UPDATING PERKINS CASH ON HAND

If your school participates in the Federal Perkins Loan Program you need to update your 2017-2018 FISAP. Beginning on October 26, 2018, all schools that participate in the Federal Perkins Loan Program must update their “Cash on hand and in depository” as of October 31, 2018. This information is reported on Part III, section A, Line 1.2 on the FISAP for 2017-18. This information must be submitted to the Department of Education by December 14, 2018.

REMINDER TO UPDATE PERKINS CASH ON HAND FOR 2017-2018 FISAP

To assist schools, FSA offers several tips:

  1. Remember to submit the updated FISAP – Simply validating and/or saving the new data entry does not result in submission to the Department. After updating and validating Line 1.2, it is imperative that schools complete the process by using the “Submit” button.
  2. Verify that changes/corrections have been received by the Department – Schools should log in to the Common Origination and Disbursement (COD) Web Site, and from the School tab, select the link for Campus-Based. Once directed to Campus-Based, select “Self-Service” then “Submission Log” to view the log and verify submission of the update.
  3. Signature not required for FISAP changes – Currently, schools are not required to re-send signature pages when changes are made to a previously submitted FISAP.

FISAP DEADLINE AND RESOURCES

It’s FISAP Time.

The Fiscal Operations Report for 2017-18 and Application to Participate for 2019-20 (FISAP) is now available on the Common Origination and Disbursement (COD) Web Site.

If your school had Campus-Based expenditures for the 2017-18 Award Year and schools that wish to request funding under the Campus-Based programs for the 2019-20 Award Year are required to electronically submit a FISAP via the COD Web Site.

The deadline for the electronic submission of the FISAP is 11:59 p.m. Eastern time (ET) on October 1, 2018. Transmission must be completed by midnight.

You have lots of resources to help you with the FISAP including updated FISAP Instructions, Desk Reference and the 2019-20 Technical Reference.

It’s important to note that the e-signature option has been discontinued. Instead, hard copy of the FISAP signature page must be signed by your President or CEO and mailed to the address provided. ED is only accepting originals, so no scans or copies either, but don’t worry that the CEO title doesn’t print. It’s a known issue and ED has confirmed it will accept the signature page without the printed title.

In a recent Electronic Announcement, FSA provided some other important reminders for schools.

Any updates to the FISAP and instructions have been outlined in the July 13, 2018 Electronic Announcement.

Only disbursements made from 2017-18 funds should be reported in Part II, Section E, Field 23. If crossover payments are made from 2018–19 funds, the disbursements should be reported in next year’s FISAP (Fiscal Operations Report for 2018-19 and Application to Participate for 2020-21).

The financial aid and business office staff must coordinate efforts to reconcile and report accurately on the FISAP.

If funds are drawn from G5 that exceed the amounts reported on the FISAP, a negative balance will result, and the school will need to return funds to G5.

Example: If a school’s FWS authorized amount was $50,000 and the school reported an expended amount of $40,000 on its FISAP, the school’s award will be closed out at the expended amount of $40,000. If more than $40,000 has been drawn in G5, a negative balance for the amount over $40,000 will result and that amount must be returned.
Appropriate Administrative Cost Allowance (ACA) should be calculated and claimed (see Volume 6 of the Federal Student Aid Handbook). After December 14, 2018, schools are not permitted to make any additional claims to the ACA that were not previously reported on its FISAP.

FISAP INFO FOR PERKINS LOAN INSTITUTIONS

The Federal Perkins Loan Expired last year and the FISAP information has been updated to state that schools may no longer request a Federal Perkins Loan Level of Expenditure. Schools that advanced Federal Perkins Loans to students during 2017-18 are permitted to claim the ACA for this year. No Perkins ACA is permitted to be claimed after 2017-18.

Report the federal share of Perkins Loan Fund’s Excess Liquid Capital that your school returned to the Department in Part III, Section A, line 28 “Repayments of fund capital to federal government.”

Report the institutional share of Perkins Loan Fund’s Excess Liquid Capital that you returned to your school in Part III, Section A, line 30.2 “Distribution of excess/liquid fund capital.”

EIGHT TIPS FOR COMPLETING THE FISAP

It’s almost FISAP Time – (has it been a year already)? Yes, the annual ritual is upon us and it’s time to report your expenditures from Campus Based funding for 2016-2017 and request Campus Based Funds like FSEOG and FWS for the 2018-2019. The deadline this year is a little earlier due to the weekend so mark your calendars for this year’s FISAP deadline September 29, 2017.

John Kane, Federal Student Aid’s Acting Service Director recently published these tips and reminders to help you get through FISAP season.

