H. FEDERAL STUDENT FINANCIAL ASSISTANCE PROGRAMS

THE REMAINING QUESTIONS RELATE SOLELY TO STUDENT FINANCIAL ASSISTANCE PROGRAMS AT THE STATE'S COLLEGES AND UNIVERSITIES. IF YOU ARE NOT INCLUDED IN THIS ABOVE MENTIONED GROUP, YOU ARE FINISHED WITH THE QUESTIONNAIRE.

YES NO N/A Notes
Reference
Were your Fed. student FAP's audited by IPA's? If yes, provide copies of latest audit reports when our field audit starts. ______ ______ ______ ______
1. General Requirements: a. Does the system for drawing Student Financial Assistance Program funds keep requests for such funds to an amount limited to immediate needs and within the amounts authorized for each program? ______ ______ ______ ______
b. Are there procedures to provide for an exchange of information among all appropriate offices so that assistance is not awarded in excess of student financial needs? ______ ______ ______ ______
c. Are SFA funds disbursements kept separate from other expenditures? ______ ______ ______ ______
d. Do program and fiscal records show cost of attendance, student resources, student eligibility and payment? ______ ______ ______ ______
e. Are records maintained for five years after the Fiscal Operations Report and Pell Progress Report are filed? ______ ______ ______ ______
f. Do procedures exist for determining eligibility and financial need? ______ ______ ______ ______
g. If the recipient previously attended another institution, is a financial aid transcript maintained? ______ ______ ______ ______
h. Are controls in place to ensure that total aid disbursed to students did not exceed their financial need? ______ ______ ______ ______
i. Are at least two equal payments made each academic year for Pell, SEOG and MDSL programs? ______ ______ ______ ______
j. Is a prorated portion of SFA funds returned to the programs upon refund or a discovery of overpayment? ______ ______ ______ ______
11. Are prescribed matching and cost sharing requirements adhered to? ______ ______ ______ ______
2. Specific Compliance Requirements - Pell Grants:
a. Are awards calculated based on the cost of attendance, Student Aid Index and enrollment status? ______ ______ ______ ______
b. Is Pell Grant applicant data verified on those SARs selected for validation by the Department of Education prior to disbursement to the recipient? ______ ______ ______ ______
c. Are there procedures for disbursing the grants within the prescribed timeframe? ______ ______ ______ ______
3. Specific Compliance Requirements - College Work Study:
a. Are awards calculated based on the cost of attendance, expected family contribution and other resources available to the student? ______ ______ ______ ______
b. Are payments supported by time sheets and certified by a responsible official? ______ ______ ______ ______
c. Does the recipient sign a form acknowledging prohibition of political influence? ______ ______ ______ ______
4. Specific Compliance Requirements - Perkins Loans:
a. Is an approved promissory note in use? ______ ______ ______ ______
b. Are loans granted to students with a past record of default? ______ ______ ______ ______
c. Is due care and diligence used in collecting loans? ______ ______ ______ ______
d. Are complete repayment records maintained for each borrower? ______ ______ ______ ______
e. Is interest earned on Perkins cash credited to Perkins funds? ______ ______ ______ ______
f. Is the Federal Capital Contribution requested only when needed? ______ ______ ______ ______
g. Is excess Perkins cash returned to the Department of Education? ______ ______ ______ ______
h. Is the student's financial need based on the cost of attendance, expected family contribution and other resources available to the student? ______ ______ ______ ______
5. Specific Compliance Requirements - GSL/Higher Education Act Insured Loans:
a. Does the institution complete portions of the GSL application regarding student eligibility, estimated cost of attendance, estimated financial assistance and expected family contribution? ______ ______ ______ ______
b. Does it determine eligibility based on those criteria? ______ ______ ______ ______
c. Does it determine eligibility based on those criteria? ______ ______ ______ ______
d. Does the institution submit Student Confirmation Reports (SCR) periodically to the Department of Education or other guarantee agency as required ? ______ ______ ______ ______
e. Does the institution immediately report withdrawals and changes in enrollment status directly to the lender for those recipients who received PLUS loans? ______ ______ ______ ______
DO NOT WRITE IN THIS BOX --AUDITORS USE ONLY
Preliminary opinion on the above Internal Control matters:
Federal Grant Accounting
Good Fair Poor

Back to Comptroller's Home Page
Back to Table of Contents