Publication Date: May 8, 2008
| DCL ID: | CB-08-07 |
2006-2007 Campus-Based Awards Closeout
Summary: This letter announces the closeout of the 2006-2007 awards for the Federal Work-Study (FWS) and/or Federal Supplemental Educational Opportunity Grant (FSEOG) programs based on the final submission of the Fiscal Operations Report for 2006-2007.
Dear Colleague:
We have completed the closeout of all 2006-2007 awards for the Campus-Based programs based on a school's submission of the Fiscal Operations Report section of the Fiscal Operations Report for 2006-2007 and Application to Participate for 2008-2009 (FISAP). The questions and answers that follow explain closeout and provide important information regarding the notification process.
QUESTIONS AND ANSWERS
Q1: What does award closeout mean?
A1: For the Campus-Based programs, award closeout involves reconciling a school's authorized award with the amount reported as expended on the school's 2006-2007 Fiscal Operations Report. For example, if a school's FWS authorized amount was $50,000 and the school reported an expended amount of $40,000, the school's award will be closed out at the expended amount of $40,000.
Q2: How will the closeout amount appear in G5 (formerly GAPS) and on reports generated out of G5?
A2: This amount will appear in G5 as the authorized amount for the 2006-2007 Award Year. If a school's fiscal office drew down more money than was reported as expended on its 2006-2007 Fiscal Operations Report, a negative amount will appear in the “available balance” line in G5 and on reports generated out of G5.
Q3: What action must we take if there is a negative balance in G5?
A3: If a school has a negative balance in G5, the school's fiscal office needs to refund the amount of the negative balance. (If your school's fiscal office has made the refund but posted it to the wrong account, that office needs to perform a drawdown adjustment in G5.) For assistance in making refunds, contact the G5 hotline at 888/336-8930. Customer Service Representatives are available Monday through Friday from 8:00 A.M. to 6:00 P.M. (ET).
Q4: How were our closeout amounts determined?
A4: Closeout amounts were determined as follows:
For the FSEOG Program , the amount was determined by subtracting the expended 2006-2007 FSEOG authorization amount (Part IV, Line 16 of a school's FISAP) from the school's current 2006-2007 FSEOG award authorization amount. The school's final 2006-2007 FSEOG award amount is now equal to the expended FSEOG authorization amount (Part IV, Line 16 of the school’s FISAP).
For the FWS Program , the amount was determined by subtracting the expended 2006-2007 FWS authorization amount (Part V, Line 17 of a school’s FISAP) from the school's current 2006-2007 FWS award authorization amount. The final 2006-2007 FWS award amount is now equal to the expended FWS authorization amount (Part V, Line 17 of the school’s FISAP).
Note: If a school did not submit a FISAP reporting 2006-2007 expenditures , the school's authorizations were reduced to zero.
Q5: How will we be notified of our award adjustments?
A5: If a decrease was applied to any 2006-2007 Campus-Based awards through this closeout process, we will notify the school by e-mail. In this e-mail, we will inform the school that the award adjustments are reflected in the Statement of Account posted on the eCampus-Based (eCB) Web site . We will send this e-mail to the school’s Financial Aid Administrator, as provided in the school’s most recently submitted FISAP or as updated via the “Contact Info” page on the eCB Web site.
To access the Statement of Account following receipt of this e-mail, log in to the eCB Web site, select the “Self-Service” link from the top navigation bar, and scroll to the “Campus-Based Notifications for All Available Award Years” section. Then, scroll to the “Statement of Account” bullet and select the “2006-2007” link next to it.
Q6: What if our 2006-2007 FISAP expenditure report was incorrect and needs to be adjusted so that funds can be reinstated?
A6: As a reminder, the deadline for making edits to the FISAP was December 15, 2007. However, with our advance approval, a school may still correct its 2006-2007 Fiscal Operations Report through the eCB Web site. Before submitting the FISAP expenditure adjustment via the eCB Web site, the school must contact the Campus-Based Call Center and provide a justification for the need to make an adjustment.
For additional information about or assistance related to the closeout of Campus-Based awards, contact the Campus-Based Call Center at 877/801-7168. Customer service representatives are available Monday through Friday from 8:00 A.M. until 8:00 P.M. (ET). You may also e-mail CBFOB@ed.gov.
Sincerely,
Sherlene McIntosh
Director, Campus-Based Systems and Operations Division
Federal Student Aid