Publication Date: May 17, 2004
Author: General Manager, FSA Application, School Eligibility and Delivery Services
Summary: Federal Pell Grant 2004 2005 Award Year Initial Authorization for Advanced Funding Schools
Posted on 05-17-2004
TO: All Destination Points
FROM: General Manager, School Delivery Channel, FSA ASEDS
SUMMARY: Federal Pell Grant 2004 2005 Award Year Initial Authorization for Advanced Funding Schools
We have processed the Federal Pell Grant Initial Authorization for the 2004 2005 Award Year, for schools receiving Federal Pell Grant funds under the advanced funding method. A school's Initial Authorization, known in the Common Origination and Disbursement (COD) System as Current Funding Level (CFL), was determined based on a percentage of the disbursement data submitted and accepted during the 2003 2004 Award Year. Shortly, we will generate an Electronic Statement of Account (ESOA) listing the amount of the school's Initial CFL for the 2004 2005 Award Year and send it to the school's SAIG mailbox in the message class PGAS05OP.
Note: Schools participating in the Just in Time pilot and schools on Reimbursement, Heightened Cash Monitoring 1 (HCM1), or Heightened Cash Monitoring 2 (HCM2) have not received an Initial CFL. These schools are eligible for a CFL once actual disbursements have been accepted and posted. A new ESOA is sent to a school each time its CFL amount changes.
An advanced funding school can view its Initial CFL, on the School Summary Information and Funding Information screens on the COD web site, www.cod.ed.gov/. This information will not be available for viewing on the Department's Grants Administration and Payments System (GAPS) web site until Thursday, July 1, 2004. 2004 2005 Award Year funds will not be available for drawdown in GAPS until July 1, 2004.
Although 2004 2005 Pell Grant funds will not be available in GAPS until July 1, 2004, COD will accept actual disbursements beginning June 21, 2004. As a school submits actual disbursements, the total accepted and posted amount for each disbursement is applied to the amount of the Initial CFL. Only after the Initial CFL amount has been reached will the school's CFL be increased to cover additional accepted and posted disbursements. A new ESOA is sent to the school each time its CFL amount changes. As reminders-
- A school can submit a disbursement with a Disbursement Release Indicator (DRI) equal to false at any time. The COD System will accept and acknowledge an anticipated disbursement but will not generate a funding transaction until the DRI is changed to true.
- The DRI must be equal to true in order for a CFL adjustment to occur.
- The COD System will accept actual disbursements up to 30 days before the disbursement date. However, the COD System will not create a CFL adjustment until seven days before the disbursement date.
If you have any questions about this announcement, contact the COD School Relations Center at 800/4PGRANT. You may also e-mail CODSupport@acs-inc.com.