Publication Date: May 27, 2003
Author: General Manager: FSA Schools Channel
Summary: Federal Pell Grant Initial Authorization for the 2003-2004 Award Year
Posted on 05-27-2003
To: Financial Aid Community and All Destination Points
From: G. Kay Jacks, General Manager, School Channel, SFA
Re: Federal Pell Grant Initial Authorization for the 2003-2004 Award Year
The Common Origination and Disbursement System (COD) processed Federal Pell Grant Initial Authorization for the 2003-2004 award year on Thursday May 22 for schools that receive funds under the advance payment method. Schools can view the authorization, known in COD as Current Funding Level or CFL, at the COD web site www.cod.ed.gov on the School Summary Information and Funding Information screens. This information will not be seen on the GAPS web site until July 1, 2003 when 2003-2004 award year funds will be available for drawdown. An Electronic Statement of Account (ESOA) listing the amount of the initial authorization for 2003-2004 will be sent shortly to the SAIG mailboxes of affected schools in the message class PGAS04OP. The amount of the initial CFL was determined based on a percentage of disbursement data that was submitted and accepted during the 2002-2003 Award Year.
Although Pell Grant funds will not be available in GAPS until July 1, COD will accept disbursement records beginning June 21, 2003. With the exception of disbursement start up of June 21st, COD will accept Pell Grant disbursement records up to 30 days before the disbursement date. However, the records will not be funded, that is, posted, until seven days before the disbursement date.
As schools submit disbursement records, the total accepted and posted amount for each disbursement is applied to the amount of the initial CFL. Only after the initial CFL value has been reached, will the CFL will be increased to cover additional accepted records. A new ESOA is sent each time the CFL amount changes
Schools on the Reimbursement or Cash Monitoring payment methods or participating in the Just-in-Time pilot have not received an Initial CFL but are eligible for CFL once disbursement records have been accepted. They will also receive ESOAs each time the CFL amount changes.
If you have any questions regarding this announcement or COD, please contact the COD School Relations Center at 1-800-4PGRANT, or email CODSupport@acs-inc.com.