Uncovering the Hidden Liabilities in Your Office MASFAA Conference 2008 November 19, 2008 Kimberly TibbettsJean Ricker VP for ComplianceFinancial Aid Manager.

Slides:



Advertisements
Similar presentations
Return of Title IV Funds FASFAA Region V Workshop April 1, 2011
Advertisements

Deborah Agee & Gloria DeLeon Assistant Directors Student Financial Services The University of Texas at Austin.
DE-DC-MD CONFERENCE HOW TO PREPARE FOR AN AUDIT 11/9/2011 Dawn Y. Mosisa, Director, University Financial Aid Compliance Johns Hopkins University.
Gisella Baker Director of Financial Aid Hawkeye Community College The following is a presentation prepared for IASFAA’s 2014 Conference in Davenport, November.
National Association of Student Financial Aid Administrators The following is a presentation prepared for: MASFAA Indianapolis, IN October 6 – 9, 2013.
Cash Management and Business Officers Hal Deuser Assistant Bursar Webster University.
The Office of Financial Aid McAllen Phone Number: Website:
Satisfactory Academic Progress –Managing the Components Qualitative (grade-based) and Quantitative (time-based) measures.
2014 Tri-State Fall Conference Presented by Yvonne Davis and Julie Lindenmeier.
Written Agreements Between Schools WVASFAA Conference April 1, 2015 Consortiums & Contracts: Craig D. Rorie, Training Officer Federal Student Aid US Department.
Tracking Unofficial Withdrawals. Wednesday, November 7, :00-3:00 Palm Garden Ballroom E 2013 WASFAA Conference2.
Navigating R2T4 MASFAA November 16, 2006 Allene Begley Curto, Springfield College Thomas Threlkeld, US ED.
Return of Title IV funds Sandra Cronin Senior Associate Director Point Park University.
2014 Corrective Action Matrix for 2014 audit findings January 13, 2015.
TASFAA Conference 2014 Dianne Cox, UTC Jeanne Hinchee, Chattanooga State Based on NASFAA Fall 2013 Training Compliance and Campus Collaboration – R2T4.
2015 PACE/USO TDN Conference Angela Smith, Training Officer U.S. Department of Education Return of Title IV Funds – The Basics.
For College Faculty and Student Services Staff. We’re All In This Together!
Top 10 Findings in Audits and Program Reviews NASFAA 2008.
NASFAA 2003: Reconnecting With Students! 2 FSA Assessments: A Key to Compliance & Improvement Session #: S106.
Session #29 Foreign Schools R2T4 Greg Martin Byron Scott U.S. Department of Education.
Return of Title IV Funds R2T4 NYSFAAA REGION VII PRESENTER DEBRA HANSEN STONY BROOK UNIVERSITY.
National Association of Student Financial Aid Administrators Presents… John Kolotos Carney McCullough US Department of Education CASH MANAGEMENT Current.
From the Kitchens of : Eileen Keller, CPA, Salmon Sims Thomas & Jared Sanders, CPA, Lightheart|Sanders Recipe for: Audit Success.
Implementing a risk-based Title IV audit program Presented by: Jarod Paulson, Compliance Manager Erin Hage, Audit and Compliance Specialist.
PASFAA Conference, Harrisburg PA Common Audit and Program Review Findings Annmarie Weisman |
Financial Aid Forensics Top Audit Findings Expose the Hidden Liabilities in Your Institution 44 th Annual EASFAA Conference May 16-19, 2010 Susan ProulxSheri.
Addressing Unofficial Withdrawals and Federal Financial Aid Compliance Addressing Unofficial Withdrawals and Federal Financial Aid Compliance February.
Return to Title IV: Are Your Withdrawals Passing the Compliance Test? Presented By: Vanessa M. Fulton Georgia Institute of Technology.
1 Improving Administration in Your Financial Aid Office SFA’s Tools for Success.
National Association of Student Financial Aid Administrators Presents … © NASFAA 2011 Return of Title IV Funds.
VETERANS BENEFITS ADMINISTRATION VETERANS BENEFITS ADMINISTRATION COMPLIANCE SURVEYS GI Bill ® is a registered trademark of the United States Department.
The following is a presentation prepared for:. Slide 2 © NASFAA 2012 David Tolman Training Specialist Division of Training & Regulatory Assistance, NASFAA.
Surviving ED Program Review What to Expect “We’ve Been There & Done That” Jacob Pacheco Connie Manzanares Northern New Mexico College New Mexico Association.
Preparing for an Audit or Program Review April 17, 2011 © 2011 Global Financial Aid Services 1.
FSA Program Review “Not Such a Rocky Road” Jacob Pacheco Northern New Mexico College New Mexico Association of Student Financial Aid Administrators 2015.
Federal Financial Aid Administrative Burden Translated: The Impact on Financial Offices AN AWARENESS FOR COLLEGE PRESIDENTS AND WHAT THEY CAN DO TO HELP.
1 FSA Assessments: A Key to Compliance & Improvement NATIONAL ASSOCIATION OF FINANACIAL AID ADMINISTRATORS New York, NY July 3 – July 6.
Unusual Enrollment History
State Program Review Process Presented by GSFC Compliance Team.
Session C-30 Top 10 Audit and Program Review Findings and How To Identify Them Tom Beckerle Laura Hall U.S. Department of Education.
Michael Cagle and Holly Langer-Evans | Nov U.S. Department of Education 2012 Fall Conference FSA Assessments: Find It, Fix It, and Enhance Compliance.
Session 15 Self-Evaluation Tools to Jump Start and Sustain Your Cycle Of Compliance and Institutional Effectiveness Michael D. Cagle School Outreach Division,
Title Top Ten Compliance Issues for Audit and Program Review Dana Kelly Nelnet Partner Solutions.
Top 10 Audit and Program Review Findings NJASFAA Conference Atlantic City, NJ November 2011 Nautochia Webb, Training Officer U.S. Department of Education.
NYSFAAA What to Expect, when you’re Expecting? An Audit.
Session #13 FSA Assessments: An Opportunity to Improve Compliance Julie Arthur David Bartlett.
Melissa Haberman Associate Dean, Student Financial Support Services Madison College MASFAA 2015 Conference #myMASFAA.
Title IV Administration is a Team Sport
NYSFAAA Leadership Preparation Program Reviews October 16, 2015 Thomas J. Dalton Assistant Vice-President, Enrollment Management Excelsior College.
Session Then: Standing in line at the bank.
Satisfactory Academic Progress To be eligible for FSA funds, a student must make Satisfactory Academic Progress, and your school must have a reasonable.
Federal Reviews: What to Expect Laura Lawrence Lavonne Juhl.
CBS Financial Aid Orientation Staff ShaToi Newell, Financial Aid Advisor Services Financial aid awarding Federal.
PASFAA Spring Training April 5, 2016 Grantville, PA.
Demystifying R2T4 for programs offered in modules.
Program Review Essentials & The Top 10 Compliance Findings
The following is a presentation prepared for:
Surviving a Federal Program Review
The Auditors are coming! OH My! Help me prepare!
Assistant Director of Financial Aid
Top Ten Compliance Concerns
Mandatory Attendance Verification
MASFAA Conference November , 2015
Policy and Procedure Manual
TASFAA 2017 Education Is Key
Does Your Financial Aid Office Need a Compliance Officer?
Associate Director of Financial Aid
Compliance and Audit Practices within the Financial Aid Office
Hands-On: FSA Assessments For Foreign Schools
Conflicting Information and Data Accuracy
Presentation transcript:

