DCLPublicationDate: 5/1/95 DCLID: P-95-2 AwardYear: 1995-1996 Summary: This letter provides information concerning your initial 1995-96 Federal Pell Grant Statement of Account and Institutional Payment Summary. May 1995 P-95-2 SUMMARY: This letter provides information concerning your initial 1995-96 Federal Pell Grant Statement of Account and Institutional Payment Summary. Dear Colleague: The enclosed 1995-96 Federal Pell Grant Statement of Account establishes your initial authorization to pay eligible students for this school year. Your authorization appears on your Statement of Account on the line labeled "Pell Grant Authorization." We used your 1995-96 student payment data to determine your initial authorization for the new school year. Your 1995-96 authorization represents our estimate of the funds you need to make the first payments to your students. We will base adjustments to this initial authorization on the student payment data that we accept from your institution for 1995-96. We have forwarded your authorization to the U.S. Department of Education (ED) Financial Payment Group (FPG), Financial Services, with an effective date of July 1, 1995. You may request funds through the service bureau for the ED Payment Management System (ED/PMS) by using the Automatic Clearing House (ACH) electronic funds transfer or FEDWIRE. The "ED/PMS Expenditures" line on your Statement of Account shows the Pell Grant expenditures that your institution reported on your most recent "Federal Cash Transactions Report" (ED/PMS 272A), as accepted by ED/PMS. The "As of" date in the same line indicates the date ED/PMS posted the figure shown. We provide this information to assist your financial aid office in reconciling the Pell Grant payments you report to the program with the expenditures your business office reports to ED/PMS. For 1995-96 Statements of Account, the ED/PMS expenditures line will remain blank until ED/PMS receives and processes your first ED/PMS 272A covering 1995-96 funds. We have also enclosed your first 1995-96 Federal Pell Grant Institutional Payment Summary (IPS) and instructions for completing your paper IPS and Payment Vouchers (SAR Part 3). Enclosures 2 through 5 respectively provide submission instructions, examples of IPS Section II with student payment data, specific instructions for completing items changed on the 1995-96 Payment Voucher, and excerpts from the 1995-96 Student Financial Aid Delivery System Trainee Guide on calculating Cost of Attendance and Federal Pell Grant awards. Please refer to the Federal Pell Grant program Final regulations published in the Federal Register on November 1, 1994 for further details. Please use only the address shown on the IPS, and repeated in Enclosure 2, to submit all non-electronic submissions to us. You must also ensure that your computer center or any other office that submits your Federal Pell Grant payment data has, and uses only, the Herndon P.O. box or the McLean street address. Automated data exchange users (Recipient, Electronic, and Floppy Disk Data Exchanges) receive detailed submission specifications under separate cover. However, we strongly encourage financial aid administration personnel to review carefully the enclosed information to ensure that the data you report to the program, regardless of medium, meets our acceptance criteria. In addition, all institutions must comply with the program's required reporting periods. We provide the applicable periods in the instructions for the IPS (Enclosure 1). If you have questions about your Pell Grant account, please contact the Institutional Financial Management Division, Accounting and Financial Management Service, at (202) 708-9807, fax: (202) 401-0387. If you have questions about Pell Grant systems, processing, or services, please notify the applicable technical support contact given in Enclosure 6 for the Application and Pell Processing Systems Division, Program Systems. Thank you for your continued support in providing student financial assistance. The Federal Pell Grant program staff looks forward to working with you throughout the year. Sincerely, Leo Kornfeld Senior Advisor to the Secretary Enclosures (8) |