|
AND CHECK TRANSMITTALS FOR THE FEDERAL PERKINS LOAN PROGRAM Institutions that have a Federal Perkins Loan Program Fund and need to return excess liquid capital or Fund capital due to liquidation must use one of the following procedures: Federal Perkins Loan Program Fund excess liquid capital and liquidation funds in the amount of $100,000 and over must comply with the standard structured third party format of Electronic Funds Transfer (EFT) shown on the attached Fedwire Deposit System (FDS) Message Format. Because the Federal Reserve Board requires these procedures, the Department of the Treasury will reject any FDS Message received that is not in compliance with the format. It is important that you properly complete Item 4 (reason for remittance) of the message format because failure to do so may result in an incorrect application of your payment. In addition, the Department’s http://GAPSweb.ed.gov web site now has provisions for returning funds on line. At the home page, select GAPSweb and then FAQ. The REFUND PROCEDURES option contains instructions on accessing the Electronic Refund function of GAPS. Repayments that are under $100,000 may be paid by check. You should: A. Make the check payable to the “U. S. Department of Education.” B. Include with the remittance the 12-digit EIN and the DUNS number. C. Include with the remittance the reason for the remittance. Be sure to state the reason in the manner described below.
D. Mail the check and remittance information to the following address: U. S. Department of Education P. O. Box 952023 St. Louis, Missouri 63195-2023 If you have any questions regarding these procedures, please call Judy Norris at 202/708-9757 or Rhonda Herbert at 202/708-9191. FED-WIRE EFT MESSAGE FORMAT & INSTRUCTIONS -------------------------------------------------------------------------------- ABA Number Type/Sub-Type 021030004 --------------------------------------------------------------------------------------------------- Sender No.: Sender Ref. No.: Amount ___________________________________________________1_______ Sender Name (Automatically inserted by the Federal Reserve Bank) ___________________________________________________________ Treasury Department Name/CTR/ TREAS NYC / CTR / ___________________________________________________________ BNF=ED /AC – 91020001 OBI= ___________________________________________________________ Name / City / State _______2____________________________________________________ DUNS / TIN: _______3____________________________________________________ FOR: _______4____________________________________________________ INSTRUCTIONS A. Complete items 1-4 above as follows: 1 Indicate amount including cents digits. 2 Indicate Name, City, and State. 3 Indicate DUNS Number and Taxpayer Identification Number (TIN). 4 Enter the reason for the remittance: Bill Number / Document Number / Other. B. Provide the sending bank with a copy of the completed form. This form contains other information the bank will need to transmit the FEDWIRE message. |
|||