(GENERAL-23-106) Updated FSA Data Center Reports and Foreign Gift and Contract Data Reported by Institutions
November 21, 2023
Federal Student Aid (FSA) recently posted two updated school reports on its data center: Institutions on Heightened Cash Monitoring as of Sept. 1, 2023, and Proprietary Institution Conversions. FSA also updated information about foreign gifts and contracts reported by institutions as of Oct. 13, 2023.
Information below provides a snapshot of key findings in the data sets.
Heightened Cash Monitoring Report
The U.S Department of Education (ED) may provide federal student aid funds to an institution under the advance payment method, heightened cash monitoring (HCM) payment method, or reimbursement payment method.
Under the advance payment method, an institution submits a request for funds that may not exceed the amount of funds the institution needs immediately for disbursements the institution has made or will make to eligible students and parents. The institution can electronically access the funds and must disburse the federal student aid requested within a specific timeframe.
FSA may place an institution on an HCM payment method to provide additional oversight for financial or federal compliance issues, some of which may be serious and others less troublesome.
