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Common Origination and Disbursement _COD_ - No Slide Title

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Common Origination and Disbursement _COD_ - No Slide Title Powered By Docstoc
					               Session 29


      COD, GAPS,
 Pell and Direct Loans:
Funding for the Schools


                      Session 29 - 2
                 Session Outline

   COD Funding
    – Process
    – New Terms
   Pell Grant Funding Process
   COD Web Screens
   Direct Loan Funding Options
   Netting of Disbursements
   Cash Management Regulations


                                   Session 29 - 3
                 Session Outline
                 (continued)
   GAPS Functionality/New Enhancements
    – Electronic Refunds
    – Drawdown Adjustments
    – Reports
    – View Access
    – Payment Request File Upload




                                      Session 29 - 4
              One COD Funding
              Process
Direct Loan                     Pell




                   COD
                  process
                                 Session 29 - 5
                Funding Terms

   Current Funding Level

   Net Draws

   Available Balance

   Refunds and Returns of Cash

                                  Session 29 - 6
              Funding Terms
              (continued)

   Net Accepted and Posted Disbursements

   Cash > Accepted and Posted
    Disbursement

   Cash > Accepted and Posted
    Disbursements and > 30 days.

                                      Session 29 - 7
                  Pell Funding Terms

   Pell Grants

    – Obligation/Authorization = Current
      Funding Level

    – Cash = Drawdowns



                                           Session 29 - 8
            Current Pell Grant CFL
            (Obligation) Process
   Initial CFL created in May
   Schools cannot draw cash in GAPS that
    exceeds their CFL.
   Schools submit disbursement records to
    COD that adjusts CFL within 7 days.
   CFL level in GAPS is not increased until
    initial CFL has been exceeded.

                                         Session 29 - 9
                School Example of
                an ESOA
   Initial CFL = $5 million

   Total Accepted and Posted
       Disbursements = $2 million

   Difference = $3 million


                                    Session 29 -10
                     Electronic Statement
                     of Account
GAPS AWARD NUMBER                                 P063P014444

  A.     Previous Pell Grant Obligation           $5,000,000.00
         Current Pell Grant Obligation            $6,000,000.00
         Adjustment (Increase + or Decrease -)    $1,000,000.00+

  B.     Previous Pell Grant Obligation/Payment   $0.00
         Current Pell Grant Obligation/Payment    $0.00
         Adjustment (Increase + or Decrease -)    $0.00

  GAPS Drawdowns/Payments                         $5,000,000.00
  Date of Last Activity in GAPS                   02/13/2002

  YTD Total Unduplicated Recipients               3,333
  YTD Pell Accepted Disbursement Amount           $6,000,000.00
  YTD GAPS Posted Disbursement Amount             $6,000,000.00
  YTD Administrative Cost Allowance               $16,665.00

  As of Batch ID     200212345619990101123000


                                                                   Session 29 -11
                 CFL (Obligation)
                 Adjustments
   School Generated
     – Schools submit increases and decreases
       throughout the year
   System Generated
     – Administrative Cost Allowance (ACA)
     – Negative pending
     – W Verification
   Financial Aid Office and Business Office
    reconcile as of September 30


                                                Session 29 -12
            Pell Grant Funds
            Control
   Initial CFL (May)
   Reduction to level of accepted and posted
    disbursement records (February)
   Post deadline adjustments (after 9/30 -
    administrative relief, audits, decreases)
   Reduction to level of net GAPS drawdowns
    (end of second year)

                                        Session 29 -13
              Pell Funding
              Reconciliation

 Date      CFL =    Disb Records =   Cash
          (COD)       (COD)        (GAPS)

11/02   $1,000,000 $750,000      $500,000
2/03    $750,000   $750,000      $500,000
3/04    $500,000   $750,000      $500,000
        $500,000   $500,000      $500,000


                                        Session 29 -14
School Funding Info
Web Screen (Pell)




                      Session 29 -15
             Unprocessed
             Deobligations

   A new column on the GAPS website

   Deobligations in excess of available
    balance




                                           Session 29 -16
                               Unprocessed
                               Deobligation Report
                                    Award Balances Report
Payee DUNS/SSN:     555555555
Payee Name:         Tony’s Beauty Schools
Payee Address:      SMITH, INC, CHICAGO, IL 60603
AWARD BALANCES TABLE
   (As of February 13, 2002)


