This numeric code, which can be up to five digits, identifies the award or fund as it is used in the Financial Aid Manager module. This code needs to map to an award or fund in your financial aid system. There must be a one-to-one relationship between each fund in PowerFAIDS/JFA and each Fund Code in J1.

If you are using PowerFAIDS

The Fund Code must be identical to Fund Ledger numbers defined in PowerFAIDS in order for information to be transferred successfully.

The Fund Ledger number in PowerFAIDS is not a J1 General Ledger account number. It maps PowerFAIDS funds to J1 Fund Codes.

If you are using JFA

The Fund Code must be identical to the JFA Award external code you assign when you are setting up new funds in the Administration - Award settings.

This column describes the particular fund or award (Federal Work Study, Pell Grant, etc.), and the text entered here will display on the student's bill.

You may want to use the same description that is used in your financial aid system.

Use this drop-down list to specify whether aid in this fund is a Loan (used for CommonLine, state, or private loan funds), Direct Loan, Grant, Job, or an In-House Loan.

It is important to differentiate between the Loan and Direct Loan payment types for all loan payment types because they impact the way J1 processes each fund.

Use this drop-down list to identify the source of the funding, such as

§  F=Federal 

§  S=State 

§  I=Institution 

§  P=Private 

§  O=Other 

§  U=Undefined 

Certain reports such as NSC – Enrollment Reporting and IPEDS require this data.  

Use this drop-down to identify a specific aid program associated with any fund with a Federal fund source, such as

§  L = Pell Grant 

§  S = SEOG (Supplemental Educational Opportunity Grant) 

§  H = TEACH Grant 

§  I = IASG (Iraq-Afghanistan Service Grant) 

§  W = Work Study 

§  G = Subsidized Loan  

§  U = Unsubsidized Loan 

§  P = PLUS Loan (Parent Loan for Undergraduate Student) 

§  B = Graduate PLUS Loan 

§  N = Perkins Loan (ending) 

§  A = Academic Competitiveness Grant (not funded currently) 

§  T = SMART Grant (not funded currently) 

§  O = Other Federal Aid 

§  Space = Undefined 

Certain reports such as NSC – Enrollment Reporting and IPEDS require this data.  It may also be used in additional processes, such as the OI Refund.

Check this column to identify the fund as a scholarship for student athletes.

Check this box if you would like the fund included when the Anticipated Aid process is run.

Type in or select from the drop-down list the subsidiary account that will be credited by awards disbursed from this fund. When you enter a valid subsidiary code and tab out of this column, the account number appears in the Credit Account column on the window.

This subsidiary selection can be overridden by the subsidiary code specified on a student's Financial Aid Master record [see AR Subsidiary to Use on the Financial Aid Master window].

If either of the following applies to your organization, charge/fee codes can be assigned to funds using the Charge/Fee Code Priority window.

·       Open Items and Allocate Financial Aid are selected on the A/R Configuration window, and the subsidiary account for the fund is set to allocate financial aid to eligible charges.

·       Balance Forward is selected on the A/R Configuration window, Allocate Financial Aid Disbursements to Charges and/or Fees is selected on the Financial Aid Configuration window, and the subsidiary account for the fund is set to allocate financial aid to eligible charges.

Click the icon to open the Charge/Fee Code Priority window.

o     The green check icon indicates charge/fee codes are assigned.

o     The warning icon indicates charge/fee codes are missing and to be assigned.

This account number, which is populated based on the Subsidiary Code selection, identifies the account to which this award will be credited when a transaction is created in the Business Office application. This is typically the student's receivable account to which student aid is applied.

Type in or select the account number to which this award will be debited when a transaction is created in the Business Office application.

To select an account from a list, right-click and choose Account Number List. The GL Master Account Codes window opens and allows you to select the appropriate account.

 

·       The debit account is typically the liability or scholarship account out of which this fund's awards are paid. It is normal to have different debit accounts for different funds.  For example, the Pell Grant would have a different Debit Account number than an SEOG or a state grant, etc. ·       You may want to check with your organization's Business Office staff for which account number to use.

Entering a value in this column is necessary only if your organization chooses to allocate financial aid to eligible charges for the student in the Accounts Receivable module.

You may indicate the order in which financial aid funds are applied to a student's charges in Accounts Receivable. The lowest-numbered fund is processed first, proceeding to the highest.

This code links transactions with the selected project. The code is assigned to a transaction when it is associated with the project and remains with it for the entire length of the project (even if it spans several years).

Projects available for selection are based upon your security and filtering configurations (General Configuration window). For more information, contact your Module Manager.

 

You may use the code BIOLAB to identify all transactions associated with the Biology Lab project.

Select one of the following choices from the drop-down list to indicate how this financial aid award will be delivered or paid to the student.

o     To Account

o     By Check

o     No Transfer

If the Acct/Check selection is By Check, choose from the drop-down list the Accounts Payable (AP) subsidiary code associated with this fund.

Use the drop-down to select how unused aid should be returned.

