Reports and Notifications | Origin: FA110
This is a general discussion forum for the following learning topic:
Developing an Efficient Financial Aid Office --> Reports and Notifications
Post what you've learned about this topic and how you intend to apply it. Feel free to post questions and comments too.
It was helpful to learn of the extent institutions are involved in financial aid.
I learned that campus-based funds must be kept in a separate bank account. I also gained insight into the information required for reporting to the DOE and the factors that could trigger a program review.
I learned about all the interconnected systems.
I've learned that having different accounts and a clear transaction history is crucial to FSA program.
It's good to know that institutions are held accountable for the use and distribution of federal student aid.
I learned that campus based funds should have a separate account for best practice.
I've learned that it is very important to know what can trigger a review from the Department of Education. reporting and keeping records are the highest priority and a great responsibility. It's important to maintain separate accounts for ease of reconditions of Federal Pell/Campus Based Funds and Direct Loans, and there are penalties for not keeping up with required records.
The importance of record keeping and maintaining and meeting the requirements of all state agencies, accrediting agencies and DOE.
I have learned what information must be reported to DOE and what could trigger a program review by the Dept.
I have learned a lot the sale of school, and how detailed and thorough the record keeping must be to keep the doors open for a school or to ensure there is no program review.
This Module describes changes that require notification and approval of the Department or simply notification. The actions that can trigger a Program Review and determine the main fiscal reports required for compliance with Federal Student Aid regulations are recognized.
In this module, I learned what information the Department of Education required, and what could trigger a review from the department.
The best practices in maintaining different accounts
Maintaining separate accounts deems as a very sound advice for ease of reconciliation of Federal Pell/Campus Based Funds and Direct Loans.
It was very helpful to review the program review triggers. I wasn't aware that withdrawal rates could trigger a program review.
I have learned how crucial is the involvement of all departments to make sure a program will not be selected for a Department of Education Review.
I have learned what information should be sent to DOE.
Much of the financial aid responsibility is also within the accounting department
This explained the process needed to change ownership of an institution. Or changes to the instituion such as location or name.
