Financial Aid Verification (Auditing) Process

Financial Aid Verification (Auditing) Process Print All

Initiative Title	Financial Aid Verification (Auditing) Process
Submitted in Previous Year(s)	2018
Critical Information, Notes, Justification, Rationale	Automate the Verification, audit of student FA folders through Optical Character Recognition and Banner Student Aid variables to a single program to increase the speed and accuracy of the verification process . SUNY Operated campuses have moved in this direction in order to keep up with 21st century processing in terms of speed and accuracy in finalizing student FA records. Students today complete the FAFSA today and expect process to be complete after the Student aid reports is received by the office. Though this process will not do that, it will allow the student next day processing once the audit information is received by the office.
Consequences of this initiative not being funded	Reduces human error in verification process and helps in enrollment management process and expedites finalizing payment arrangements thereby avoiding student being dropped.
Department Goals	To minimize the time it takes for the Verication (audit) process for students to enhance their actual Financial Literacy.
Programs
Locations
Estimated Completion Date
Will this initiative span multiple budget years?	Yes
Importance	High
Funding Source	Operating Budget
Created	11/13/2018 10:09 am
Updated	01/15/2019 10:44 am

Institutional Goals

Goal	How will the initiative support this institutional goal?
COLLEGE GOALS as of 2011 3. To establish public and private partnerships and provide programs and services that support and serve our county’s educational, economic, civic and cultural needs.	It will create a collaborative effort between Student Accounts, Financial Aid, and the Student in understanding how payments and payment arrangements can be made. It will help educate students in Financial Literacy as to what they think they may receive from Federal Government funds and what they will actually have. Once a FA record is finalize the student can then determine how much loan money to borrow and what they will need for tuition and fees as well as books.

Action Steps

Action Step	Responsible Party	Order
Purchase Software subsription with the help of IT from campus Logic. Also develop a plan for implemenation with IT and what is feasable.	John Ivankovic and Rosemary Barrett	1

Expected Outcomes

Outcome	Order
Decrease the number of students from potential dropping of courses due to no viable payment arrangement. Also lowering the Accounts Receivables for the college by finalizing awards for late start students	1

Assessment Methods

Method	Description	Other Method	Responsible Party
Tracking	Usage of programs, services, participation can be tracked; demographic information may also be able to be collected.		Monitor students who year to year based on the number of students who started the verification process and still owe the college money. With sooner verification time being accomplished individual financial literacy in regards to the bill can be personali

Resources

INITIAL YEAR COST:	$30,000.00
RECURRING COST:	$30,000.00

Equipment

Need	Cost (Initial/Recurring)	Supporting Departments
TOTAL:	$0.00 / $0.00

Facility

Need	Cost (Initial/Recurring)	Supporting Departments
TOTAL:	$0.00 / $0.00

Supply

Need	Cost (Initial/Recurring)	Supporting Departments
TOTAL:	$0.00 / $0.00

Staffing

Need	Cost (Initial/Recurring)	Supporting Departments
TOTAL:	$0.00 / $0.00

Training

Need	Cost (Initial/Recurring)	Supporting Departments
TOTAL:	$0.00 / $0.00

Marketing

Need	Cost (Initial/Recurring)	Supporting Departments
TOTAL:	$0.00 / $0.00

Other

Need	Cost (Initial/Recurring)	Supporting Departments
No hardware needed however this is a subscription cost and will be accurred each year the product is utilized. The cost is approximate since it should be on State bid now.	$30000.00 / 30000.00 (1st year)	Financial Aid
TOTAL:	$30,000.00 / $30,000.00

Prioritization

Level 5 Level 5 Cabinet Middle States	Level 4 Level 4 PBIE Committee	Level 3 Level 3 Academic Affairs and Student Services, Provost, VP Office Administration and Finance, VP Office Board of Trustees Chief Diversity Officer Institutional Advancement, VP Office President, Office of Student Services, VP Office SUNY Orange Foundation Sustainability Workforce Development, Strategy & Innovation, VP Office	Level 2 Level 2 Alumni Relations and Special Events Athletics Business Math Science and Technology, AVP Office Business Office CAPE Career and Internship Services Communications Office Enrollment Mgt and Student Financial Services, AVP Office Facilities Food Tech Grants Health Professions, AVP Office Hudson Valley Educational Consortium Human Resources, AVP Office Information Technology, CIO Office Institutional Planning Assessment and Research Lab School Learning & Student Success, AVP Office Liberal Arts, AVP Office Marketing Newburgh Campus Phi Theta Kappa Security Student Engagement and Completion, AVP Office	Level 1 Level 1 Academic Advising Academic Support Middletown Academic Support Newburgh Academic Technology Accessibility Services Admissions and Recruitment Arts and Communication Behavioral Sciences Biology Bursar Business Capital Projects Center for Student Involvement Center for Teaching and Learning Clinical Laboratory Science Computer Science and Technology Criminal Justice Cultural Affairs Custodial and Grounds Dental Hygiene Deployment & Operations Diagnostic Imaging Education Educational Opportunities Program Educational Partnerships English Enrollment Support Services Environmental Health and Safety ESL CAPE Financial Aid Global Studies Governance Honors Program HVAC Information Services & Network Infrastructure Interdisciplinary Studies Liberty Partnership Program Library Mail and Copy Services Maintenance Mathematics Movement Science Nursing Occupational Therapy Payroll Physical Therapy Records and Registration Science Engineering and Architecture Student Services - Data Management Student Services Central Student Services Newburgh Campus Student Support Initiatives Testing Center TRiO Student Support Services Unused Wellness Center Work Force Development CAPE	Initiative Title	Department
		Notes View	1 Notes View		Financial Aid Verification (Auditing) Process $30,000.00 / $30,000.00	Financial Aid

Level 2 (Financial Aid)

Due to potential changes in federal financial aid processing the 2020-2021 aid year may possibly match income to the IRS web site without having the student use the Data Retrieval Tool. This change could pose a significant change in financial aid processing throughout the country. I am not sure what impact purchasing the product would have on the department after the 2019-2020 aid year at this time. This process as we currently stand would enhance Financial Aid processing of auditing individual tax transcripts and stream line the process significantly, thus maintaining personnel levels at 8 staff members.

Level 3 (Student Services, VP Office)

Agree with John I. We should monitor the financial aid situation on the federal level and consider this request next cycle.

Assessment

Date	Department Name	Status	Cost to Date	Funding Source
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