NFLP-1 - Entering Federal Funds Award Information Figure 1. NFLP-1 - Entering Federal Funds Award Information Amount: The amount should reflect the Federal Capital Contribution (FCC) amount shown on the fiscal year Notice of Award for the current year and the cumulative amount of awards made to your institution since beginning the NFLP. Data in both the current and cumulative columns will be pre-populated and cannot be edited.
|
NFLP-1 - Entering Start of Report Period Cash Balance Figure 2. NFLP-1 - Entering Start of Report Period Cash Balance Amount: The amount should reflect the ending “cash balance” from the institution’s prior Annual Performance Report (APR). Data in the current column will be pre-populated and cannot be edited. Cumulative data is not applicable.
|
NFLP-1 - Entering Cash Receipts InformationEnter current data only. Cumulative data cannot be edited. Figure 3. NFLP-1 - Entering Cash Receipts Information Cash Receipts Total: Total amount of items C.1 through C.9 for the current award year. Data in both the current and cumulative columns will auto-populate (update) based on current data entered for items C.1 through C.9. Federal Funds Received/Receivable: The amount should reflect the total FCC actually drawn down from the Payment Management System (PMS) and deposited into the NFLP fund. Report the amount of the FCC drawn-down by the institution for the current year.
Institutional Contributions Deposited: The amount must equal a minimum of at least one-ninth of the Federal Capital Contribution funds drawn down from PMS. Report the amount of the ICC (1/9 of the total FCC) deposited into the NFLP fund for the current award year.
Loan Principal Collected: Report the amount of loan principal collected from borrowers for the current award year.
Interest Income Collected on Loans: Report the amount of interest on loan principal collected from borrowers for the current award year.
Penalty Charges Collected on Loans: Report the amount of penalty charges collected from borrowers for the current award year.
Investment Income: Report the amount of earnings on NFLP funds deposited in any type of interest-bearing account for the current award year. Any fund established by a school with Federal Capital Contributions will be accounted for separately from other funds, providing a clear audit trail for all transactions. The school must at all times maintain all monies relating to the fund in one or more interest-bearing accounts or investment instruments which meet OMB requirements established for Federal monies held by third parties. The school must place all earnings into the fund but may first deduct from total earnings any reasonable and customary charges incurred through the use of an interest-bearing account.
Institutional Repayments of Bad Debts, Principal: Report the amount of any repayments of principal bad debt collected for the current award year.
Institutional Repayments of Bad Debts, Interest: Report the amount of any repayments of interest bad debt collected for the current award year.
Institutional Repayments of Bad Debts, Penalty Charges: Report the amount of any repayments of bad debt penalty charges for the current award year.
Note
Cash Receipts Total: Total amount of items C.1 through C.9 for the current award year. Data in both the current and cumulative columns will auto-populate (update) based on current data entered for items C.1 through C.9.
Note
Any fund established by a school with Federal Capital Contributions will be accounted for separately from other funds, providing a clear audit trail for all transactions. The school must at all times maintain all monies relating to the fund in one or more interest-bearing accounts or investment instruments which meet OMB requirements established for Federal monies held by third parties. The school must place all earnings into the fund but may first deduct from total earnings any reasonable and customary charges incurred through the use of an interest-bearing account.
Note
Institutions have the ultimate responsibility for bad debts losses not approved for write-off by the Department of Health and Human Services (DHHS). There is nothing to prevent an institution from further pursuing the collection of a bad debt after it has been disapproved for write-off by DHHS; any amounts recovered would lessen the institution’s liability.
|
NFLP-1 - Entering Cash Disbursements InformationEnter current data only. Cumulative data cannot be edited. | Loaned to Students | | | | | Repayments to Federal Government, Principal | | | | | Repayments to Federal Government, Interest | | | | | Repayments to Federal Government, Other Income | | | | | Repayments to Institution, Principal | | | | | Repayments to Institution, Interest | | | | | Repayments to Institution, Other Income | | | | | Collection Agent Costs, Principal | | | | | Collection Agent Costs, Interest | | | | | Litigation Costs, Principal | | | | | Litigation Costs, Interest | | | | | Credit Bureau Fees | | | | | Other Costs | | | |
Figure 4. NFLP-1 - Entering Cash Disbursements Information Loaned to Students: Report the total amount of NFLP funds loaned to students for the current award year.
