COD, GAPS,

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(No Transcript)
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Session 29

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

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Session Outline

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

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Session Outline (continued)

• GAPS Functionality/New Enhancements
• Electronic Refunds
• Drawdown Adjustments
• Reports
• View Access
• Payment Request File Upload

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One COD Funding Process
Direct Loan
Pell
COD process
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Funding Terms

• Current Funding Level
• Net Draws
• Available Balance
• Refunds and Returns of Cash

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Funding Terms(continued)

• Net Accepted and Posted Disbursements
• Cash gt Accepted and Posted Disbursement
• Cash gt Accepted and Posted Disbursements and gt 30
  days.

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Pell Funding Terms

• Pell Grants
• Obligation/Authorization Current Funding Level
• Cash Drawdowns

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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.

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School Example of an ESOA

• Initial CFL 5 million
• Total Accepted and Posted
• Disbursements 2 million
• Difference 3 million

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Electronic Statement of Account

• GAPS AWARD NUMBER
  P063P014444
•  
• A. Previous Pell Grant Obligation 5,000,000.0
  0
• 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
•  

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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

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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)

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Pell Funding Reconciliation

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

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School Funding Info Web Screen (Pell)
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Unprocessed Deobligations

• A new column on the GAPS website
• Deobligations in excess of available balance

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Unprocessed Deobligation Report

• Award
  Balances Report
• Payee DUNS/SSN 555555555
• Payee Name Tonys 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
• P063P011222 01-02 Pell 5,000,000.00
  (5,000.00) (5,000,000.00)
  (5,000.00)
• P007A006050 00-01 SEOG 26,693.00 0.00
  (26,693.00) 0.00

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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

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Resolve Unprocessed Deobligation

• Refund the cash
• Adjust the drawdown
• Increase the CFL (obligation)

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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 schools behalf based on accepted actual
  disbursement records.

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Direct Loan Funds Control

• CFL obligation.
• CFL not limited by obligation but related to
  disbursements.
• CFL increases as school submits disbursement
  records timely.

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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.

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Funding for DL Pushed Cash Schools

• Funding driven by actual disbursement records.
• Funded Disbursement Listing (FDL) is Generated by
  COD.
• Cash electroncially sent to schools bank
  account.

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Example of Funded Disbursement Listing
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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.

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Practical Effects of Netting Disbursements

• Schools wont 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.

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COD Funding Screens

• School Summary
• School Funding Info
• Cash Activity
• Summary Financial

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School Summary Screen
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School Funding Info Screen (DL)
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Cash Activity Screen
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School Summary Financial Info Screen
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Refunds of Cash Info
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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

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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.

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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.

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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

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Access E-Payments Website (http//e-payments.ed.g
ov/gapsweb)
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Logon to GAPS
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Select Refunds from Main Menu
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Select refunds for open awards and click
initiate refunds
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Select continue
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Enter the amount(s) to berefunded and click
continue
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Click verify selected awards
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Refund Confirmation
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Payment Request Screen- Import from File Upload
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Drawdown Adjustments

• Cant 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 schools cash balance to zero.

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Open Awards
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Enter the amounts to be adjusted and click Okay
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Click yes if you want GAPS to process the
request
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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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Select Activity Report
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Activity Report - Cumulative Summary
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Activity Report - Record Detail
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Refund Report
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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

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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, ET.

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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_at_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

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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

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How do I contact COD Customer Service?

• Email CODSupport_at_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)

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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

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COD Sessions

• Session 19 Cash Management A-Z
• Session 21 Whats New for Direct Loan
  Processing in 2003-2004?
• Session 22 Whats 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

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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

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Questions