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5/22/2006
As part of the close-out process for the 2005-06 academic year, letters will be mailed to financial aid directors on June 12th which detail the outstanding amount each institution must refund to ISAC for the Monetary Award Program (MAP) and the Silas Purnell Illinois Incentive for Access (IIA) Program. The outstanding amount due, with proper documentation, should be returned to ISAC on or before June 30, 2006. 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. As a reminder, do not send refund checks to ISAC without providing the appropriate adjustment data via MAPnet.
You are encouraged not to wait for the arrival of this letter but, rather, to finalize reconciliation activities on your campus as soon as possible. Payments must be reconciled on a student-by-student basis. Due to the offset process, funds should be returned to ISAC only after a final reconciliation has been completed to close-out the regular school year. Business officers are encouraged to work with staff from their institution's Financial Aid Office in order to reconcile student awards and accounts.
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