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5/14/2008
The below dates and reminders are important in monitoring the close-out activities for 2007-08 ISAC-administered gift assistance programs. Also provided is the proration rate for 2007-08 Illinois National Guard (ING) Grant Program timely spring (second and/or third) term claims, as well as the proration status for other gift assistance programs.
Dates and Reminders
- May 15th – is the due date for 2007-08 Robert C. Byrd Honors Scholarship Program Eligibility Certification/Payment Request Rosters (note that the due date is Thursday, May 15th - rather than May 16th as had been previously indicated).
- May 25th – is the due date for 2007-08 Illinois Veteran Grant (IVG) Program spring term payment claims. Although schools will not be reimbursed by ISAC for spring term awards or late claims, payment requests must be submitted to ISAC so eligibility units can be assessed to students' accounts.
- June 1st – is the 2007-08 Monetary Award Program (MAP) and Silas Purnell Illinois Incentive for Access (IIA) Program priority claim deadline date for third quarter, and for second semester for institutions whose second semester began after February 15th.
- June 5th – is the last day Institutional Student Information Record (ISIR) data will be accepted for MAP and IIA. Any 2007-08 ISIRs received at ISAC on or after June 6, 2008 will not be loaded to MAPnet or ISAC's mainframe.
- June 15th – is the due date for 2007-08 Student to Student (STS) Program of Matching Grants spring term (second semester/third quarter) payment claims.
- July 1st – is the last day to submit 2007-08 payment requests (including initial claims and supplemental claims for all terms) for the following ISAC-administered gift assistance programs (click on the following links to access payment information for each program):
* Note that, for MAP and the IIA Program, July 1st is the last date to submit adjustments that will increase an award. Cancellations and adjustments to previously-paid awards that decrease an award (i.e., result in refunds) will continue to be accepted and processed via MAPnet through (including) July 25th.
- July 25th – is the last date that cancellations, refunds, or reductions may be submitted via MAPnet for MAP and the IIA Program. Submissions will be accepted until the site becomes unavailable at 7 p.m.
- August 1st – the MAPnet application for 2007-08 becomes available for historical view only.
Proration Updates
Due to funding shortfalls, ISAC must prorate all 2007-08 ING Grant Program timely second and/or third term claims.
Timely Second or Third Term ING Grant Claims Will Be Prorated at 72.64%
Following the priorities by which claims are to be paid, ISAC has paid 2007-08 timely (in-district and out-of-district) claims for first term at 100% of the claims. Not enough funds remain to pay the timely second or third term claims at 100%. Therefore, these claims must be prorated at 72.64% (i.e., $72.64 will be paid for every $100.00 of eligibility). [Note: As has been done in past years, we are using a more specific proration rate (calculated to the nearest one hundredth of a percent) in order to optimize the remaining funds that are available for the 2007-08 ING Grant Program. A proration rate over 72.64% would overspend the remaining money, while a lower rate would underspend it.]
For the 2007-08 academic year, the institution will be responsible for a percentage (27.36%) of each eligible student's ING Grant timely second or third term award, and will be responsible for 100% of all eligible students' summer claims and late claims (i.e., claims that were submitted after the due dates for each term's claims).
2007-08 ING Grant payment vouchers, along with an Illinois National Guard (ING) Grant Spring Term Claim Proration Worksheet (2007-08 Academic Year), will be sent to schools in the coming weeks. These documents will state the prorated amount paid to the institution for 2007-08 ING Grant spring term claims.
Proration Status Update for Other 2007-08 Gift Assistance Programs
The following outlines the current proration status for other 2007-08 gift assistance programs administered by ISAC.
- IVG Program - as was previously announced, 2007-08 fall term IVG Program claims were prorated. Consequently, schools will not be reimbursed by ISAC for spring term awards or late claims.
- STS Program - if necessary, the final proration rate for this program is anticipated to be announced in late June. If proration is necessary, late claims will not be paid.
- Dependents of Police/Fire/Correctional Officers - spring term claims will be paid at 100%. Analysis is currently being done to determine if summer term claims will be paid for Dependents of Police/Fire/Correctional Officers.
As final decisions are made for the 2007-08 STS and Dependents of Police/Fire/Correctional Officers grant programs, we will convey that information to you via the STS and Police/Fire/Correctional Officers Program News areas, as well as through the College Zone e-Messaging service.
Reconciliation Reminders
You are encouraged to finalize reconciliation activities on your campus, and report all cancellations as soon as possible, by following the cancellation guidance provided in the Processes section of the FAA Zone. Payments must be reconciled on a student-by-student basis.
If you have already finalized reconciliation activities for MAP and/or IIA and find that you need to return funds to ISAC, please follow the Returning Program Funds To ISAC guidance in the Processes section of the FAA Zone.
Late Claims
Promptly returning any amounts due to ISAC after a final reconciliation will assist in the decision making process regarding the release of MAP and IIA late claims. Appropriation balances (which are impacted by the return of program funds) continue to be monitored as decisions concerning releasing payment of MAP and/or IIA late claims are being considered.
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