Repayments to Federal Government, Principal: Report the total amounts repaid to Federal Government for the current year.Repayments to Federal Government is excess cash returned to the Division of Payment Management. DO NOT include amounts returned to PMS because those amounts should be adjusted against Federal Funds Received within the appropriate award period.
Repayments to Federal Government, Interest: Report the total amounts repaid to Federal Government for the current year
Repayments to Federal Government, Other Income: Report the total amounts repaid to Federal Government for the current year
Repayments to Institution, Principal: Report the total amount of loan principal repaid by loan recipients to the institution for the current award year. The institution’s proportionate share of excess cash in the NFLP fund that has been repaid to the institution. DO NOT show withdrawal of funds as a result of excess institutional contributions in this item.
Repayments to Institution, Interest: Report the total amount of interest on student loans repaid by loan recipients to the institution for the current award year.
Repayments to Institution, Other Income: Report the total amount of other income repaid to the institution for the current award year.This item would include any amounts in items C.7, C.8 and C.9 that were repaid to the institution in conjunction with a repayment to the Federal government.
Collection Agent Costs, Principal: The full amount of principal and interest collected must be reported in items C.3, C.4 and C.5. The associated collection costs must be prorated
Collection Agent Costs, Interest: The full amount of principal and interest collected must be reported in items C.3, C.4 and C.5. The associated collection costs must be prorated
Litigation Costs, Principal: Litigation costs associated with the collection of a loan
and interest must be prorated in the same manner as collection costs.
Litigation Costs, Interest: Litigation costs associated with the collection of a loan
and interest must be prorated in the same manner as collection costs.
Credit Bureau Fees: Report the total amount of cost associated with charges from Credit Bureaus related to collection of loans for the current award year.
Other Costs: Report the total amount of other costs charged to the fund (i.e., overpayments and underpayments of $10.00 or less) for the current year. DO NOT include administrative costs such as BILLING AGENCY COSTS, SALARIES, STAMPS, BANK CHARGES, and the like, incurred by the institution.
Note
Cash Disbursements Total: Total amount of items D.1 through D.13 for the current year. Data in the current and cumulative columns will auto-populate (update) based on current data entered for items D.1 through D.13. Example: EXAMPLES OF PRORATING COLLECTION COSTS (Litigation Costs to Be Prorated in Same Manner): An institution directs a collection agency to collect $1,000.00 principal and $200.00 interest for a total of $1,200.00 from a delinquent borrower. The collection agency collects all $1,200.00 but deducts $360.00, or 30% of the amount collected, before remitting the net amount of $840.00 to the institution. The institution reports as follows: - Loan Principal Collected $1,000.00
- Interest Income Collected 200.00
- Collection Costs, Principal (30% x $1,000) 300.00
- Collection Costs, Interest (30% x $200) 60.00
An institution directs a collection agency to collect $1,500.00 principal and $500.00 interest for a total of $2,000.00 from a delinquent borrower. At the end of the report period, the collection agency has collected $1,600.00 (80% of $2,000.00), which it remits to the institution with a bill for $480.00 (30% of the $1,600.00 collected). The institution pays the collection agency $480.00 taken from the Fund and reports as follows:
- Loan Principal Collected (80% of the $1,500) $1,200.00
- Interest Income Collected (80% of $500) 400.00
- Collection Costs, Principal (30% of $1,200) 360.00
- Collection Costs, Interest (30% of $400) 120.00
|
NFLP-1 - Entering End of Report Period Cash Balance Figure 5. NFLP-1 - Entering End of Report Period Cash Balance Amount: This amount should equal the actual cash on hand and in the NFLP fund for the current award year. Data in the current column will auto-populate based on the calculation of Item B/Current + Item C.10/Current – Item D.14/Current. Cumulative data is not applicable.
To Complete the Form: Click on the “Save and Validate” button located on the bottom right corner of your screen. If no errors are found, the BPMH system will automatically route you to the next required subform. |
|
