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M.E.G Calabrese University of Minnesota – Twin Cities.

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Presentation on theme: "M.E.G Calabrese University of Minnesota – Twin Cities."— Presentation transcript:

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2 M.E.G Calabrese University of Minnesota – Twin Cities

3 M.E.G. Calabrese - University of Minnesota – Twin Cities 15 years experience in Direct Lending Approximately $3 BILLION in Direct Loans disbursed since And all reconciled to $0 balances.

4 It’s a Journey, not a destination…

5  Do not fear it; it’s not that bad.  Work your origination rejects.  Work your change rejects.  Work your disbursement rejects.

6  Find a method that works for your school, your system and you.  Keep on top of it.

7  Get your SAS (School Account Statement) as a fixed length report and retrieve from your SAIG mailbox.  SAS’s are generated the first of the month.  Download the files using the FA inbound process.

8  Enter your cash draws from G5 into “Manage DL Cash Transactions” page.  Reconcile your cash activity.

9  Run the “Generate Reconciliation Report” under the DL School Account Summary menu. ◦ Identifies loans that exist in your system but not at COD ◦ Reconcile cash draws  Loans or cash transactions that do NOT match show on report. Work these.

10 ◦ Realize that sometimes timing is an issue and that on the next month’s report there won’t be an issue. ◦ If not timing, disbursement or change record not yet accepted at COD. Fix what is wrong.

11  Keep a copy of the PDF generated for auditors to show you’re doing monthly reconciliation.

12  Process at U of M: ◦ Load SAS into Access database. ◦ Load PeopleSoft query info into that database. ◦ Use compare to find loans that do not match up (dollar amounts are off). ◦ Fix those loans as needed.

13  Helpful queries: ◦ Loans on hold (run daily) ◦ Unbooked loans (run weekly) ◦ Failed origination (run daily)

14 M.E.G. Calabrese University of Minnesota

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