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6/11/2009
With the 2008-09 Monetary Award Program (MAP) priority payment claim deadline (June 1st) passed and payment request data for late claims continuing to be analyzed, it appears that claims received after that deadline date (late claims) exceed the current appropriation balance. This means that, after all timely claims were paid for MAP, the current appropriation balance is insufficient to cover the late claims.
A prompt return of funds is necessary for ISAC to determine its ability to pay MAP late claims. Consequently, you are encouraged to finalize reconciliation activities on your campus as soon as possible. In addition, letters were mailed to financial aid directors on June 10th, detailing the “Due to ISAC” amount for each institution as of the June 8th MAP payment processing run. Please review the letter and return the appropriate amount.
Return Amounts Due by July 10th
The outstanding amount due for MAP, with proper documentation, should be returned to ISAC on or before July 10, 2009. Be sure to use the current version of the Gift Assistance Programs Check Return Form, which includes a field to specify the term(s) for which funds are being returned and is dated "4/06" in the footer. This document may be accessed within the Refunds and Unpaid Claims portion of the FAA Zone's Processes area at collegezone.com.
As a reminder, due to the offset process, do not send refund checks to ISAC without providing the appropriate adjustment data via MAPnet. Details regarding the use of MAPnet are available at the 2008-09 Processing and User Guide area, which is located within the MAPnet portion of the FAA Zone's Processes area.
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