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.