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6/5/2008
Now that the 2007-08 Monetary Award Program (MAP) and Silas Purnell Illinois Incentive for Access (IIA) Program priority payment claim deadline (June 1st) has passed and payment request data for late claims has been analyzed, it has been determined that claims received after the MAP and IIA deadline dates (late claims) are significantly higher than the current appropriation balance. This means that, after all timely claims were paid for MAP and IIA, the current appropriation balance is insufficient to cover the late claims.
A prompt return of funds is necessary for ISAC to determine its ability to pay MAP and IIA late claims. Consequently, you are encouraged to finalize reconciliation activities on your campus as soon as possible. In addition, earlier this week letters were mailed to financial aid directors detailing the “Due to ISAC” amount for each institution as of the June 2nd MAP and IIA payment processing run. Please review the letter and return the appropriate amount.
Return Amounts Due by June 30th
The outstanding amount due, with proper documentation, should be returned to ISAC on or before June 30, 2008. Please be sure to use the current version of the Gift Assistance Programs Check Return Form, which includes a field to specify the term(s) for which funds are being returned and is dated "4/06" in the footer. This document may be accessed within the Refunds and Unpaid Claims portion of the FAA Zone's "Processes" area at collegezone.com.
As a reminder, due to the offset process, do not send refund checks to ISAC without providing the appropriate adjustment data via MAPnet. Details regarding the use of MAPnet are available at the 2007-08 Processing and User Guide area, which is located within the MAP-Automated Delivery Process (ADP) portion of the FAA Zone's "Processes" area at collegezone.com.
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