ACCOUNTING PROCEDURES FOR RECORDING FEDERAL FINANCIAL AID …

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procedures outlined in this Accounting Manual chapter. VI. REFERENCES … Fiscal Officer Training Workshop Participant’s Guide, 1993. …

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Content
ACCOUNTING PROCEDURES FOR RECORDING FEDERAL
FINANCIAL AID ADMINISTRATIVE COST ALLOWANCE
ACCOUNTING MANUAL A-115-62
ACCOUNTING PROCEDURES FOR RECORDING FEDERAL
FINANCIAL AID ADMINISTRATIVE COST ALLOWANCE
Contents
Page
I. Introduction 1
II. Federal Pell Grant and William D. Ford Federal
Direct Loan Programs 1
III. Campus-based Programs 2
IV. Accounting Procedures 2
A. Federal Pell Grant and William D. Ford
Federal Direct Loan Programs 2
B. Federal Work-study and Federal Supplemental
Educational Opportunity Grants 3
C. Federal Perkins Loan 3
V. Responsibilities 4
VI. References 4ACCOUNTING PROCEDURES FOR RECORDING FEDERAL
FINANCIAL AID ADMINISTRATIVE COST ALLOWANCE
A-115-62
ACCOUNTING MANUAL Page 1
TL 63 12/30/94
ACCOUNTING PROCEDURES FOR RECORDING
FEDERAL FINANCIAL AID ADMINISTRATIVE COST ALLOWANCE
“Important principles may and must be flexible.”
Abraham Lincoln’s last public address,
Washington, D.C., April 11, 1865
I. INTRODUCTION
The administrative cost allowance (ACA) is intended to help
offset costs incurred in administering the Federal Pell
Grant, the William D. Ford Federal Direct Loan (Direct Loan)
programs and campus-based programs. These costs include
general expenses associated with compliance with Federal law
and program regulations, such as salaries, furniture,
travel, supplies, audits, equipment, computer costs, and the
provision of student consumer information.
There is no ACA available to the University for Federal
Direct Consolidation Loans, since they are typically handled
by Sallie Mae or other purchasers of student loans.
II. FEDERAL PELL GRANT AND WILLIAM D. FORD FEDERAL DIRECT LOAN
PROGRAMS
The ACA for the Federal Pell Grant program is based on the
number of unduplicated Student Aid Reports (SAR) submitted
to the institution. The ACA of $5 per SAR is sent
separately to the campus by the Department of Education.
The…