| DCLPublicationDate: 11/1/98 DCLID: 98-G-314 AwardYear: Summary: Revised Guaranty Agency Quarterly/Annual Report (ED Form 1130), Revised Instructions, Revised Due Dates and Extension of the Guaranty Monthly Claims and Collections Report (ED Form 1189) NOVEMBER 1998 98-G-314 SUBJECT: Revised Guaranty Agency Quarterly/Annual Report (ED Form 1130), Revised Instructions, Revised Due Dates and Extension of the Guaranty Monthly Claims and Collections Report (ED Form 1189) REFERENCE: 34 CFR Part 682.404 (c) Federal Reinsurance Agreement Dear Guaranty Agency Director: The Office of Management and Budget has approved the revised Guaranty Agency Quarterly/Annual Report (ED Form 1130) until September 30, 1999. Enclosed is the revised form with the new expiration date. This form must be used for submissions received at the Student Loan Processing Center (SLPC) on or after December 1, 1998. Any submission received on or after December 1, 1998 must be on this form regardless of the time period of activity. Enclosed are the instructions to be used for reporting on this form. These instructions are effective for the quarter ending September 30, 1998. This form and instructions contain new items which, although reported by the agency, will not be displayed on either the Guaranty Agency Quarterly Edit Error Report or the Guaranty Agency Activity Report. The items are: Part A has one new line item entitled A-28, Loans Paid In Full, which is needed by the Department of Education (ED) to calculate the Account Maintenance Fees (AMF) due to guaranty agencies on a quarterly basis, effective with the 12-31-98 quarterly submission. Part C has eight new items, C-27 through C-34, which will collect additional data on the Federal Receivable. Please carefully verify the information reported on this part. The Department will independently calculate the Federal Receivable balance from activity reported on the ED Form 1189s and ED Form 1130s (C-27 through C-34) for the fiscal year and other relevant data reported to the Department. We will compare our calculated amount with amounts reported on Part C (1 through 20) of ED Form 1130. The Department will follow up with the agency if any substantial differences are detected. Part F, Financial Section is new and requests projections for some items similar to the expired ED Form 704. ED will suspend payment of reinsurance claims to agencies on December 1, 1998 if the September 30, 1998 Quarterly/Annual Report (ED Form 1130) has not been received and passed all edits. Reinsurance claim payments will resume when the required report has been accepted by ED. Parts A through E, Part F, Balance Sheet Section Line items F-29 through F-38 and Part G, Certification Section are due by December 1, 1998. In response to a request by guaranty agencies, a one-time extension to March 1, 1999 has been granted for submission of the following items: Part F, Revenues Section Line items F1 through F13, Expense Section Line items F14 through F-28, Memo Items-Sources and Uses of Funds Line items F-39 through F-45 and Part G, Certification Section. Please notify your personnel of these deadlines to avoid interruption of reinsurance claim payments. The completed report should be mailed to: U.S. Department of Education Guaranty Agency Processing Post Office Box 4137 Greenville, TX 75403-4137 Also, the Office of Management and Budget has approved an extension for the Guaranty Agency Monthly Claims and Collections Report (ED Form 1189) until September 30, 1999. Enclosed is that form with the new expiration date. The January 1995 edition of the ED Form 1189 Instructions is to be used in completing the form. Any submission received on or after December 1, 1998 must be on this form, regardless of the time period of activity, and submitted to the above address. Additionally, the Department will begin processing all collections received by guaranty agencies on/after October 1, 1998 and reported on the ED Form 1189 allowing only a 24% collection retention rate based on the HEA Reauthorization Bill of 1998. If you have any questions or comments, please call Larry Stotler on (202) 708-9787. Sincerely, Linda L. Paulsen, Director Accounting and Financial Management Service Attachment A Attachment B |