Student Accounts (Bursar) | Origin: FA231
This is a general discussion forum for the following learning topic:
Regulatory Compliance - Outside the Financial Aid Office --> Student Accounts (Bursar)
Post what you've learned about this topic and how you intend to apply it. Feel free to post questions and comments too.
That both the compliance audit and the institution's financial audit MUST be submitted to the U.S. Department of Education within six months of the end of the school's fiscal year.
safety of students and staff is a number one priority including cyber security and the outlines of FERPA are very important.
The Financial Aid Office is responsible for the awarding of FSA funds in a fair and equitable manner.
Making sure all of the funds is processed properly through the diffirent accounts and everything is done correctly.
Reply to Everett Neely's post:
How was this handled during COVID 19 last year? Delays ? employment Furlows?
I've learned the importance of compliance audits in making sure that the school accurately reconciles all feredral funds received and everything is accounted for. Regulations for dispersing and returning funds is very informative.
The reimbursement of funds can depend on the type of school the student attends when it pertains to federal funding. What I learned is that there can be similar and different guidelines depending on the institution.
I was not aware that there were different types of confirmations (active and passive) when notifying students of loan disbursements.
remedial students do not qualify for financial aid funds
There needs to separation between the Financial Aid Office & Student Accounts Office. FA is responsible for awarding FSA, while Student Accounts disburses the funds. FA representatives should never be directly involved in the disbursement of funds and Student Accounts should have the capability to change elements that affect the awarding of aid.
I learned that I am not allowed to perform any financial aid functions since I work in Accounts Payable.
The timeline for the audits is actually 6 months, where I thought it was less.
Reconciliation should be done monthly
Las auditorías de cumplimiento y las auditorías financieras de la institución deben presentarse ante el Departamento de Educación de EE.UU. UU. Dentro de los seis meses siguientes al final del año fiscal escolar.
Nos aseguramos de que todos los fondos se procesan correctamente a través de varias cuentas y que todo se haga correctamente.
Having policies and procedures in place is a good way to be in compliance when an audit takes place and it helps if administrators come and go. Compliance audit and the institution's financial audit has to be submitted to the U.S. Department of Education within six months of the end of the school's fiscal year.