Fund Allocation Management

Student Financial Planning (SFP) enables an institution to create a Fund Allocation Schedule to automatically reserve and release specific fund types over the course of the award year.

Overview

You can use the application configuration of a fund allocation for fund types awarded within the application on an award year/non-award year basis to limit awarding to the amount allocated within the fund. The application allows the fund to be allocated to configured periods. You can update the amounts within these periods to manage/ensure that funds can be reasonably available throughout the award year. The application also displays relevant fund calculations and allows you to enter adjustments as the amount of resources changes.

What Student Financial Planning Does Automatically

SFP automatically does the following things:

Reserves funds from the fund allocation

Once the allocation periods and the amounts per period are established, the application automatically reserves funds for eligible students within the appropriate period. Reserved funds include estimated and awarded funds for eligible students.

If a reserved amount associated with an allocation period is updated, the application automatically updates the reserved column.

Releases awards from the fund allocation

SFP releases funds and calculates the remaining amount available for the allocation period. The application tallies the number of students awarded the fund source and calculates the total amount reserved, released, disbursed, and remaining.

The application releases any reserved amounts for a student when the award year associated with the reserved payment period has been updated and when the students planned disbursements in the payment period are less than the reserved amount.

Re-packages student when an allocation period is updated

If you update any allocation period(s) the application automatically evaluates each student's awards when they are being re-packaged and will include or update the fund type if the student is eligible to receive the fund type.

The application also repackages any student if his or her eligibility changes, resulting in the student becoming eligible or ineligible for the fund source, and immediately recalculates the reserved, released, disbursed and remaining amounts.

Any time a student is repackaged, the application automatically evaluates the student record being re-packaged and updates or includes the fund type if funds are or have become available since the last time the student was packaged.

Re-packages when allocation Period are fully reserved

The application completes a re-package for all students with reserved amounts within an allocation period when there is no remaining eligibility left within the allocation period.

The application does not allow funds to be reserved or disbursed until an award year allocation schedule has been set up.

Mass Import or Update of Fund Allocation

The FasFundAllocationConfigEvent message allows you to create and update the fund allocation configuration for any fund code configured to require a fund allocation. The message allows all create and update functions available on the Fund Allocation FAS UI page. You can submit a message to update the fund allocation configurations for multiple funds or fund allocation periods within a single MPG event. Within the message, you can define the total fund amount per fund, set allocated amounts and whether the fund can be disbursed for a defined period of time.

Please note:

• The event message must adhere to existing validation rules enforced in the Fund Allocation management UI, otherwise, the event will not be processed.
• Validation errors are displayed on the Application Event error report.

Configurable Attributes

Configure the award year allocation schedule

You can configure the periods in which to allocate the fund throughout the award year. To set up the allocation schedule, you must create at least one period in order to allocate funds. You can then create additional periods, set the maximum amount to allocate per period and decide if the period should be Ready for Disbursement.

Required Role Permissions

You must have a role with this General Permission through Roles Management to access Fund Allocation:

• Administration

See Set General Permissions Matrix for additional information.

Navigation to the Student Financial Planning User Interface Functionality

To View the Fund Allocation Details & Schedule

1. Student Financial Planning User Interface > FAS Management > Fund Allocation
2. Enter the Fund Type.
3. Select an Award Year.
4. Click Search.
5. Review the Fund Allocation Configuration.
6. Review the Fund Allocation Schedule.
7. Click the number in the Pending Disbursements column to view details associated to Pending Disbursements.

Award Year Details

• Fund description
• Award year

• Initial fund amount

Allocation Schedule Details

• Total fund allocation
• Number of students awarded
• Total reserved to date
• Total awards released
• Net reserved
• Total funds currently available
• Number of students disbursed
• Total funds disbursed
• Total disbursements released
• Net disbursements
• Monthly available within the fund allocation