AwardYear: 1996-1997 EnterChapterNo: 4 EnterChapterTitle: Federal Pell Grant Program SectionNumber: SectionTitle: Appendix D: Reconciling Student Payment Data Using the SPS PageNumbers: 113-114 Reconciliation of student payment data to the latest batch submitted Example IPS dated 12/01/96 Total Payments to date to Pell Recipients per school records (Item 15) $12,414 Total Amount Paid to Date (Item 6) 8,238 Total Remaining to be Paid (Item 7) 6,497 Total Payment Amount (Item 6 + Item 7) 14,735 STEP 1. From institutional records, determine the payments not yet made through the date of the last batch. EXAMPLE: $2,700 remained to be paid as of the 12/01/96 posting date in the general ledger. STEP 2. Deduct result of Step 1 from the Total Payment Amount on the SPS. EXAMPLE: $14,735 - $2,700 = $12,035. STEP 3. Compare result in Step 2 to the Total Payments to Date to Pell Recipients per school records. EXAMPLE: Compare $12,414 to $12,035; the difference is $379. STEP 4. Account for any discrepancy in the following categories: - Payments included in Net Expenditures for recipients the school has not yet reported; - Payments included in Net Expenditures for recipients the school reported but the Department rejected; - Payments included in Net Expenditures which the Department disallowed; - Payments included in the schoolÂ’s student payment data but omitted from Net Expenditures; and - Recoveries the school has restored to its Pell account but has not reported to the Department as changes to its student payment data. If you cannot reconcile student payments to Net Expenditures in this manner, the school may have misreported its Net Expenditures. The school needs to report these corrections promptly. Please keep in mind that - The Total Payments to Date to all Federal Pell Recipients per school records SHOULD NEVER EXCEED the schoolÂ’s Pell authorization--the school cannot pay more Pell funds than the Department has authorized. - The Total Payments to Date (Net Expenditures) should equal or exceed the total Amount Paid to Date listed on the SPS, unless the school has already recovered some of those payments. - The Net Expenditures should not exceed the Total Payment Amount listed on the SPS. If this occurs, the school either needs to report additional recipients and payment amount adjustments OR lower its Net Expenditures. - The Net Expenditures should equal the Total Payment Amount (Item 6 + Item 7) after the school makes all payments and reports all payment adjustments to the Department. If the school identifies major discrepancies, it needs to correct the reporting errors so that the next SPS will reflect more complete and reconcilable data. Reconciliation of Pell student payments to institutional records STEP 1. Take the reconciled student payment total from Step 4 on the preceding page and add to that figure any payments the school has made since the date it last submitted a batch of Payment Data. STEP 2. Compare the result from Step 1 to the institutional records. STEP 3. Account for any discrepancy in the same manner as described in Step 4 on the preceding page. STEP 4. The school should adjust its institutional records and/or report new recipients and payment amount adjustments to the Department to reconcile its Net Expenditures, student payments, and institutional records. |