  1. Award year and date references have been updated and FISAP instructions have been clarified, as outlined in the April 25, 2017 Electronic Announcement.
  2. Only disbursements made from 2016-2017 funds should be reported in Part II, Section E, Field 23. If crossover payments are made from 2017-2018 funds, the disbursements should be reported in next year’s FISAP (Fiscal Operations Report for 2017-2018 and Application to Participate for 2019-2020).
  3. It is important that all affected campus offices coordinate and reconcile the information reported in the school’s FISAP.
  4. If funds are drawn from G5 that exceed the amounts reported on the FISAP, a negative balance will result and the school will need to return funds to G5.
  5. Example: If a school’s Federal Work-Study (FWS) authorized amount was $50,000 and the school reported an expended amount of $40,000 on its FISAP, the school’s award will be closed out at the expended amount of $40,000. If more than $40,000 has been drawn in G5, a negative balance for the amount over $40,000 will result and that amount must be returned.
  6. Appropriate Administrative Cost Allowance should be calculated and claimed (see Volume 6 of the Federal Student Aid Handbook). Any change to this information will not be accepted after December 15, 2017.
  7. Report the Federal share of Perkins Loan Fund’s Excess Liquid Capital that your school returned to the Department in Part III, Section A, line 28 “Repayments of fund capital to federal government.”
  8. Report the institutional share of Perkins Loan Fund’s Excess Liquid Capital that you returned to your school in Part III, Section A, line 30.2 “Distribution of excess/liquid fund capital.”
  9. If you encounter issues printing PDF files from the eCB website, review the information available at the PDF printing solution link at the top of the Self-Service page on the eCB website. Additional information about printing can be found in the 2018-2019 FISAP Desk Reference.

2017-2018 CAMPUS BASED FINAL FUNDING AUTHORIZATIONS

The Final Authorizations for the 2017-2018 Campus-Based programs has been posted to the Department’s eCB website. Awards for each Campus-Based program in which a school participates is reflected in the school’s 2017-2018 Statement of Account.

Each institution that applied for funds under the Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Work-Study (FWS), and/or Federal Perkins Loan (Perkins Loan) programs for the 2017-2018 Award Year receives a tentative funding level which is based on a Base Guarantee and a Fair Share Increase. However, if the amount of unexpended 2015-2016 funds exceeds 10% of the institution’s 2015-2016 allocation and no waiver for that unexpended amount was approved, the allocation is reduced by the unexpended amount. The final funding worksheets posted on the eCB website will show the information that was used in the calculation of each school’s 2017-2018 Campus-Based allocations.

The total 2017-2018 federal funds available for allocation to schools under the FWS, FSEOG, and Perkins Loan programs are as follows:

Program           Total Federal Funds Available for Allocation to Schools

FWS                  $989,728,000
FSEOG              $733,130,000
Perkins Loan    $0

For more information about the 2017-2018 Final Funding Authorizations read the Department’s Electronic Announcement Here.

Schools that wish to request supplemental Federal Work Study funds for 2017-2018 may do so by completing the campus based reallocation form by Monday August 14, 2017. Supplemental FWS funds may only be used for the purpose of employing students in community service jobs and only if the school had a FWS shortfall in their 2017-2018 final funding worksheets.

As a reminder, schools MUST determine whether there will be any unexpended funds available from their 2016-2017 allocations. Unexpended 2016-2017 funds will be used to provide supplemental FWS and/or FSEOG funds in 2017-2018 to other eligible schools, but only if unexpended funds are reported by the deadline.
For more information about the Campus Based Reallocation process click here.

2016-2017 FISAP FORM AND INSTRUCTIONS

Federal regulations state that if your school spent Campus-Based program funds in 2016-2017 or have a Federal Perkins Loan Fund, you must submit a Fiscal Operations Report to the Department at the end of the year. Schools wishing to participate in the Campus-Based programs for the 2018-2019 award year are required to file an application by the deadline date of September 29, 2017. Thus, the FISAP contains two sections:
  • the Fiscal Operations Report for program participation during the award year July 1, 2016 through June 30, 2017, and
  • the Application to Participate in the three Campus-Based programs (Federal Perkins Loan, Federal Supplemental Educational Opportunity Grant [FSEOG], and Federal Work-Study [FWS]) for the award year   July 1, 2018 through June 30, 2019
If your school is a first-time participant or does not possess a current Program Participation Agreement (PPA) for the Title IV programs it must first apply for Participation to the U.S. Department of Education.
The Fiscal Operations Report for 2016-2017 and Application to Participate for 2018-2019 (FISAP) was released last month. The FISAP will be available on the eCampus Based (eCB) website by August 1, 2017.
A school must submit its 2018-2019 FISAP electronically and the required signature pages by either manual or eSignature processes by Friday, September 29, 2017. It is important to note that if the U.S. Department of Education does not receive a completed application by the published deadline date, you cannot be assured that your school will be allocated funds for any of the Campus-Based programs.
For more information including the 2018-2019 FISAP Form, Instructions and Desk Reference, see the Department’s announcement here: http://bit.ly/2oWdBck
The Technical Reference for the FISAP that is due by September 29, 2017 can be found here: http://bit.ly/2oWvEPk

FISAP EDIT CORRECTIONS DUE DECEMBER 15, 2016

Schools that participate in Campus-Based funding like the Federal Perkins Loan, Federal Work Study, Federal Supplemental Educational Opportunity Grant must file their Fiscal Operations Report and Application to Participate (FISAP) by September 30th each year. Changes, corrections or edits to the FISAP for 2015-2016 and the Application to Participate for 2017-2018 must be submitted to the Department of Education by midnight on Thursday, December 15, 2016.

FISAP TIPS

  • Remember to submit the updated FISAP – Simply validating and/or saving the new data entry does not result in submission to the Department. After updating and validating Line 1.2, it is imperative that schools complete the process by using the “Submit” button.
  • Verify that changes/corrections have been received by the Department – Schools should log in to the eCampus-Based (eCB) website, select the “Self-Service” link in the top navigation bar and scroll to the “Acknowledgements” section. Then, select “Submission Log” to view the log and verify submission of the update.
  • Signature not required for FISAP changes – Schools are not required to re-send signature pages or perform eSignature functions when changes are made to a previously submitted FISAP.