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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.

Very clear separation of responsibilities between financial aid and bursar.

Safety is very important for the students

    Policy and procedures manual includes who is responsible for what

This module has really helped me to better understand the process.

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. 

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.

Reconciliation should be done monthly

The timeline for the audits is actually 6 months, where I thought it was less.

I learned that I am not allowed to perform any financial aid functions since I work in Accounts Payable.

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. 

remedial students do not qualify for financial aid funds

 

I was not aware that there were different types of confirmations (active and passive) when notifying students of loan disbursements.  

 

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'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.

Reply to Everett Neely's post:

How was this handled during COVID 19 last year? Delays ? employment Furlows?  

 

Making sure all of the funds is processed properly through the diffirent accounts and everything is done correctly. 

The Financial Aid Office is responsible for the awarding of FSA funds in a fair and equitable manner.

safety of students and staff is a number one priority including cyber security and the outlines of FERPA are very important. 

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.

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