1. Financial Aid Reconciliations The UNC Asheville Process Fayetteville Fort Bragg

2. Financial Aid Reconciliations UNC Asheville – a little about us Size is a factor School Students Office/Department Background and Experience Tools and Limited Recourses

3. Financial Aid Reconciliations Financial Aid Proce ss Weekly reconciliation of Financial Aid Activity Clearing fund process Moving away from manual processes improved Efficiency Accuracy Timing

4. Financial Aid Reconciliations What you don’t know can hurt you Ask for the impossible Do not limit yourself or others If a process seems odd or ‘wonky’ take a deeper look Think BIG picture What is your ultimate goal?

5. Financial Aid Reconciliations Weekly Recon at a Glance Pull Clearing Fund Totals (Banner Form) Run ARGOS Report of prior week’s activity Subtotaling fun in Excel! Entries Journal Entries Wire Transfers Check Requests Take a second look Review & Approval Process

7. So Much Excel Excited-Ness!

8. Wire Transfer Needed

9. Financial Aid Reconciliations Big Picture – Monthly Recon Smooth sailing until… We thought we had it all… Realizing we were not completing a comprehensive reconciliation How we tackled the process

10. Financial Aid Reconciliations Taking a Step Back Financial Aid Award COD AR & Clearing Account General Ledger G5 DepartmentReconciliation Financial AidCOD, G5, and Budget for Fund Student AccountsClearing GL and Entries FinanceGL and G5 Budget GL Balance at Year End!

11. Financial Aid Reconciliations Recon Includes The Following Identified key totals to be verified G5 – federal drawdowns General Ledger funds Pending items in transit Financial Aid totals COD – Net Accepted & Posted Disbursements Data Input from all areas Signoff by departments Originals reside in Financial Aid for safe (auditing) keeping!

12. Financial Aid Reconciliations The End Result – See handout

13. Financial Aid Reconciliations Perkins Loan Recon with Servicer Starting from a good place Campus Partners and GL account setup Meticulous Accounting, Details, Notes Financial Aid Award AR & Clearing Account Perkins GL Advance to CP Monthly Recon CP to GL

17. Financial Aid Reconciliations Perkins Recon = Happy FISAP Tools for Success Create separate accounts for Perkins Activity Reconcile Activity to Campus Partners Reconcile GL fund total to Campus Partners Notify Campus Partners of new loans & advances See Handouts Electronic Copies Available on Demand

18. Financial Aid Reconciliations My Contact Information: Alexis Levenson University of North Carolina Asheville 828-251-6609 alevenso@unca.edu