Posted Date:
September 8, 2009
Author: William Leith, Service Director, Program Management, Federal Student Aid
Subject: Additional TEACH Grant Closeout Information for the 2008-2009 Award Year
In a May
29, 2009 Electronic Announcement, we provided Teacher Education Assistance
for College and Higher Education (TEACH) Grant Closeout information for the 2008-2009
Award Year. This announcement provides additional information to supplement the
previous guidance. As a reminder, to be considered successfully closed out, a
school must--
- Have an Ending Cash Balance of $0 and Total Net Unbooked Disbursements of
$0, as reflected on its TEACH Grant School Account Statement (SAS) Report
When is the processing deadline?
The processing deadline to submit records is 8:00 P.M. (ET) on Wednesday,
September 30, 2009. The COD System subsequently must accept all records
submitted by the processing deadline in order for them to be included in the
school's final TEACH Grant Ending Cash Balance for 2008-2009. Any 2008-2009
batches or records received after the processing deadline will be rejected and
returned to the school.
Notes:
-
In another Electronic Announcement posted on September 2, 2009, we provide
comprehensive information related to activities and deadlines that coincide
with the September 30, 2009 closeout deadline for 2008-2009 TEACH Grant
awards. This announcement is about the September
30, 2009 end of the Federal fiscal year. Schools should refer to this
Electronic Announcement to ensure that 1) all necessary reports are obtained
and 2) all applicable 2008-2009 TEACH Grant origination, disbursement, and
change records are submitted and accepted prior to the outages to allow
funding increases to process as appropriate.
As noted in the other announcement, all actual disbursements must be received
by the COD System no later than 9:00 P.M. (ET) on Friday, September
25, 2009, and subsequently accepted by the COD System, in order
for them to be included in the funds available for drawdown in G5 prior
to the end of the Federal fiscal year and the TEACH Grant closeout deadline.
Although the COD System will continue accepting 2008-2009 TEACH Grant award
and disbursement data through the September 30, 2009 TEACH Grant Closeout
deadline, accepted disbursements will not result in funding increases in
G5 if received after 9:00 P.M. (ET) on Friday, September 25, 2009. A school
should plan its final closeout efforts accordingly.
Though the final processing deadline for 2008-2009 TEACH Grant awards is
September 30, 2009, a school must meet all existing regulations for drawing
funds and reporting disbursements in a timely manner. Most schools should be
able to reach a zero Ending Cash Balance much earlier than the September 30,
2009 deadline.
When is the deadline for drawdowns and/or drawdown adjustments?
Drawdowns and/or drawdown adjustments must also be requested/completed by the
processing deadline of 8:00 P.M. (ET) on Wednesday, September 30, 2009.
How will a school learn its final balance?
In early October 2009, we will produce a final 2008-2009 TEACH Grant SAS Report
and send it to all schools. This TEACH Grant SAS Report will serve as a final
record of the school's official Ending Cash Balance for 2008-2009.
What if a school does not successfully close out by the deadline?
Schools that have not successfully closed out by the processing deadline and
have a positive Ending Cash Balance will be sent a Final Demand Letter requesting
the return of the outstanding balance as a refund of cash. Final Demand Letters
will be mailed during November 2009. If the outstanding balance is not paid
by the deadline noted in the letter, a receivable will be established, and the
school will be billed accordingly.
Schools that have not successfully closed out by the processing deadline and
have a negative Ending Cash Balance will be sent a Negative Balance Letter requesting
the resolution of the outstanding balance. Negative Balance Letters will be
mailed during November 2009.
Contact Information
We appreciate your cooperation as we work to close out the 2008-2009 TEACH
Grant Award Year. If you have questions about this announcement or need assistance
with closeout, contact the COD School Relations Center at 800/848-0978. You
may also e-mail CODSupport@acs-inc.com.
Posted 09/09/09 to www.NASFAA.org. Please submit Web site questions or comments to Web@NASFAA.org
