Procedures
• Do
you
have
adequate
staff
to
administer
the
procedures?
• Are
the
procedures
followed
or
just
wrieen,
then
forgoeen?
• Does
your
financial
aid
staff
understand
the
procedures?
16. • How
does
your
financial
aid
staff
learn
when
a
student
has
withdrawn
from
school?
Timely
response
is
essen=al.
• How
are
the
standards
of
academic
progress
(SAP)
applied?
• Who
is
responsible
for
monitoring
the
standards
of
academic
progress
(SAP)
policy?
• When
and
how
is
the
financial
aid
office
no=fied
with
respect
to
changes
in
a
students
academic
progress?
Some Audit & Program Review Questions
that Your Procedures Should Address
f
t
in
17. • How
is
federal
money
received
and
who
applies
it
to
the
student’s
account?
The
person
performing
this
task
may
NOT
be
the
financial
aid
officer.
• How
are
students
no=fied
when
their
federal
money
is
received?
• If
Federal
Work
Study
earnings
are
applied
to
the
student’s
account,
how
do
students
provide
wrieen
permission
for
your
ins=tu=on
to
do
so?
Some Audit & Program Review Questions
that Your Procedures Should Address
f
t
in
18. Some Audit & Program Review Questions
that Your Procedures Should Address
• How
does
your
ins=tu=on
gather
and
record
ac=vi=es
involved
with
the
Campus
Crime
Act?
Who
is
responsible
for
collec=ng
the
data
and
filing
this
report?
• Who
is
responsible
for
the
IPEDS
reports?
How
is
the
data
gathered?
• Who
gathers
informa=on
for
the
FISAP?
20. • Review
five
current
financial
aid
student’s
files.
– If
they
received
a
student
loan,
is
there
an
Entrance
Interview
in
the
file?
• Review
the
files
of
five
withdrawn
or
graduated
students.
– If
they
received
a
student
loan,
there
should
either
be:
• An
Exit
Interviews
on
file
OR
• An
Exit
Interview
completed
on
the
www.studentloans.gov
website.
• Ask
your
financial
aid
officer
how
she
reviews
Electronic
Cohort
Delinquency
Reports
(ECDR).
Default Management
f
t
in
21. • What
are
your
ins=tu=on’s
procedures
for
obtaining
Entrance
and
Exit
Interviews?
• Are
the
procedures
wrieen?
• Are
the
procedures
followed?
• If
you
have
found
missing
Entrance
and
Exit
Interviews,
it
would
be
best
to
have
someone
review
ALL
financial
aid
student’s
files
and
collect
any
missing
documents.
Entrance & Exit Interviews
f
t
in
23. • Review
your
ins=tu=on’s
default
management
plan.
Is
it
wrieen
in
a
procedure?
• Are
the
procedures
followed?
• Is
default
management
an
ongoing
ac=vity
or
something
that
is
done
once
a
year
when
the
annual
default
reports
are
issued?
• Is
someone
on
your
staff
assigned
responsibility
for
default
management?
Default Management
f
t
in
25. • Ask
your
financial
aid
officer
to
show
you
the
most
recent
reconcilia=on
showing
that
the
ins=tu=on’s
disbursement
records
agree
and
balance
with
COD.
– The
net
amount
disbursed
for
Pell
should
agree
with
the
net
amount
shown
at
COD.
Records Balance With ED
f
t
in
26. • At
year’s
end,
the
net
amount
of
Pell
Grants
disbursed
less
refunds
shown
at
COD
and
your
ins=tu=on
should
be
equal.
• This
is
also
necessary
if
your
ins=tu=on
par=cipates
in
Federal
Direct
Loans.
The
net
amount
of
subsidized,
unsubsidized
and
PLUS
loans
in
the
school’s
records
should
equal
the
amount
on
record
at
ED
Direct
Loan
office.
Records in Balance
f
t
in
28. • Does
your
financial
aid
staff
fully
understand
the
importance
of
verifica=on
and
comment
codes?
• Does
your
financial
aid
staff
fully
understand
the
importance
of
resolving
conflic=ng
informa=on?
• Check
a
few
files
and
look
for
the
ISIR.
The
Expected
Family
Contribu=on
(EFC)
value
can
be
found
at
top-‐right
of
the
first
page
of
the
ISIR.
Does
it
have
an
asterisk
next
to
it?
Is
there
a
“C”
next
to
the
EFC?
Verification and Comment Codes
f
t
in
29. • If
there
is
an
asterisk,
have
the
appropriate
forms
been
collected,
reviewed
and
stored
in
the
student’s
financial
aid
file?
• Have
the
financial
aid
officer
explain
how
she
reviews,
addresses
and
resolves
verifica=on
and
comment
codes.
Verification and Comment Codes
f
t
in
31. • Ask
your
financial
aid
officer
to
explain
her
policies
for
making
a
dependent
student
independent
(performing
a
dependency
override).
• Ask
your
financial
aid
officer
to
explain
how
and
when
she
uses
professional
judgment.
• Ask
to
see
samples
of
how
these
professional
judgments
are
documented.
• A
large
number
of
professional
judgments
could
lead
to
a
Program
Review
by
the
U.S.
Dept.
of
Educa=on.
Dependency Overrides and
Professional Judgments
f
t
in
32. • It
is
very
important
to
the
long-‐term
health
and
strength
of
your
ins=tu=on
that
you
complete
these
ten
steps.
• It
is
far
beeer
that
you
be
the
first
to
ask
these
ques=ons
than
to
have
them
asked
of
you
first
by
an
auditor,
federal
program
review
officer
or
the
U.S.
Department
of
Educa=on
Inspector
General’s
Office.
You Are Not Being Mean!
You Are Being Smart!
f
t
in
33. Weber & Associates, Inc.
Contact Us
Toll-Free: (888) 857-8690
Weber
&
Associates,
Inc.
is
a
full-‐service
federal
student
aid
management,
processing
and
consul=ng
company
serving
colleges
&
universi=es
of
all
sizes.
info@weberassociatesinc.com
A publication of Weber & Associates, Inc.