No    Award        Recipient     Authorization    Unprocessed       Net Draws       Available Balance
                     Ref.                         Deobligations
1    P063P011222    01-02 Pell    $5,000,000.00   ($5,000.00)     ($5,000,000.00)       ($5,000.00)
2    P007A006050 00-01 SEOG        $26,693.00        $0.00         ($26,693.00)            $0.00




                                                                                         Session 29 -17
             School Example of
             Unprocessed
             Deobligation
   School CFL (obligation) = $5 million
   Net drawdown in GAPS = $5 million
   Available balance in GAPS = $0
   School submits negative disbursement of
    $5,000
   Unprocessed deobligation of $5,000


                                        Session 29 -18
               Resolve
               Unprocessed
               Deobligation
   Refund the cash

   Adjust the drawdown

   Increase the CFL (obligation)



                                    Session 29 -19
                  Funding in COD

Funds Delivery
   Schools can draw down in GAPS the
    cash they will need to disburse within the
    next 3 business days.

   Schools can choose to have COD initiate
    drawdowns on the school’s behalf based on
    accepted actual disbursement records.



                                                 Session 29 -20
              Direct Loan Funds
              Control

   CFL = obligation.

   CFL not limited by obligation but related to
    disbursements.

   CFL increases as school submits
    disbursement records timely.

                                           Session 29 -21
             CFL Process for DL
             Advance Funding
             Schools
   Initial CFL created at Beginning of Program
    Year (Feb.)

   CFL increases as a school submits
    disbursement records to COD.

   Schools draw down their current cash
    needs in GAPS.

                                           Session 29 -22
             Funding for DL Pushed
             Cash Schools

   Funding driven by actual disbursement
    records.

   Funded Disbursement Listing (FDL) is
    Generated by COD.

   Cash electroncially sent to school’s bank
    account.

                                           Session 29 -23
Example of Funded
Disbursement Listing




                       Session 29 -24
            “Pushing” Cash to
            Schools

   Cash sent to school to fund disbursements

   Cash sent to school based on “net”
    accepted and posted disbursements

   Funded Disbursement Listing (FDL)
    indicates amount of money pushed to
    school.

                                          Session 29 -25
             Practical Effects of
             Netting Disbursements
   Schools won’t have to return excess cash
    (if additional disbursements will be made
    within 3 business days)

   Keeps disbursements and cash in balance.

   Makes monthly and year end reconciliation
    simple.

                                         Session 29 -26
             COD Funding Screens

   School Summary

   School Funding Info

   Cash Activity

   Summary Financial

                              Session 29 -27
School Summary
Screen




                 Session 29 -28
School Funding Info
Screen (DL)




                      Session 29 -29
Cash Activity Screen




                   Session 29 -30
School Summary
Financial Info Screen




                    Session 29 -31
Refunds of Cash Info




                   Session 29 -32
                Cash Management
                Requirements
   30-Day Reporting Requirement
    -685.301(d) Direct Loan
    -685.83 Pell (and annual deadline notice)
   3-Day Cash Rule
    -668.162(b)
   Monthly Reconciliation
    -685.102(b) Direct Loan

                                         Session 29 -33
              Refunds of Cash




   Funds not disbursed within 3 business
    days must be returned as Excess Cash to
    the Department of Education.
   Encourage schools to return funds
    electronically via the GAPS web.
                                        Session 29 -34
             Advantages of
             Electronic Refunds
   Posts to GAPS within 2 business days
   School control over process
   School directs from which bank account
    the money will be refunded.
   Multiple refunds on one screen and at one
    time.
   Electronic processing reduces human error
    and delays.

                                        Session 29 -35
             GAPS Award Numbers
   CFDA prefix (ex: P)
   CFDA suffix (ex: 268, 063)
   Sub program identifier (ex: K, P)
   Year identifier (ex: 01)
   Institution identifier (ex: 2244, 5543)
   Ex: DL = P268K012244
   Pell =       P063P015543
   Campus Based = P007A992231

                                              Session 29 -36
Access E-Payments Website
(http://e-payments.ed.gov/gapsweb)




                               Session 29 -37
Logon to GAPS




                Session 29 -38
Select Refunds from Main Menu




                        Session 29 -39
Select “refunds for open
awards” and click “initiate
refunds”




                        Session 29 -40
Select “continue”




                    Session 29 -41
Enter the amount(s) to be
refunded and click “continue”




                        Session 29 -42
Click “verify selected awards”




                        Session 29 -43
Refund Confirmation




                      Session 29 -44
Payment Request
Screen- Import from
File Upload




                      Session 29 -45
            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.

