Session DL-04
description
Transcript of Session DL-04
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Session DL-04
Title IV Funding To Schools: From COD Through G5 (For
Direct Loans)
George KarayianisU.S. Department of Education
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Title IV Funding to Schools
Direct Loan Funding
Cash Management
G5 – Updates
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“How do schools get their $Money$?”
Direct Loan FundingProcess Overview
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Triangle of Funds Management:Direct Loans
COD COD SystemSystem
G5G5 SchoolSchool
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Funding Lifecycle
• Initial funding• Disbursement and loan processing (in COD
System)• Drawdowns (through G5)• Monthly reconciliation disbursements/cash
– School/COD System/G5• End-of-award year reconciliation and
closeout
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• Funding based on actual disbursements• 7 day rule
– Records submitted up to 7 days in advance of disbursement date can trigger an increase in funding
Funding Basics
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versus
Funding Delivery Methods
Advanced Funds/
School-Initiated Drawdowns
Pushed Cash/ System-Initiated
Drawdowns
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• School receives an initial CFL• School draws down cash via the G5 Web
site• School sends in MPNs and actual
disbursement records to substantiate cash received
• COD System sends CFL increases to G5 so school can continue to drawdown funds as needed
Advanced Funds/School-Initiated Drawdowns
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SCHOOL
G5COD System
Batches
CFL
Funding Flow Advanced Funds
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• The COD System initiates drawdown requests based on actual disbursements accepted and posted by the COD System and cash is deposited in a school’s bank account
• Schools must have an accepted origination record and MPN on file before an actual disbursement is accepted and cash is pushed to a school
Pushed Cash/System-Initiated Drawdowns
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Funding Flow Pushed CashSCHOOL
G5COD System
Batches
CFLDrawdowns
FDLs
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Example:Funded Disbursement Listing
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Title IV Funding to Schools
Direct Loan Funding
Cash Management
G5 – Updates
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• 30-Day Reporting Requirement– 685.301(d) Direct Loan
• 3-Day Cash Rule– 668.162(b)
• Monthly Reconciliation– 685.102(b) Direct Loan
Cash Management Requirements
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• Monthly reconciliation – Compare your records with the Dept’s to
identify and account for discrepancies– Ending Cash Balance (ECB) may not equal
$0• Closeout
– Process ensuring all records are processed and all cash is accounted for
– The “final” reconciliation, but your ECB must = $0
Direct Loan Reconciliation versus End-Of-Year Closeout
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BeginningCash
Balance
CashReceipts
Refunds Of Cash+
EndingCash
Balance=BookedAdjustments-
Booked Disburse-
ments
Your Ending Cash Balance Equation
- -
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• School Account Statement (SAS)• COD funding Web screens• COD reports• G5 Web screens and reports
COD and G5 ToolsDirect Loan Reconciliation
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School Funding InformationWeb Screen
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Cash Activity Screen
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• Monthly file sent from the COD System – Contains school data as reflected on
the COD System • Sections of the SAS
– Cash summary– Disbursement summary by loan type– Cash detail– Loan/disbursement information
Direct Loan School Account Statement (SAS)
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Title IV Funding to Schools
Direct Loan Funding
Cash Management
G5 – Updates
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G5
• Department of Education’s payment system• Formerly known as GAPS• Provides location for all school funding processes
– Drawdowns– Drawdown adjustments– Refunds– G5 funding reports
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G5 Homepage
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G5 Registration
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My Awards
• An easy-to-view list of all of your institution's awards in G5
• Gives a quick snapshot of the award number, available balance, last date to draw, and award status
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G5 – My Awards Page
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How do I Request my Direct Loan Funds???
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Create Payments
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Create Payment – Payment Tab
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Create Payment – Summary Tab
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Automated E-mail
George,
Requesting User ID: [email protected]
Your request made on 08/12/2008 for $100.00, has been received. Your control number is 2008081206381 and you will receive your funds on 08/13/2008 in bank account ****9426.
• If you did not request this payment, please contact Helpdesk at 1-888-336-8930.
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Drawdown Adjustments
• Can’t move more than has been drawn• Net adjustment must equal zero• Do not use adjustments as a substitute for
returning excess cash• Do not use adjustments to close out a year
or bring your school’s cash balance to zero
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Select Drawdown Adjustments from Payments Menu
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Enter School ID
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Click Continue
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Enter Amount of Adjustment
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Click Continue
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Click Submit Adjustments
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Adjustment Confirmation
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Advantages of Electronic Refunds• Posts to GAPS within 2 business days• You control process• You direct from which bank account the
money is refunded• Multiple refunds on one screen and at one
time• Reduces human error and delays
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Enter Refund Functionality
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Enter Refund Amount
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Confirm refund and click continue
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Select confirm to process refund
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Refund confirmation
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G5 Reporting
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External Award Activity
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External Award History Report
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External Award History Report
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External Award History Report
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• COD School Relations Center 1-800-848-0978
• G5 Helpdesk1-888-336-8930
Need Funding Help?
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Related Conference Sessions
Session DL-01 Direct Loan Fundamentals
Session DL-02 Direct Loan Servicing Fundamentals
Session DL-03 Direct Loan Tools (hands-on)
Session DL-05Unlocking the Potential of Direct Loan Reports
Session DL-06 COD Web Hands-on for Direct Loans
Session C-12Title IV Funding to Schools: From COD through G5 (For Pell Grants, ACG, and National SMART)
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Contact Information
George KarayianisFunds Management Lead, Direct Loan Program Operations [email protected](202) 377-3141