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Session #13Using COD and GAPS to Reconcile Pell Grant and
Direct Loan Program Funds
Anthony Laing, George Karayianis and Tremayne Cobb
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Discussion Outline
Funding Overview– Terminology– Basics
• 7-day rule• Cash management regulations• Reconciliation
Pell Reconciliation
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Discussion Outline (continued)
Direct Loan Reconciliation
Using GAPS to request payments and manage your cash – Requesting payments– Electronic refunds– Drawdown adjustments– Reports
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FUNDING OVERVIEW
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Funding Terminology
Funding Terms: COD = Current Funding Level (CFL) GAPS = Authorization
ESOA = Obligation Origination and Disbursement Records Net Accepted and Posted
Disbursements Substantiation
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Funding Basics
Funding based on actual disbursements 7 day rule
– Records submitted up to 7 days in advance of disbursement date can trigger change in funding
Cash Management Regulations– 30 day reporting requirement– 3 -Day cash rule– Monthly reconciliation (DL only)
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Reconciliation Defined
School Funding/Student Data =
COD Funding/Student Data =
GAPS Cash
Common Goal: School Financial Aid Office/Business Office data matches the Department’s data
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Pell Grant CFL Process
Initial CFL created in May.
CFL level in GAPS is not increased until initial CFL has been exceeded.
Schools cannot draw cash in GAPS that exceeds their CFL.
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Pell Funding in COD
CFL level in GAPS is not increased until initial CFL has been exceeded.
Disbursement Release Indicator (DRI)
Schools submit disbursement records to COD that adjusts CFL within 7 days.
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Pell Processing Example: Initial CFL of $5 Million
Action Process Date
Disb
Date
DRI CFL Result
School submits actual disb of $2M
8/30/03 9/12/03 T $5M No CFL adjustment
No new ESOA
School submits anticipated disb of $4M
10/1/03 1/15/04 F $5M No CFL adjustment
No new ESOA
School updates DRI of T for disb of $4M
1/08/04 1/15/04 T $6M CFL adjustment on 1/8/04 of $1M Current CFL of $6M New ESOA of $6M
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Pell Processing Example: Initial CFL of $5 Million
Action Process Date
Disb
Date
DRI CFL Result
School submits actual disb of $2M
8/30/03 9/12/03 T $5M No CFL adjustment
No new ESOA
School submits anticipated disb of $4M
9/30/03 10/20/03 T $6M CFL adjustment on 10/13/03 of $1M Current CFL of 6M New ESOA of $6M
School submits adjustment of $100K
2/2/04 1/15/04 T $5.9M CFL adjustment on 2/2/04 of $100K Current CFL of $5.9M New ESOA of $5.9M
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Pell Daily CFL Adjustments
School GeneratedSchools submit disbursement increases and decreases throughout the year
System GeneratedNegative pendingPotential Over-award Project (POP)
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Pell Global CFL Reductions
Reduction for “W” Verification (April)
Reduction to level of accepted and posted disbursement records (March)
Reduction to level of net GAPS drawdowns (end of second year)
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Pell Funding Reconciliation
Date CFL = Disb Records = Cash
(COD) (COD) (GAPS)
$500,000$500,000$500,000
$500,000$750,000$500,0003/05
$500,000$750,000$750,0002/04
$500,000$750,000$1,000,00011/03
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Pell Reconciliation Tools
COD Year to Date File COD Reconciliation File COD Pending Disbursement List
COD ESOA COD Web Screens GAPS Web Reports
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Electronic Statement of Account (ESOA)
GAPS AWARD NUMBER P063P034444
Previous Pell Grant Obligation $5,000,000.00Current Pell Grant Obligation $6,000,000.00Adjustment (Increase + or Decrease -) $1,000,000.00+
Previous Pell Grant Obligation/Payment $0.00Current Pell Grant Obligation/Payment $0.00Adjustment (Increase + or Decrease -) $0.00
GAPS Drawdowns/Payments $5,000,000.00Date of Last Activity in GAPS 10/06/2003
YTD Total Unduplicated Recipients 1,555YTD Pell Accepted and Posted Disbursement Amount $6,000,000.00YTD Administrative Cost Allowance $7,500
As of Document ID/Batch ID 200312345619990101123000
Payments Apply only to “:Obligate/Pay” Accounts
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School Funding Info Web Screen (Pell)
MOELLER UNIVERSITYFunding Information Program Pell Grant Award Year 03-04 Entity ID 12333213Initial CFL $2,000,000Current CFL $6,000,000Previous CFL $5,000,000CFL Adjustment $1,000,000Available Balance $ 500,000Net Accepted & Posted Disbursements $6,000,000 Net Drawdowns $5,000,000Total Unduplicated Recipients 1500
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Ongoing Pell Reconciliation
Financial Aid Office and Business Office reconcile as of September 30
Post deadline adjustments (after 9/30 – administrative relief, audits, decreases)
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Negative Available Balances -- example
Action CFL Available Balance in GAPS
School submits $5,000,000 in disbursement records
$5,000,000 $0
School submits $5,000 negative adjustment
$4,995,000 ($5,000)
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How to Resolve Negative Balances
Refund the cash
Adjust the drawdown
Increase the CFL
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Direct Loan reconciliation versus end of year closeout
Monthly Reconciliation – Process of comparing your internal
records with the Department’s to identify and resolve outstanding discrepancies.