                                         Session 29 -46
Open Awards




              Session 29 -47
Enter the amounts to be
adjusted and click
“Okay”




                      Session 29 -48
Click “yes” if you want
GAPS to process the
request




                          Session 29 -49
             GAPS Reports

   GAPS Reports
    – Activity Report
       • Cumulative Activity by award
       • Detail Activity by day
    – Refund Report
       • detailed list of refunds including
         confirmation numbers

                                              Session 29 -50
Select “Activity Report”




                       Session 29 -51
Activity Report -
Cumulative Summary




                     Session 29 -52
Activity Report - Record
Detail




                       Session 29 -53
Refund Report




                Session 29 -54
              View Access

   Limit 5 user ids per school
   Download form off e-payment web
   Fax completed form to GAPS
     – (202-401-0006)
   Additional questions, call GAPS Helpdesk
     – 1-888-336-8930


                                         Session 29 -55
              GAPS Helpdesk


   1-888-336-8930



   Helpdesk hours of operation are 8 a.m. to
    6 p.m. Monday through Friday, ET.


                                          Session 29 -56
                  How do I become a
                  COD Full Participant?
   Schools must register with COD to become a Full
    Participant in Award Year 2003-2004
   To register, contact COD School Relations
    – Email CODSupport@acs-inc.com
       • Indicate “2003-2004 Full Participant” in Subject Line
    – Call COD School Relations
       • Select Award Year 2002-2003 and express interest to COD
         CSR

   All EDExpress Users must register as Full
    Participants for 2003-2004

                                                                 Session 29 -57
                How do I obtain access
                to the COD Web Site?
   Submit a Security Administrator Request Letter
    on school or corporate letterhead
    – Security Administrator is responsible for setting up
      additional users at your institution
    – Reporting/Attending school relationships in COD will
      automatically allow access to other school codes
   Refer to announcements on IFAP for detailed
    instructions and mailing address
    – 6/3/02 - Updated: COD Website Access for Schools
    – 6/3/02 - COD Website Access for Vendors/3rd Party
      Servicers

                                                     Session 29 -58
               How do I contact COD
               Customer Service?

   Email CODSupport@acs-inc.com
   Call COD School Relations Center
    – 1-800-4-P-GRANT for Pell Grants
    – 1-800-848-0978 for Direct Loans
    – Enter Award Year 2002-2003

   COD Web Site (www.cod.ed.gov)



                                        Session 29 -59
                Where can I get more
                information?
   IFAP Web Site (www.IFAP.ed.gov)
    – Common Origination and Disbursement page
    – Announcements and FAQs
    – COD Technical Reference

   COD Web Site (www.cod.ed.gov)
    – Daily Processing Updates
    – School Funding and Processing Information

   Contact COD Customer Service

                                                  Session 29 -60
                COD Sessions

   Session 19 – Cash Management A-Z
   Session 21 – What’s New for Direct Loan Processing in
                 2003-2004?
   Session 22 – What’s New for Pell Grant Processing in 2
                 003-2004?
   Session 23 – COD and Pell Grants: Updates to Edits and
                 Record Layouts for 2003-2004
   Session 24 – COD and Direct Loan: Updates to Edits and
                 Record Layouts for 2003-2004
   Session 25 – Meet the COD Customer Service Team and
                 Get Answers to Your COD Questions

                                                     Session 29 -61
                   COD Sessions

   Session 26 – COD: Using the New Web Site
   Session 27 – COD Full Participants for 2003-2004
   Session 28 – COD and Direct Loans: Balancing the
                 Books
   Session 29 – COD, Pell, and Direct Loans: Funding for
                 Schools
   Session 58 – Tribally Controlled Colleges: Operating as a
                 Full Participant in the COD environment
   COD Customer Service staff are available in the PC Lab



                                                       Session 29 -62
Session 29 -63

				
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