Re: Disbursing Federal Funds

From: Nanci Schofield (nschofield@tec.nh.us)
Date: Fri May 17 2002 - 08:10:24 EDT

  • Next message: Savage, Glenn E: "RE: Disbursing Federal Funds"

    I have posted my responses in bold below.

    Nanci Schofield
    Acct Tech
    Bursar's Office
    New Hampshire Technical Institute
    Concord, New Hampshire

    -------Original Message-------

    At 03:12 PM 5/16/2002 -0400, Stogryn, Jennifer wrote:
    Greetings,
    Our Finance and Financial Aid offices are in the midst of an interesting
    discussion about which office should be responsible for disbursing or
    posting to the student's accounts' any federal funds. Currently, the
    Bursar's area performs this function but we have been informed by Fin Aid
    that this is absolutely 'non-compliant' with current federal regulations. My
    understanding of the 'separation of functions' concept is that the same
    office can not both authorize/award and disburse aid. We are a Banner
    school.

    I would greatly appreciate your responses to the following questions.

    What is the size of your institution.


    2900 Day and Evening students

    Are your Bursar and Financial Aid offices separated or do they report to the
    same manager, i.e., Student Services Model?


    Separate


    Who 'disburses' aid?


    Financial Aid


    If Bursar disburses aid, does Fin Aid have any authority to disburse aid
    under any circumstances, i.e., for reconciling purposes?

    n/a

    What is your definition of 'authorize' aid in regards to this topic?

    It is a financial aid call as to what they determine to be qualified aid.
    However, we incorporate an "in-house" promissory note on their award letter
    which states that the student is responsible for any and all balances not
    covered by aid.

    What product/s do you use for Fin Aid and Student A/R?

    Banner for both


    Thank you in advance for your time! If there is any interest, I will compile
    responses and post to the listserve.

    original request submitted by:
    Jennifer L. Stogryn
    Bursar/Manager of Student Accounts
    Curry College Milton, MA
    (617) 333-2153
    (617) 333-3140 fax


    .


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