Posted Date:September 8, 2009
Author: William Leith, Service Director, Program Management, Federal Student Aid
Subject: Additional TEACH Grant Closeout Information for the 2008-2009 Award Year
In a May 29, 2009 Electronic Announcement, we provided Teacher Education Assistance for College and Higher Education (TEACH) Grant Closeout information for the 2008-2009 Award Year. This announcement provides additional information to supplement the previous guidance. As a reminder, to be considered successfully closed out, a school must--
- Have an Ending Cash Balance of $0 and Total Net Unbooked Disbursements of $0, as reflected on its TEACH Grant School Account Statement (SAS) Report
When is the processing deadline?
The processing deadline to submit records is 8:00 P.M. (ET) on Wednesday, September 30, 2009. The COD System subsequently must accept all records submitted by the processing deadline in order for them to be included in the school's final TEACH Grant Ending Cash Balance for 2008-2009. Any 2008-2009 batches or records received after the processing deadline will be rejected and returned to the school.
In another Electronic Announcement posted on September 2, 2009, we provide comprehensive information related to activities and deadlines that coincide with the September 30, 2009 closeout deadline for 2008-2009 TEACH Grant awards. This announcement is about the September 30, 2009 end of the Federal fiscal year. Schools should refer to this Electronic Announcement to ensure that 1) all necessary reports are obtained and 2) all applicable 2008-2009 TEACH Grant origination, disbursement, and change records are submitted and accepted prior to the outages to allow funding increases to process as appropriate.
As noted in the other announcement, all actual disbursements must be received by the COD System no later than 9:00 P.M. (ET) on Friday, September 25, 2009, and subsequently accepted by the COD System, in order for them to be included in the funds available for drawdown in G5 prior to the end of the Federal fiscal year and the TEACH Grant closeout deadline. Although the COD System will continue accepting 2008-2009 TEACH Grant award and disbursement data through the September 30, 2009 TEACH Grant Closeout deadline, accepted disbursements will not result in funding increases in G5 if received after 9:00 P.M. (ET) on Friday, September 25, 2009. A school should plan its final closeout efforts accordingly.
Though the final processing deadline for 2008-2009 TEACH Grant awards is September 30, 2009, a school must meet all existing regulations for drawing funds and reporting disbursements in a timely manner. Most schools should be able to reach a zero Ending Cash Balance much earlier than the September 30, 2009 deadline.
When is the deadline for drawdowns and/or drawdown adjustments?
Drawdowns and/or drawdown adjustments must also be requested/completed by the processing deadline of 8:00 P.M. (ET) on Wednesday, September 30, 2009.
How will a school learn its final balance?
In early October 2009, we will produce a final 2008-2009 TEACH Grant SAS Report and send it to all schools. This TEACH Grant SAS Report will serve as a final record of the school's official Ending Cash Balance for 2008-2009.
What if a school does not successfully close out by the deadline?
Schools that have not successfully closed out by the processing deadline and have a positive Ending Cash Balance will be sent a Final Demand Letter requesting the return of the outstanding balance as a refund of cash. Final Demand Letters will be mailed during November 2009. If the outstanding balance is not paid by the deadline noted in the letter, a receivable will be established, and the school will be billed accordingly.
Schools that have not successfully closed out by the processing deadline and have a negative Ending Cash Balance will be sent a Negative Balance Letter requesting the resolution of the outstanding balance. Negative Balance Letters will be mailed during November 2009.
We appreciate your cooperation as we work to close out the 2008-2009 TEACH Grant Award Year. If you have questions about this announcement or need assistance with closeout, contact the COD School Relations Center at 800/848-0978. You may also e-mail CODSupport@acs-inc.com.