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.
- Award year and date references have been updated and FISAP instructions have been clarified, as outlined in the April 25, 2017 Electronic Announcement.
- 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).
- It is important that all affected campus offices coordinate and reconcile the information reported in the school’s 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 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.
- 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.
- 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.”
- 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.
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
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.
- 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.
The FISAP can be confusing and intimidating, especially for new Financial Aid officers and directors. If this is your first time completing the FISAP for your institution, ED has a great free resource to help get you up to speed. FSA E-Training offers self-paced, online training. Learn more here: http://bit.ly/2brEDHG
Twice this year, the Campus Based Team at FSA updated the FISAP Form and Instructions – Here are the ones you want to use: http://bit.ly/2cjNStL