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7/31/2006
The following is a summary of the Illinois Student Assistance Commission (ISAC) meeting that took place on Friday, July 28, 2006.
Action Postponed on Proposed Change to MAP Recompute Formula (Agenda Item 8)
As indicated in a July 27th e-Message, a proposal to remove the reduction factor from 2006-07 Monetary Award Program (MAP) awards is being considered. Due to a procedural technicality, action on this proposed change to the 2006-07 MAP recompute formula was postponed until Wednesday, August 2nd at 10 a.m. via teleconference. You will be notified via ISAC's standard communication tools (e.g., e-Messaging and the MAP Program News area at collegezone.com) once action has been taken, as well as regarding what impact the action will have on the 2006-07 MAPnet system.
Commission Meeting Action
Action was taken at the meeting on the following items. Details are provided in the July 28th Agenda Book, which can be accessed from the ISAC's Governing Board: The Commission page at collegezone.com. Specific agenda items may also be accessed by clicking on the appropriate link(s) below.
- The Commission approved the Internal Audit Charter and Plan for the FY2007 audit cycle, and authorized the Executive Director to approve any mid-year changes to the audit schedule, as needed. The Fiscal Control and Internal Auditing Act (FCIAA) requires the Internal Audit plan for each two-year cycle to be completed and approved each fiscal year. (Agenda Item 4)
- The Commission approved the nominations of three College Illinois! Investment Advisory Panel members to serve concurrent terms through December 2008. (Agenda Item 5)
- The Commission approved the applications of three Illinois postsecondary institutions to participate in ISAC-administered gift assistance programs for which each is eligible, effective for the fall term of the 2006-07 academic year (Agenda Item 6)
In addition, the Commission received a report on proposed rules for the Forensic Science Grant Program and the Nurse Educator Scholarship Program. The text of these proposed rules is expected to be published in the Illinois Register in August 2006, which would commence the 45-day public comment period. After the standard public comment period and Joint Committee on Administrative Rules (JCAR) reviews, the approved and adopted rules will be communicated to ISAC's clients through publication in the Illinois Register and various client communications, as well as being posted at collegezone.com. (Agenda Item 7)
It was also announced at Friday's meeting that the next regularly scheduled Commission meeting has been rescheduled for Friday, September 29, 2006 at Lake Forest College in Lake Forest.
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