AwardYear: 1995-1996 EnterChapterNo: 4 EnterChapterTitle: Federal Pell Grant Program SectionNumber: SectionTitle: Appendix 3: Reconciliation of Student Payment Data to (IPS) Net Expenditures Using Your Student Payment Summary PageNumbers: 123-124 A. Reconciliation of your student payment data to your latest IPS Example IPS dated 12/01/95 Total Payments to date to Federal Pell Recipients per school records (IPS Item 15 or equivalent) $12,414 Total Payment Amount (Item 6 + Item 7) $14,735 Total Amount Paid to Date (Item 6) $ 8,238 Total Remaining to be Paid (Item 7) $ 6,497 Step 1. From your institutional records, determine the payments you had not yet made through the date of your last IPS. EXAMPLE: $2,700 remained to be paid as of the 12/01/95 posting date in your general ledger. Step 2. Deduct result of Step 1 from the Total Payment Amount on your SPS. EXAMPLE: $14,735 - $2,700 = $12,035. Step 3. Compare result in Step 2 to the Total Payments to Date to Pell Recipients per school records (IPS Item 15 or equivalent). EXAMPLE: Compare $12,414 to $12,035; the difference is $379. Step 4. Account for any discrepancy in the following categories: a. Payments you included in your Net Expenditures (IPS Item 15 or equivalent) for recipients you have not yet reported; b. Payments you included in your Net Expenditures for recipients you reported but the Department rejected; c. Payments you included in your Net Expenditures but the Department disallowed; d. Payments you included in your student payment data but omitted from your Net Expenditures; and e. Recoveries you have restored to your Pell account but have not reported to the Department as changes to your student payment data. If you cannot reconcile your student payments to your Net Expenditures in this manner, you may have misreported your Net Expenditures. You need to report these corrections promptly. Please keep in mind that- - Your Total Payments to Date to all Federal Pell Recipients per school records (IPS Item 15 or equivalent) SHOULD NEVER EXCEED your Pell authorization-you cannot pay more Pell funds than the Department has authorized. - Your Total Payments to Date (Net Expenditures) should equal or exceed the total Amount Paid to Date (Item 6) listed on your SPS, unless you have already recovered some of those payments. - Your Net Expenditures should not exceed the Total Payment Amount (Item 6 + Item 7) listed on your SPS. If this occurs, you either need to report additional recipients and payment amount adjustments or lower your Net Expenditures. - Your Net Expenditures should equal the Total Payment Amount (Item 6 + Item 7) after you make all payments and report all payment adjustments to the Department. If you identify major discrepancies, you need to correct your reporting errors now so that your next SPS will reflect more complete and reconcilable data. B. Reconciliation of your Pell student payments to your institutional records Step 1. Take the reconciled student payment total from Step 4 on the preceding page and add to that figure any payments you have made since the date of your last IPS. Step 2. Compare the result from Step 1 to your institutional records. Step 3. Account for any discrepancy in the same manner as described in Step 4 on the preceding page. Step 4. Adjust your institutional records and/or report your new recipients and payment amount adjustments to the Department to reconcile your Net Expenditures, student payments, and institutional records. |
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