Closeout– Net Accepted and Posted disbursements
=GAPS net cash– Ending Cash Balance (ECB) = 0
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Net cash Net disbs
When are you closed out for the award year?
When you have finished processing, your loan records match the Departments, and your net disbursements
equal net cash
received (zero
ECB).
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Your Ending Cash Balance Equation
BeginningCash
Balance
CashReceipts
Refunds of
Cash+ -
EndingCash
Balance=
DownwardAdjust-ments
+UpwardAdjust-ments
-
Disburse-ments-
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COD and GAPS Tools to help reconcile Direct Loans
COD Funding Web screens
Reports (COD)
GAPS
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COD Webscreens
Funding Info
Cash Activity
Summary Financial Info
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School Funding Info Web Screen
EDUCATION UNIVERSITYFunding Info Program Direct Loan Award Year 04-05 Entity ID 12333213Initial CFL $56,000Current CFL $200,000Available Balance $15,000Cash > Net Accepted & Posted Disbursements $0Net Accepted & Posted Disbursements $185,000Net Drawdowns $185,000Disbursement To Drawdown Ratio 1.0000
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Cash Activity Screen
HIYA UNIVERSITYProgram Direct Loan Award Year 04-05
Net Draws $30,000Cash > Accepted & Posted Disbursements & older than 30 days $0
TotalsDate of Transaction 10/23/03Time 1:35PMDrawdowns $30,000 $2,000Drawdown adjustments $0Refunds $1,000Returns $0Days for On-time reportingPayment Control Number 2003102321221Accepted & Posted Disbursements Applied $20,000 $0 Cash > Accepted & Posted Disbursements $10,000Source System GAPS
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School Summary Financial Info Screen
RAILROAD COLLEGE Program Direct Loan Award Year 04-05 Entity ID 22346667Beginning Cash Balance $0Cash Receipts $100,000Disbursement Amount $80,000Disbursement Adjustments Amount -$5,000Refunds of Cash $15,000Ending Cash Balance $10,000
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Direct Loan School Account Statement (SAS) Report
Report run from COD – Copied from main database– Loan/Disbursement Information
• Summary • Detail
– Cash Information
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SAS – Year to date Cash Summary
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SAS – Monthly Cash Summary
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SAS – Loan Detail
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The Department of Education’s Grant Administration and Payment System (GAPS)
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GAPS link from COD web
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E-Payments Website (http://e-grants.ed.gov)
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Logon to GAPS
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Drawdown Requests
Year and program specific Request only what you can disburse
within 3 business days ACH requests - next day Fedwire - same day
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Main Menu
Hair Care and Nails 13 Ventura Blvd.
Hollywood, CA 31221
Please select one of the following options:
Payment Requests
Reports
Refunds
Password Maintenance
User’s Guide
Select New Payee
Help
Exit
Select Payment Requests from Main Menu
Payment Requests
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Select Create Payment from Payment Requests Menu
Create Payment Requests
Modify Payment Requests
View Payment Requests
Adjust Drawdown Amounts
View Authorization History
Create Direct Loan Payment Requests
Modify Direct Loan Payment Requests
View Direct Loan Payment Requests
Adjust Direct Loan Drawdown Amounts
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Enter Payment Amount
Payee DUNS 055465543
P007A059999
P063P059999
P063P049999
P063P039999
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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.
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Select Refunds from Main Menu
Main Menu
Hair Care and Nails 13 Ventura Blvd.
Hollywood, CA 31221
Please select one of the following options:
Payment Requests
Reports
Refunds
Password Maintenance
User’s Guide
Select New Payee
Help
Exit
Refunds
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Check “refunds to open awards” and “initiate refunds”
Refunds MenuHair Care and Nails
13 Ventura Blvd.Hollywood, CA 31221
Please select one of the following options:
Refunds to Open Awards
PerkinsInterest
Refunds to Closed Awards
Initiate Refund
Bank Account Maintenance
Refunds Report
Initiate Refunds
X
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Awards and net drawswill be displayed
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Enter the amount(s) tobe refunded
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Refund Confirmation
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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.
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Select Payment Requests from Main Menu
Main Menu
Hair Care and Nails 13 Ventura Blvd.
Hollywood, CA 31221
Please select one of the following options:
Payment Requests
Reports
Refunds
Password Maintenance
User’s Guide
Select New Payee
Help
Exit
Payment Requests
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Select for either Direct Loan or Pell adjustments
PellDirect Loan
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Adjustments between years and/or campuses
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Enter the amounts to be adjusted and click “OK”
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Adjustment Confirmation
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GAPS Reports GAPS Reports
– Activity Report• Cumulative Activity by award• Detail Activity by day
– Refund Report• detailed list of refunds including
confirmation numbers
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From Main Menu select “Reports”
Main Menu
Hair Care and Nails 13 Ventura Blvd.
Hollywood, CA 31221
Please select one of the following options:
Payment Requests
Reports
Refunds
Password Maintenance
User’s Guide
Select New Payee
Help
Exit
Reports
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Select “Activity Report”
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Activity Report Selection Screen
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Activity Report - Cumulative Summary
443221234
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Activity Report - Record Detail
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Select Refunds Report from Reports Menu
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Refund Report
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GAPS Access
Full Access View Access
– Limit 5 user IDs of each access per school
Download form off e-payment web Fax completed form to GAPS
– (202-205-0729)
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GAPS Helpdesk
1-888-336-8930 Helpdesk hours of operation are 8 a.m.
to 6 p.m. Monday through Friday, EST.
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