Transcript FINANCING YOUR HIGHER EDUCATION

Putting the Puzzle Together
Students
Every Puzzle Has A Solution,
The HOPE Invoicing Project
Presenters: Bill Flook and Bob Lahl, GSFC
College
2004 GSFC Annual
Conference
March 3 & 4, 2004
Parents
HOPE Invoicing Project
What is a puzzle?
 Something familiar with a new twist;
 Not too easy, not too hard;
 Unlike games, puzzles have little
replay value;
 There is always at least one solution.
Colleges
HOPE Invoicing Project
Clues To The HOPE Invoicing Puzzle:
 Background and Current System
 HOPE Invoicing Overview
 Pilot Update and Full Implementation
 Steps to Follow to Solve the Puzzle
Students
HOPE Invoicing Project
Background
State Department of Audits determined
the current system does not provide
necessary accounting controls over
HOPE funds and recommended
establishing an invoice system.
Financial
Aid
HOPE Invoicing Project
Current HOPE System
 Schools allocated funds for each term.
 Schools draw down allocations as early as 13
days before classes.
 Schools report awards within 45 days.
 If awards exceed allocation, then increased.
 Schools retain excess funds until year-end
reconciliation.
Parents
HOPE Invoicing Project
HOPE Invoicing System Overview
 Electronic invoices submitted as early as 15
days prior to first day of classes.
 Invoice must list each student.
 Public schools must invoice tuition, fees, and
books.
 Disbursement in two business days.
 Schools can control disbursements.
 Supplemental invoices and adjustments
submitted anytime during the term.
Colleges
HOPE Invoicing Project
Reconciliation
 Will reconcile by end of each term.
 Term reconciliation means school
acknowledges GSFC’s disbursement figures.
 Electronic acknowledgement by FAD.
 Funds for future terms withheld until term
reconciliation is complete.
 Final year-end reconciliation means invoices
equal disbursements.
Students
HOPE Invoicing Project
Pilot Participants
 Technical assistance from USG & DTAE
 Agnes Scott College – Private
 Chattahoochee Technical College – DTAE
 Dalton State College – USG
 Kennesaw State University – USG
 North Metro Technical College – DTAE
 Georgia Student Finance Commission
Financial
Aid
HOPE Invoicing Project
Statewide Implementation
 Training workshops during the
Spring/Summer of 2004.
 USG – March 19th – RACAR/RACSFA- Macon.
 DTAE – March/April – 2 sessions – TBA.
 Privates – March/April – 2 sessions – TBA.
 Scheduled Test File Exchanges.
 Full implementation beginning with Fall term
of 2004 (2004-2005 AY).
Parents
HOPE Invoicing Project
HOPE Invoicing Process
 Access SURFER at
www.gsfc.org/HOPE/Secure/surfer/.
 Enter valid Password and Pin.
 Click on “HOPE Invoice” for menu.
Colleges
HOPE Invoicing Project
HOPE Invoice System Menu
 Disbursement Status (unlocked)
 Add/Edit New Student Invoice
 Upload Invoice File
 View/Edit Rejected Invoice Records
 Create Invoice Reports
 View/Download Invoice Reports
 Budget Reconciliation
Students
HOPE Invoicing Project
Recap:
 Schools will invoice before receiving funds.
 Reconciliation at the end of each term.
 Minimal impact on cash flow.
 Transparent to the students.
 Statewide implementation for Fall 2004.
 Training and assistance is available.
 It can be done!!
Financial
Aid
HOPE Invoicing Project
Questions and Answers Session
Putting the Puzzle Together!
Colleges
Parents
Students
Financial Aid