FSA Assessments: An Opportunity to Improve Compliance

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Session 13

• FSA AssessmentsAn Opportunity to Improve
  Compliance
• Julie Arthur
• David Bartlett

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

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Standards for Participation

• Program Participation Agreement
• Factors of financial responsibility
• Standards of administrative capability

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Importance of Administrative Capability

• Administrative capability a standard for
  participation
• 34 C.F.R. 668.16 Standards of Administrative
  Capability
• Program review and audit findings may indicate
  lack of administrative capability

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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

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Findings With Significant Liabilities

• Return of Title IV Funds
• Returns not Made
• Calculation Errors
• Made Late
• Verification Violations

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Findings With Significant Liabilities

• Account Records Inadequate/not Reconciled
• Inconsistent Information in Student File
• Lack of Administrative Capability

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Correcting and Preventing Findings

• Return of Title IV Funds (R2T4) Errors,
  Incomplete, Late, Missing
• Verification Incomplete, Missing, Errors
• Title IV Accounts Not Reconciled

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Where to find the Federal Student Aid Assessments

• IFAP
• http//ifap.ed.gov

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Where to find the Federal Student Aid Assessments

• School Portal
• http//FSA4schools.ed.gov

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The Redesign of the Assessments
New Look and Feel
Introduce the New Policy and Procedure Assessment
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FSA Assessments Four Categories
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FSA Assessments Chart
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FSA Assessments Chart
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Correcting and Preventing Findings

• Return of Title IV Funds (R2T4) Errors,
  Incomplete, Late, Missing
• Verification Incomplete, Missing, Errors
• Title IV Accounts Not Reconciled

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FSA Assessments Policies and Procedures

• 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

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Return of Title IV Funds
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Return of Title IV Funds
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Getting Started Developing Policies and Procedures
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Getting Started with P P
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P P at a Glance
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P P At a Glance
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Correcting and Preventing Findings

• Return of Title IV Funds (R2T4) Errors,
  Incomplete, Late, Missing
• Verification Incomplete, Missing, Errors
• Title IV Accounts Not Reconciled

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FSA Assessments - Activities

• Finding 2 Verification Incomplete
• Review Verification Assessment - Students
• Policies and Procedures
• Activity 4 Resolving Conflicting Data
• Activity 5 Professional Judgment

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FSA Assessments Verification
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Verification Activity 4 and Activity 5
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Verification Activity 4
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Verification Activity 5
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Activity 5 continued
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Correcting and Preventing Findings

• Return of Title IV Funds (R2T4) Errors,
  Incomplete, Late, Missing
• Verification Incomplete, Missing, Errors
• Title IV Accounts Not Reconciled

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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

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Managing Funds Fiscal Mgmt
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Reconciliation Fiscal Mgmt
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Reconciliation Worksheets
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Fiscal year end worksheet
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Management Enhancement
An Action Plan to
Identify compliance issues
Assign the issue for correction
Design a Corrective Action Plan
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Management Enhancement Worksheet
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Management Enhancement Worksheet continued
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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

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FSA Assessments Innovation
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Effective Practices
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Current Effective Practices
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Importance of Offices Working Together

• Its a fact that people working as a team can
  achieve better results than individuals working
  alone.

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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

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Questions
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Contact Information
We appreciate your feedback and comments. We can
be reached at

• Julie Arthur
• Phone [phone]
• Email julie.arthur_at_ed.gov
• Fax [phone]
• David Bartlett
• Phone [phone]
• E-mail david.bartlett_at_ed.gov
• Fax [phone]