SCHOOLS MUST DRAW DOWN ACA PAYMENTS IN G5

The Federal Pell Grant regulations at 34 CFR 690.10 provide for an Administrative Cost Allowance (ACA) payment of $5.00 to each participating school for each student who receives a Pell Grant at that school for an award year.
There are a number of schools that have not drawn down their Pell Grant Administrative Cost Allowance (ACA) payments for the 2014-2015 Award Year, the 2015-2016 Award Year, and/or the 2016-2017 Award Year.
In January 2017 the department changed how schools receive their ACA payments. In the past, the funds would be pushed as a deposit into the school’s federal funds accounts. Now, school’s have to actually go into G5 and draw the funds down.
If you haven’t processed a draw down of these funds in G5 you probably have some money waiting.
Federal Student Aid posted a reminder announcement to alert schools to draw down their ACA payments. According to the announcement, a school’s calculated Pell Grant ACA payment is posted in G5 as an Available Balance in the school’s ACA G5 Award Number, P063Q14#### for the 2014-2015 Award Year, P063Q15#### for the 2015-2016 Award Year, and P063Q16#### for the 20162017 Award Year.  A school must sign in to the G5 website and process a drawdown transaction in G5 to receive the funds.
For more information about this change, refer to the January 27, 2016 Electronic Announcement that is posted on the IFAP website.

Have a new business officer? Need training? | Email Info@Ed-Executives.com or call 203-836-4806 for more information.