Monetary Award Program (MAP) Grant Reconciliation
ISAC rules require that institutions credit a student’s account within 30 days of receiving MAP funds. Each institution must reconcile MAP grant payments. Refunds that are identified in the reconciliation process, are to be returned to ISAC no later than 60 days following the end of the academic term unless ISAC has already deducted outstanding refunds from institutional payment requests during the applicable fiscal year.
Refunds may be caused by billing errors, retroactive withdrawals and other miscellaneous reasons. Refunds showing as owed to ISAC must be remitted within 30 days of the end of the institution's regular school year. Should the payment arrive after the end of the regular school year, the institution will have 60 days following receipt of the payment to complete the reconciliation process and return any refunds due.
Award payments must be reconciled on a student-by-student basis. A refund of the payment made must be submitted to ISAC. Refer to the Refunds and Unpaid Claims section of the Processes area for guidance on returning funds to ISAC with the proper documentation
The ILASFAA/ISAC Operations Committee developed a model for the MAP reconciliation process. The model was developed with input from school representatives and ISAC staff, with the intent of creating a good business practice to assist schools with the MAP reconciliation process.
- The model is divided into two separate processes—the MAP student award reconciliation process and the MAP fiscal reconciliation process.
- Easy to follow flow charts, along with written descriptions, have been created as a guide to “step through” the MAP reconciliation process—from the Eligibility Status File (ESF), through refunds and court of claims submissions.
- The model can be used as a training tool for financial aid staff unfamiliar with the MAP payment/reconciliation process.
- The model may be used to train other departments (e.g., bursar and business offices) on the MAP payment/reconciliation process.
- The model is designed to help schools meet all MAP reconciliation requirements.
- Schools should keep in mind that this is a model. They may need to make modifications to it to make it fit with procedures already in place at their institutions.