Posted Date: May 22, 2014
Sue O'Flaherty, Service Director, Program Management, Federal Student Aid
Subject: TEACH Grant Closeout Information for 2013-2014 Award Year
The Teacher Education Assistance for College and Higher Education (TEACH) Grant closeout deadline for the 2013-2014 Award Year is Tuesday, September 30, 2014. This is the last processing day of the award year, so all school data must be received and accepted by this date, and any necessary funds must be requested in G5, for this information to be included in a school's final Ending Cash Balance for the year. To be considered successfully closed out, the school must—
After the closeout deadline, schools with outstanding balances will be billed.
Note: As a reminder, all cash management, disbursement/adjustment reporting, and reconciliation regulatory requirements supersede the closeout deadline. If a school is meeting these regulatory requirements, they should be able to reach a zero ending cash balance and be fully reconciled within a month or two of their final scheduled disbursements for a given program and year. In other words, schools should not wait until the closeout deadline to be fully reconciled to a zero ending cash balance.
To assist schools in achieving a successful closeout, we will send monthly Balance Notification e-mails to notify schools of their current Ending Cash Balance and to provide general information regarding the closeout process. These e-mails will be sent to the Financial Aid Administrator and President at each school.
Note: As a reminder, changes to school name, school address (including your branches and locations), names of the Chief Executive Officer/President, Chief Financial Officer (or the equivalent title) or Director of Financial Aid must be reported to the Department of Education via the Electronic Application for Approval to Participate in Federal Student Financial Aid Programs at http://www.eligcert.ed.gov.
A school must be aware of its closeout status even if its TEACH Grant processing is handled by a third party servicer. We encourage each school to communicate regularly with its third party servicer to ensure closeout is completed. It is the school's responsibility to ensure that it finishes processing and completes closeout on time.
Reconciliation should be performed on at least a monthly basis, and the final closeout stage should be the final reconciliation for the award year. As part of this final reconciliation, all discrepancies and reasons for a school's Ending Cash Balance should be identified and resolved, and any remaining funds must be returned to the Department. A key factor to an easy reconciliation and closeout is staying on top of the process. We encourage schools to review the following information:
There are numerous tools available to assist schools in reconciliation and closeout efforts. These tools are as follows:
We appreciate your cooperation as we work to close out the 2013-2014 TEACH Grant Award Year. If you have questions about this announcement or need assistance with closeout, contact the COD School Relations Center at 800/474-7268. You may also e-mail CODSupport@ed.gov.
Publication Date: 5/22/2014