Uncovering the Hidden Liabilities in Your Office MASFAA Conference 2008 November 19, 2008 Kimberly TibbettsJean Ricker VP for ComplianceFinancial Aid Manager Higher Education Asst. GroupFranklin W. Olin College of Engineering

 You should leave this session knowing how to  locate tools with which to find the hidden liabilities in your office  put together a Compliance Committee  develop your own internal review plan  create a corrective action plan

 Group Work to get you in the mood  FA Forensics at Work  Compliance Committee  Identify Areas of Liability  Develop a periodic review plan  Create an effective Corrective Action Plan  Open Discussion

 1) New Academic Programs: Your Academic Department has created a new certificate program and failed to inform Financial Aid. What do you do?  2) Institutional Disclosure Requirements – Your Campus Security Office refuses to send out the annual crime statistic notification. What do you do?  3) SAP- Institutional vs. FA. A student is not making SAP for Financial Aid purposes but the institution is choosing to allow the student to remain enrolled and take courses. What do you do?  4) IT- system upgrades- your institutions integrated system periodically delivers updates/upgrades based on changes in DOE regulation- some FA related some institutionally related. Your IT Dept is behind in the installation of these upgrades which causes institutional vulnerability with regard to compliance. What do you do?  5) Withdrawals- your Registrar has a habit of back dating withdrawals and/or failing to notify FA when a student withdraws from the institution. What do you do?

