Session #13 FSA Assessments: An Opportunity to Improve Compliance Julie Arthur David Bartlett

2 What are the FSA Assessments? Prevent non-compliance Identify compliance issues Establish Action Planning steps to correct problems Tools to:

3 Why use the FSA Assessments? Ensure Title IV compliance Prepare for an audit Prepare for a program review Correct deficiencies and eliminate repeat findings Develop or update policies and procedures

4 Standards for Participation Program Participation Agreement Factors of financial responsibility Standards of administrative capability

5 Importance of Administrative Capability Administrative capability: a standard for participation 34 C.F.R. § “Standards of Administrative Capability” Program review and audit findings may indicate lack of administrative capability

6 Using Findings to Improve Compliance Program review and audit findings are good starting point for diagnosing Review past findings and develop policies and procedures to prevent problems from recurring Repeat findings indicate problems that have not been corrected

7 Findings With Significant Liabilities Return of Title IV Funds –Returns not Made –Calculation Errors –Made Late Verification Violations

8 Findings With Significant Liabilities Account Records Inadequate/not Reconciled Inconsistent Information in Student File Lack of Administrative Capability

9 Correcting and Preventing Findings 1.Return of Title IV Funds (R2T4) Errors, Incomplete, Late, Missing 2.Verification Incomplete, Missing, Errors 3.Title IV Accounts Not Reconciled

10 IFAP Where to find the Federal Student Aid Assessments

11 School Portal Where to find the Federal Student Aid Assessments

12 The Redesign of the Assessments New Look and Feel Introduce the New Policy and Procedure Assessment

13 FSA Assessments – Four Categories

14 FSA Assessments Chart

15 FSA Assessments Chart

16 1.Return of Title IV Funds (R2T4) Errors, Incomplete, Late, Missing 2.Verification Incomplete, Missing, Errors 3.Title IV Accounts Not Reconciled Correcting and Preventing Findings

17 Return of Title IV Funds (R2T4) Errors, Incomplete, Late, Missing Managing Funds - Review R2T4 Assessment Policies and Procedures Assessment Policies and Procedures At a Glance Activities FSA Assessments – Policies and Procedures

18 Return of Title IV Funds

19 Return of Title IV Funds

20 Getting Started Developing Policies and Procedures

21 Getting Started with P & P

22 P & P at a Glance

23 P & P At a Glance

24 1.Return of Title IV Funds (R2T4) Errors, Incomplete, Late, Missing 2.Verification Incomplete, Missing, Errors 3.Title IV Accounts Not Reconciled Correcting and Preventing Findings

25 FSA Assessments - Activities Finding: 2 – Verification Incomplete Review Verification Assessment - Students Policies and Procedures Activity 4: Resolving Conflicting Data Activity 5: Professional Judgment

26 FSA Assessments – Verification

27 Verification Activity 4 and Activity 5

28 Verification Activity 4

29 Verification Activity 5

30 Activity 5 continued…

31 1.Return of Title IV Funds (R2T4) Errors, Incomplete, Late, Missing 2.Verification Incomplete, Missing, Errors 3.Title IV Accounts Not Reconciled Correcting and Preventing Findings

32 Reconciliation Worksheets Finding: 3 – Title IV Accounts Not Reconciled Select Managing Funds – Fiscal Management Select Activity 1 – Reconciliation Worksheets Review Year End and Monthly Worksheet

33 Managing Funds – Fiscal Mgmt

34 Reconciliation & Fiscal Mgmt

35 Reconciliation Worksheets

36 Fiscal year end worksheet

37 Management Enhancement Identify compliance issues Assign the issue for correction Design a Corrective Action Plan An Action Plan to:

38 Management Enhancement Worksheet

39 Management Enhancement Worksheet continued…

40 Effective Practices Innovation – Effective Practices Opportunity to review a successful practice reported by one of your colleagues Opportunity to report a successful practice to the Department

41 FSA Assessments: Innovation

42 Effective Practices

43 Current Effective Practices

44 Importance of Offices Working Together “It’s a fact that people working as a team can achieve better results than individuals working alone.”

45 Summary If we can find it – so can you! Use the Assessments to fix problems before the auditor or program reviewer finds it Team Approach to the assessments is critical Use the Management Enhancement as a corrective action plan and track progress

46 Questions

47 Contact Information Julie Arthur Phone: Fax: David Bartlett Phone: Fax: We appreciate your feedback and comments. We can be reached at: