Institutions must return to the Department of Education the Federal share of any Excess Liquid Capital (ELC) from the institution’s Federal Perkins Loan Revolving Fund. ELC is the amount of the Fund’s “Cash On Hand” that is in excess of the institution’s estimated immediate needs for the Perkins Loan Program. In early October 2016, following the submission deadline for the Fiscal Operations Report and Application to Participate (FISAP), the Department will send an e-mail to the financial aid administrator (FAA) of each institution that has ELC that must be returned to the Department. Institutions must return the Federal share of its ELC to the Department no later than November 17, 2016 using the process described in the “Returning Perkins Funds” instructions on the Campus-Based Processing Information Page on the IFAP Web site.

2017-2018 Fiscal Operations Report and Application to Participate (FISAP)

Schools that participate in Campus Based Programs like SEOG, FWS and Perkins are required to report prior information and apply for the upcoming award year by completing the FISAP each year. This year the FISAP became available on the ecampus based (eCB) website on August 1st and it’s due by September 30.