 Put together a Compliance Committee consisting of at least the following members:  FAO  Registrar  Bursar/Student Account Office  Admissions  Academic Affairs  Faculty  IT

 Meet every other week for the first 6 – 12 months - monthly thereafter  Develop a list of topics to discuss  Currently existing issues  Upcoming changes to regulations  Solicit topics from other departments  More topics will emerge as more meetings take place

 Allow time for each department to update the committee about what is going on in his/her area  This will be your opportunity to discover what the other departments are doing and if it will have an impact on the FAO  This opens up the opportunity for discussion and becomes a regulatory training moment  This sets the foundation for future collaboration with other departments

 To ensure institutional compliance  To kindly remind all departments of their responsibilities as compliance officers  To find any hidden liabilities within your institution  To develop stronger partnerships with essential departments

 Double Review Process  Create a policy and procedure (P&P) to support the following process to be performed every enrollment period  Secondary review of verification prior to disbursement  Secondary review of R2T4 prior to returning aid

 To find any hidden problems before they grow exponentially  If there is a consistent problem, this provides you with the opportunity to develop a Corrective Action Plan, adjust your P&P, and retrain your staff  To give the FAO time to correct the problem before the student leaves your institution

 If your office is too busy to do a secondary review… do a mini audit before the end of the enrollment period  Remember…if you begin to find a significant number of problems, it would be best to utilize the Double Review Process

 Select a small sampling of verified files  Review student eligibility  Review verification  Review the award  Review disbursed aid amounts  Select a small sampling of students who withdrew from the semester or institution  Review R2T4 process  Review NSLDS reporting  Cure files  Alter your P&P to reflect the changes  Train FAO personnel

 Perform an internal compliance review to determine if there are any errors that can be corrected prior to the A133 review or before the aid year closes  Use the list of Common Findings and findings from your previous A133 reviews to develop a list of areas to review  If you have a Corrective Action Plan in place, be sure to test to ensure that your office is complying with its own plan

 To find any hidden problems  It is always better to know the areas that may be problematic in an A133  To give the FAO time to correct the problem and develop a corrective action plan to have ready for the auditors if needed

 Late Refund/Returns to Title IV Account  Incorrect Return of Title IV Funds Calculation  Entrance/Exit Counseling Deficiencies  Enrollment Report (SSCR) Issues  Repeat Finding-Failure to Take Corrective Action  Auditor Opinion Cited in Audit  Student Credit Balance Deficiencies  Verification Violations  Pell Over/Under Payments

 A Corrective Action Plan must describe the corrective action taken or planned in response to findings identified.  Once a problem has been identified, either though an A133 or your own FA Forensics plan, you need to develop a corrective action plan to correct the problem and ensure that it does not occur again.

 Identify issues  Schedule a meeting  Bring together all the folks who impact or are impacted by the issues  Be sure to include IT if the solution will require utilization of the system  Meet  Lay out the problem and explain why it is an issue  Explain the regulation that must be met  Brainstorm a solution

 Document the solution  Implement the solution  Test the implemented solution  Conduct a follow up meeting if any tweaking is needed  Be sure to test this area in next year’s annual internal review audit

 IFAP website  FSA Assessment  NASFAA Self Evaluation Guide  Annual Auditor Training Conference  Higher Education Assistance Group, Inc  Verification Review Form (  Compliance/Efficiency Guide (

Share your successes What have you implement at your school to ensure that your institution is compliant? How did you create a institution wide compliance team? Anything you would like to share with the group? Any problems to bring to the group?

Kimberly Tibbetts(617) VP for Compliance Higher Education Asst. Group Jean Ricker (781) Financial Aid Manager Olin College of Engineering