The Department of Education has been focusing on accurate disbursement dates and amounts within the school ledger as compared to the Department of Education’s COD reports. It is critical that these dates and amounts match across the board on all reports.
Unfortunately, many schools have different dates and amounts on their internal records from what the Department of Education has recorded and Program Reviewers are issuing findings.
One way this may occur is the school reports a different date of receiving Title IV funds for a student to the Department from their post date on their student ledger. Another way is a school may key an amount incorrectly into their system ledger from a report they are reading.
FAS has created an integration or import tool that allows the schools to integrate Title IV disbursements made to students through FAS/ED systems with Genesis School Management Software and other SIS( student information systems).
When FAS clients receive student disbursements into their Federal Funds Accounts and need to post those disbursements to their internal student ledgers, they can now simply import the disbursement amounts and dates from FASLine into Genesis (or another SIS ).
The value of this feature goes without saying as it saves time in duplicate entry and promotes accuracy in an area the Department of Education is scrutinizing.