Publication Date: May 13, 2004
Bulletin ID: DLB-04-15
Summary: Closeout Guidance and July 31, 2004 Deadline for 2002-2003 Direct Loan Program Year
Posted on 05-13-2004
May 2004
DLB-04-15
Subject: Closeout Guidance and July 31, 2004 Deadline for 2002-2003 Direct Loan Program Year
Dear Partner:
The closeout deadline for the 2002 2003 Direct Loan Program Year is July 31, 2004. To be considered successfully closed out, your school must have an Ending Cash Balance of $0 and Total Net Unbooked Disbursements of $0, as reflected on your School Account Statement (SAS) Report.
As a reminder, reconciliation is performed on a monthly basis, and the final closeout stage should begin as of the last loan period end date at your school for a given Program Year. A key factor to an easy reconciliation and closeout is staying on top of the process. We encourage your school to complete the following simple steps while reviewing your school's internal records and the Common Origination and Disbursement (COD) System records-
- Ensure that all drawdowns and refunds of cash are accounted for and applied to the correct program year;
- Ensure that all disbursements and adjustments are accurate, reported, and accepted by the COD System;
- Ensure that all batches have been sent to and accepted by the COD System;
- Ensure that all unbooked loans are resolved;
- Resolve all outstanding rejected records; and
- Return all refunds of cash to us according to the guidance provided in DLB-04-06 at http://www.ifap.ed.gov/dlbulletins/DLB0406.html.
There are numerous tools available to assist your school in reconciliation and closeout efforts. These tools include-
- SAS Reports;
- 30 Day Warning Reports;
- GAPS web site and reports;
- DL Tools/SAS Compare Program; and
- Customer Service Representative/Reconciliation Specialist assistance.
We appreciate your cooperation as we work to close out the 2002-2003 Direct Loan Program Year. If you have questions about this bulletin or need assistance with closeout, please contact the COD School Relations Center at 800/848-0978 or send an email to codsupport@acs-inc.com. Thank you for your ongoing partnership in the Direct Loan Program.
Sincerely,
Jane Holman
Acting Director, Title IV Delivery
Schools Channel