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Compliance
Effective Date: October 9, 2012, Updated October 9, 2012
SURDS REPORTING COMPLIANCE
Performance Standard |
Required Date |
Consequences |
PUBLIC INSTITUTIONS: Submit FY 2012 SURDS Financial Aid file and signed verification to CCHE |
September 15, 2012 |
Failure to submit by this date will result in a 5% reduction in FY 2013 allocation |
PROPRIETARY AND PRIVATE INSTITUTIONS: Submit FY 2012 SURDS Financial Aid file and signed verification to CCHE |
October 1, 2012 |
Failure to submit by this date will result in a 5% reduction in FY 2013 allocation |
Failure to submit FY 2012 SURDS Financial Aid file and signed verification to CCHE by 12/1/12- All Institutions |
See dates above for institution type |
Institutions failing to submit by this date are not eligible for increases in FY 2013 allocation |
Failure to submit FY 2012 SURDS Financial Aid file and signed verification to CCHE by 6/1/13- All Institutions |
See dates above for institution type |
Institutions failing to submit by this date are not eligible for an allocation in FY 2013 |
UTILIZATION COMPLIANCE
Performance Standard |
Required Date |
Consequences |
Utilize 80% of FY 2013 funds. |
November 15, 2012 |
Failure to utilize 80% will result in an immediate reallocation of under-utilized FY 2013 funds |
Utilize 95% of FY 2013 funds on April 15, 2013 Utilization Report. |
April 15, 2013 |
Failure to utilize 95% will result in an immediate reallocation of the balance of FY 2013 allocation |
Submit FY 2013 Utilization Report |
April 15, 2013 |
Failure to submit utilization report will result in funds encumbered until June 1, 2013. After June 1st funds will be reallocated |
Return of FY 2012 funds in excess of 5% of the amount reported on the April 15 utilization report or more than $10,000.
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July 1, 2013 |
Reduction of FY 2013 allocation by amount returned and 10% penalty on balance of allocation. If the returned funds exceed 10% of amount in April 15, 2013 Utilization Report, the penalty is equal to the percent returned. |
Failure to submit Final Report of Expenditures |
July 15, 2013 |
Funds encumbered until report is submitted. Institution’s participation in the state financial aid program is suspended on July 31. |
Reversion of funds from Fiscal Year 2012. |
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Reduction of FY 2013 allocation by amount reverted and 25% penalty on balance of allocation. |
| Use of funds for purposes other than direct aid to students |
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Permanent ineligibility for state participation. May also be subject to legal consequences. |
AUDIT REQUIREMENTS
Performance Standard |
Required Date |
Consequences |
Comply with audit requirement |
April 1, 2013 |
Failure to do so, may result in: Loss of eligibility Must reapply as new participant |
Immediately correct a situation that incurred a reduction or penalty |
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Failure to do so, may result in: Loss of eligibility to participate in the Colorado financial aid program. |
Audit findings -- material |
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Suspension until audit findings is resolved. |
Audit findings -- minor |
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Annual audit until minor findings are resolved. |
