The Fiscal Operations Report for 2023-24 and Application to Participate for 2025-26 (FISAP) was approved by the federal government earlier this year and the deadline to submit is Tuesday, October 1st at 11:59 p.m. ET; corrections to the report will be on December 13, 2024. Below is overview of the initial changes to the FISAP, the most recent updates, and important resources for financial aid offices to begin their applications:
Reporting Guidelines and Updates
- The online FISAP will be available on the COD website by August 1, 2024
- Part IV and Part V, Section B: Due to the expiration of Section 3503 of the CARES Act beginning with the 2023–24 award year (that previously permitted the transfer of up to 100% of unexpended FWS funds to FSEOG) references to that flexibility have been removed
- Part VI, Section A: Fields 23c and 23d will be deactivated to no longer allow for data entry, due to the expiration of Section 3504 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) that temporarily authorized emergency FSEOG awards to graduate/professional students
- Only Federal Pell Grant disbursements made from 2023–24 funds should be reported in Part II, Section E, Field 23. If crossover payments are made from 2024–25 funds, the disbursements should be reported in next year’s FISAP (Fiscal Operations Report for 2024–25 and Application to Participate for 2026–27)
Federal Work-Study and FSEOG
- As a reminder, schools that return more than 10% of their 2023–24 total (initial plus supplemental) Federal Work-Study (FWS) and/or Federal Supplemental Educational Opportunity Grant (FSEOG) programs allocation MUST request an underuse waiver in Part II, Section C to avoid incurring the underuse penalty on their 2025–26 FWS or FSEOG awards
Financial Reconciliation and G6 Reporting
- The financial aid and business office staff must coordinate efforts to reconcile G6 activity and disbursement/earning records to report accurately on the FISAP
- If funds are drawn from G6 that exceed the amounts reported as expended on the FISAP, a negative balance will result, and the school will need to return funds to G6
- Example: If a school’s FWS authorized amount was $50,000 and the school reported an expended amount of $40,000 on its FISAP (as calculated in Part V, Section E, Field 18), the school’s award will be closed out at the expended amount of $40,000. If more than $40,000 has been drawn in G6, a negative balance for the amount drawn over $40,000 will result and that amount must be returned
Administrative Cost Allowance (ACA)
- Appropriate Administrative Cost Allowance (ACA) should be calculated and claimed (see Volume 6 of the Federal Student Aid Handbook). After Dec. 13, 2024, schools are not permitted to make any additional claims to the ACA that were not previously reported on its FISAP
- Note: No Federal Perkins Loan Program ACA is permitted to be claimed
Perkins Loan Fund Reporting
- Report the federal share of Perkins Loan funds that your school returned to the Department of Education in Part III, Section A, line 28.1 “Repayments of fund capital to federal government” by adding the amount you returned in 2023–24 to the cumulative amount previously reported in this field
- Report the institution’s service cancellation reimbursement amount that your school was instructed to reimburse itself from the Perkins Fund in Part III, Section A, line 28.2 “Service cancelation reimbursement received on or after 07/01/2019” by adding the amount you were instructed to reimburse in 2023–24 to the cumulative amount previously reported in this field
- Report the institutional share of Perkins Loan funds that you returned to your school in Part III, Section A, line 30.2 “Repayments of excess/liquidated fund capital to Institution” by adding the amount you repaid the school in 2023–24 to the cumulative amount previously reported in this field
Resources:
- 2025–26 FISAP Desk Reference in PDF Format, 14 Pages, 353KB
- 2025–26 FISAP Form in PDF Format, 12 Pages, 405KB
- 2025–26 FISAP Instructions in PDF Format, 94 Pages, 833KB
- 2025–26 FISAP Technical Reference in PDF Format, 139 Pages, 1.1MB
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