As outlined in the Federal Register (89 FR 4284), all corrections and adjustments to the Fiscal Operations Report (FISAP) for 2023–24 and the Application to Participate for 2025–26 must be finalized by 11:59 p.m. ET on December 13, 2024. To that end, financial aid administrators should act now to ensure accurate, complete submissions and prevent compliance issues. Here is a breakdown of the most important information to know regarding this requirement:
Key Actions and Process for FISAP Corrections
Administrators must verify the accuracy of their FISAP data by reconciling Federal Supplemental Educational Opportunity Grant (FSEOG) and Federal Work Study (FWS) expenditures with the drawdown activity in G5. During the closeout process for 2023–24 awards, set to be completed by March 1, 2025, any discrepancies will prompt the Department of Education to adjust authorizations to match reported expenditures.
- Data Reconciliation with G5
- Ensure that FSEOG and FWS expenditures align with G5 activity.
- Report unspent funds accurately to avoid negative balances, which may require schools to return funds. For instance, if a school has drawn its full FWS authorization but only reported a portion as expended, the difference must be returned.
- Validation Edit Error Resolution
- Real-time validation checks are available on the Common Origination and Disbursement (COD) website, which identifies errors and guides corrections. Schools can validate, address errors, and resubmit prior to the December 13 deadline. For ambiguous errors, schools may provide additional details in the comment box provided.
- Ensure Submission of Corrections
- Saving corrections alone does not finalize them; it’s critical to click the “Submit” button to ensure data is sent to the Department. Schools should log into the COD website to confirm submission through the “Submission Log” feature.
Deadline Extensions for Schools Affected by Disasters
Schools impacted by major disasters have received an automatic extension until December 13, 2024. Those still unable to meet the deadline should contact the FSA Partner and School Relations Center for further extension requests.
Post-Deadline Changes and Requests
If any amendments are necessary after December 13, the school must submit a “Change Request” on the COD website, detailing the adjustment and justifying the necessity. Please note that requests for increases in fund requests or Administrative Cost Allowance (ACA) adjustments will not be approved after December 13.
This FISAP deadline demands meticulous preparation, so financial aid offices should prioritize completing these steps on time to ensure compliance to streamline closeout procedures.
For assistance with completing the FISAP Process, we encourage schools to reach out to info@heag.us for guidance and support. Schools can also reach out to the FSA Partner and School Relations Center at 1-800-848-0978 or by emailing CODSupport@ed.gov.