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 |