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Quality Assurance Program

Fiscal Management

This assessment outlines the financial standards schools must maintain to participate in the Federal Student Aid programs. If you identify areas requiring corrective action, we recommend that you complete an Action Plan.

Fiscal Management Worksheets:
Federal Pell Grant Monthly Reconciliation 
TEACH Grant Monthly Reconciliation 
FWS Monthly Reconciliation
Federal Perkins Monthly Reconciliation
FSEOG Monthly Reconciliation
Direct Loan Monthly Reconciliation

Activity Bar: 
Fiscal Management Activity 1: Reconciliation Worksheets
Fiscal Management Activity 2: General Fiscal Requirements
Fiscal Management Activity 3: Excess Cash
Fiscal Management Activity 4: Disbursing Aid File Review Worksheet
Fiscal Management Activity 5: Financial Ratios
Fiscal Management Activity 6: Campus-Based Programs Administrative Cost Allowance
Fiscal Management Activity 7: Disbursing Funds

Additional Links: 
2016-2017 FSA Handbook, School Eligibility & Operations, Chapter 42016-2017 FSA Handbook, Processing Aid & Managing Federal Student Aid Funds, Chapter 1; 2016-2017 FSA Handbook, Processing Aid & Managing Federal Student Aid Funds, Chapter 2; 2016-2017 FSA Handbook, Processing Aid & Managing Federal Student Aid Funds, Chapter 5; 2016-2017 FSA Handbook, Processing Aid & Managing Federal Student Aid Funds, Chapter 6; October 30, 2015 Federal Register Notice (New requirements effective July 1, 2016)

Please note the regulatory citations are referenced in the first column of the assessment. To link to any of the regulatory references, click on the link in the regulatory link column and scroll down to the applicable section.

Fiscal Management Regulatory Link(s) Activity

Standards of Administrative Capability 34 CFR 668.16

34 CFR Part 668, Subpart L, 668.171 through 668.175

34 CFR 668.16

34 CFR 668.24

34 CFR 668.55

34 CFR 668.162

34 CFR 668.163

34 CFR 668.164

34 CFR 668.165

34 CFR 668.166

34 CFR 668.167

34 CFR 668.171

34 CFR 668.172

34 CFR 668.173

34 CFR 668.175

34 CFR 690.14

34 CFR 690.80

 
Financial Responsibility 34 CFR 668, Subpart L, 668.171 through 668.175  

Record Retention and Examinations 34 CFR 668.24

Fiscal Management Activity 2: General Fiscal Requirements
Scope and institutional responsibility 34 CFR 668.161  

Maintaining & Accounting For Funds 34 CFR 668.163

  • Institutional depository account
  • Separate depository account
  • Interest-bearing depository account
  • Accounting and fiscal records
 

Accounting and financial requirements 34 CFR 668.24

 

Cash Management

  • The advance payment method 34 CFR 668.162(b)
  • Reimbursement payment method 34 CFR 668.162(c)
  • Heightened cash monitoring payment method 34 CFR 668.162(d)
  • G-5 Web Page: http://e-grants.ed.gov


Fiscal Management Activity 1: Reconciliation Worksheets

Fiscal Management Activity 6: Campus-Based Programs Administrative Cost Allowance

Disbursing Funds 34 CFR 668.164

  • Disbursement
  • Disbursements by payment period
  • Crediting a student’s ledger account
  • Direct payments
  • Tier one arrangement
  • Tier two arrangement
  • Ownership of financial accounts opened through outreach to an institution’s students
  • Title IV HEA Credit balances
  • Early disbursements
  • Late disbursements
  • Retroactive payments
  • Returning funds
  • Provisions for books and supplies

Fiscal Management Activity 4: Disbursement Worksheet

Fiscal Management Activity 7: Disbursing Funds

Notices and authorizations 34 CFR 668.165  
Excess Cash 34 CFR 668.166 Fiscal Management Activity 3: Excess Cash
Consumer Information 34 CFR 668.22(k)  

Timeframe to Disburse loan funds or return them 34 CFR 668.167

 

Composite Score 34 CFR 668.171(b)(1); 34 CFR 668.172

Fiscal Management Activity 5: Financial Ratios

Refund reserve standards 34 CFR 668.173

 

Current in debt payments 34 CFR 668.171(b)(3)

 

Past Performance and Affiliation Standards 34 CFR 668.175

 

Alternatives to the General Standards 34 CFR 668.175

 

Timeframe to disburse loan funds or return them 34 CFR 668.167

 


Last Updated November 2016

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