 

If there are fees to be deducted from this award (usually when the Payment Type is Loan), type in the percent (numeric with five decimal places) to deduct in this column. The deduction is made when the Disbursements and Adjustments option is run. Anticipated Aid also uses the Percent Deducted to calculate the expected net award amount of a fund.

o     For Direct Loans, enter 0.0000. Direct Loan funds must be net disbursed from PowerFAIDS.

o     For Private, enter the fee amount for any loan fund defined as L. If multiple loans require different fees, you must use unique funds for each fund. Anticipated Aid and Disbursements and Adjustments (if used) use this fee. CommonLine Loan Disbursements sends the net disbursement amount and the Percent Deducted is ignored.

If you want to deduct 3% from the loan fund award, type in 0.0300. A $1585 award would have $47.55 deducted, resulting in an award of $1537.45 being transferred to the Business Office.

Enter or use the drop-down list to select the 1098-T Eligibility value for the selected fund. This value will follow the fund into the General Ledger via the Disbursements and Adjustments process.

If funds are left null or incorrectly coded, there may be errors in your 1098-T reporting. We recommend you work closely with your Business Office to assign the values needed to properly report the 1098-T. These settings should be reviewed at the start of each new award year prior to disbursement of funds.

When checked, the charges will be used when determining which funds to include in the Box 1 calculations of the 1098-T form.

 

Select this checkbox if the funds are restricted. If the funds are unrestricted, ensure the checkbox is unselected.

Groups of funds that were previously identified as Merit Private and Merit Institution are now to be reported as restricted and unrestricted grants/scholarships.

This optional column is used in conjunction with state reporting processes. It is used to designate how a particular fund will display on applicable state reports.

If the Pell Grant needed to display as "Pell" on the state reports, enter or use the drop-down list to select Pell in the Report Category column.

These codes are defined on the Maintain Table Values window and stored in the Table Details table. Choose Column Name of rpt_category. Once codes are defined, they can be selected from a drop-down list.

Select this checkbox if the fund is consider an exemption/waiver. This column is primarily used for state reporting.

If the fund is classified as an exemption/waiver, select this checkbox if the exemption/waiver represents a lower cost of attendance. This column is primarily used for state reporting.

Select or update the state fund code if applicable. This column is primarily used for state reporting customers, but you may find it useful to designate a state fund for internal tracking.

Select whether the fund is being created for the first time (Initial), is being renewed (Renewal), or is both (Both).

Defining new Fund Master rows is necessary only if new funds are created or existing ones are discontinued or require modification (for example, the fund is re-named or is to be attributed to a different general ledger account).

1.    Open the Fund Master window.

2.    To add a new fund, choose Add Row from the right-click menu.

You can also insert a row where you want it by clicking on the row below and choosing Insert from the right-click menu.

3.    Indicate the new fund you are defining by typing in the Fund Code.

Fund Codes must be identical to the Fund Ledger numbers defined in your financial aid system in order for information to be transferred successfully from the Financial Aid Manager module to PowerFAIDS/JFA and vice versa.

4.    Specify the fund description, payment type, account numbers, and other information as necessary.

The AP Subsidiary column is only available if you select By Check from the Acct/Check drop-down list.

5.    Click the Save icon to save the information.

6.    If applicable, assign a charge/fee code and priority to the fund by choosing Charge/Fee Code Priority from the right-click menu or by clicking the missing charge/fee code  icon next to the Subsidiary Code column.

If either of the following applies to your organization, charge/fee codes can be assigned to funds using the Charge/Fee Code Priority window. ·       Open Items and Allocate Financial Aid are selected on the A/R Configuration window, and the subsidiary account for the fund is set to allocate financial aid to eligible charges. ·       Balance Forward is selected on the A/R Configuration window, Allocate Financial Aid Disbursements to Charges and/or Fees is selected on the Financial Aid Configuration window, and the subsidiary account for the fund is set to allocate financial aid to eligible charges.

Subsidiary accounts are set up by the Business Office using the Subsidiary Definition for A/R window.

1.    Open the Fund Master window.

2.    Locate the fund you want to update or review.

To quickly locate a fund, click on the column headings to sort, or enter full or partial sort criteria in the browse row at the top of the list.

3.    Make any necessary changes.

·       The Fund Code cannot be updated. ·       The AP Subsidiary column is only available if you select By Check from the Acct/Check drop-down list.

4.    To save any changes, click the Save icon.

5.    To assign or update a charge/fee code and priority to the fund, choose Charge/Fee Code Priority from the right-click menu or click the missing charge/fee code icon or charge/fee code assigned icon next to the Subsidiary Code column.

If either of the following applies to your organization, charge/fee codes can be assigned to funds using the Charge/Fee Code Priority window. ·       Open Items and Allocate Financial Aid are selected on the A/R Configuration window, and the subsidiary account for the fund is set to allocate financial aid to eligible charges. ·       Balance Forward is selected on the A/R Configuration window, Allocate Financial Aid Disbursements to Charges and/or Fees is selected on the Financial Aid Configuration window, and the subsidiary account for the fund is set to allocate financial aid to eligible charges.

A fund may not be deleted if it is tied to any transactions in the Transaction History table.

1.    Open the Fund Master window.

2.    Locate the fund you want to delete.

To quickly locate a fund, click on the column headings to sort, or enter full or partial sort criteria in the browse row at the top of the list.

3.    Highlight the fund rows and click the Delete Row icon or select Delete Row from the right-click menu.

To select multiple rows, press Ctrl and click on the rows to highlight them.

4.    Click the Save icon and close the window.