Posted Date:September 2, 2010
|Author:||William Leith, Service Director, Program Management, Federal Student Aid|
Subject: Additional TEACH Grant Closeout Information for the 2009-2010 Award Year
In a June 4, 2010 Electronic Announcement, we provided Teacher Education Assistance for College and Higher Education (TEACH) Grant Closeout information for the 2009-2010 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 Thursday, September 30, 2010. 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 2009-2010. Any 2009-2010 Award Year batches or records received after the processing deadline will be rejected and returned to the school.
Although the final processing deadline for 2009-2010 TEACH Grant awards is September 30, 2010, a school must follow 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, 2010 deadline.
Note: In other Electronic Announcements posted on September 2, 2010, we provide comprehensive information related to activities and deadlines that coincide with the September 30, 2010 closeout deadline for 2009-2010 TEACH Grant awards. These announcements are about the end of the Federal fiscal year and the deadline for 2009-2010 ACG, National SMART Grant, and Pell Grant awards. Schools should also refer to these announcements to ensure that 1) all necessary reports are obtained and 2) all applicable 2009-2010 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 announcements, all actual disbursements must be received by the COD System no later than 9:00 P.M. (ET) on Monday, September 27, 2010, and subsequently accepted, in order for them to be included in the funds available for drawdown in G5 prior to the shutdown. The COD System will continue accepting 2009-2010 TEACH Grant award and disbursement data through the September 30, 2010 TEACH Grant Closeout deadline. However, accepted disbursements will not result in funding increases in G5 if received after 9:00 P.M. (ET) on Monday, September 27, 2010. Schools should plan final closeout efforts accordingly.
When is the deadline for drawdowns and/or drawdown adjustments?
Drawdowns and/or drawdown adjustments must be requested by 8:00 P.M. (ET) on Thursday, September 30, 2010.
How will a school learn its final balance?
In early October 2010, we will produce a final 2009-2010 TEACH Grant SAS Report and send it to all schools. This will serve as a final record of the school's official Ending Cash Balance for 2009-2010.
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 2010. 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 2010.
We appreciate your cooperation as we work to close out the 2009-2010 TEACH Grant Award Year. If you have questions about this announcement or need assistance with closeout, please contact the COD School Relations Center at 800/848-0978. You may also e-mail CODSupport@acs-inc.com.