2021-22 Budget Data Due June 1
Unless otherwise noted, links in this message are to corresponding pages at the Illinois Student Assistance Commission (ISAC) website (isac.org).
The annual reporting of postsecondary institutions' budget information to ISAC is underway. This message provides details regarding the manner in which colleges participating in the Monetary Award Program (MAP) and the Illinois Veteran Grant (IVG) and Illinois National Guard (ING) Grant programs will submit required budget data for the 2021-22 processing cycle.
The requested budget information follows the same format that was used to report 2020-21 academic year data, and there have been no changes to the system or procedures.
2021-22 Budget Data Due June 1, 2021
Colleges will submit their 2021-22 budget data online via the "School: Budget" area of the GAP Access portal, which follows the same format that was used to report 2020-21 academic year data.
If a school's annual budget is not final by June 1, the budget data is to be submitted with estimated figures, followed by an e-mail from the financial aid director to ISAC's School Services Department that provides the approximate date by which the final budget will be submitted (must be on or before August 1, 2021).
General Institutional Information
Valid responses must be provided for Questions 1 and 2 of the "General Institutional Information" section. If you do not have a valid Program Participation Agreement (PPA), blank is a valid response. If Question 1 is checked, and/or a date is reported for Question 2, responses to all three questions are required before the budget can be certified. For Question 3, one of the buttons ("Yes" or "No") must be selected before the budget can be certified.
- Please check this box to confirm that this institution has a valid PPA with the U.S. Department of Education (ED). [Checkbox will appear here]
- This ED PPA expires: [mm/dd/yyyy field will appear here]
- Has your institution undergone a name or ownership change in the last 12 months? [Yes/No radio buttons will appear here]
- Step-by-step instructions for accessing and navigating the GAP Access "School: Budget" screens are provided on the Gift Assistance Budget Instructions page (and may also be viewed in a separate browser window via a link in the top right corner of the "School: Budget" screens).
- An overview of the budget reporting process begins on slide 22 of the ISAC Operational Update and a Review of the Budget Reporting Process webinar presentation that took place on April 28, 2021.
- After logging in to GAP Access, only those staff members who have been granted appropriate privileges will be able to access the "Budget" option from within the "School" area of the system.
- After the budget information for all approved codes and all approved programs has been entered, saved and confirmed and the institution's required tuition refund policy document has been uploaded and saved, the financial aid director will need to submit the data by selecting the "Certify" button.
- Budget data must be reported for each approved program (MAP, IVG and/or ING Grant), and each approved school code within a program, before it is certified.
- If you have questions concerning the online process of submitting budget data to ISAC, please contact a School Services Representative at 866.247.2172 or email@example.com.
Do You Want to Change How Your MAP Awards are Calculated?
Schools have a choice in how MAP term awards are calculated. Awards may be split evenly between terms or be split by whole dollar amounts. For example, if a semester school has elected to use the "cents" option, an annual award of $4521.00 is split evenly between terms as an award of $2260.50. If the school chooses to use the "no cents" option, the annual award of $4521.00 would be $2260.00 for the first term and $2261.00 for the second term. A definition of the "cents" or "no cents" option for quarter schools can be found at the above link.
The majority of schools calculate term awards by the "cents" option, but if you're interested in switching to the "no cents" option (or vice versa), simply send an e-mail message to firstname.lastname@example.org prior to June 1, 2021.
You are receiving this message because you registered for ISAC's e-Messaging service through one or more subscription groups for FAAs.
If you have any questions regarding this e-Message, please contact ISAC's School Services Department by calling toll free at 866.247.2172 or sending an e-mail message to email@example.com.