Compliance

Performance Standard

Required Date

Consequences

PUBLIC INSTITUTIONS:

September 1, 2015

Failure to submit by this date will result in a 5% reduction in FY 2016 allocation

PROPRIETARY AND PRIVATE INSTITUTIONS:

September 15, 2015

Failure to submit by this date will result in a 5% reduction in FY 2016  allocation

Failure to submit FY 2015 SURDS Financial Aid file and signed verification to CCHE by 12/1/15- All Institutions

See dates above for institution type

Institutions failing to submit by this date are not eligible for increases in FY 2016 allocation

Failure to submit FY 2015 SURDS Financial Aid file and signed verification to CCHE by 6/1/16- All Institutions

See dates above for institution type

Institutions failing to submit by this date are not eligible for an allocation in FY 2016

Performance Standard

Required Date

Consequences

Utilize 80% of FY 2016 funds. 

November 15, 2015

Failure to utilize 80% will result in an immediate reallocation of under-utilized FY 2016 funds

Utilize 95% of FY 2016 funds on April 15, 2016 Utilization Report.

April 15, 2016

Failure to utilize 95% will result in an immediate reallocation of the balance of FY 2016 allocation

Submit FY 2016 Utilization Report

April 15, 2016

Failure to submit utilization report will result in funds encumbered until June 1, 2016.  After June 1st funds will be reallocated

Return of FY 2016 funds in excess of 5% of the amount reported on the April 15 utilization report or more than $10,000.

July 1, 2016

Reduction of FY 2017 allocation by amount returned and 10% penalty on balance of allocation.  If the returned funds exceed 10% of amount in April 15, 2016 Utilization Report, the penalty is equal to the percent returned.

Failure to submit Final Report of Expenditures

July 15, 2016

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 2015.

Reduction of FY 2016 allocation by amount reverted and 10% penalty on balance of allocation.

Use of funds for purposes other than direct aid to students

Permanent ineligibility for state participation. May also be subject to legal consequences.

Performance Standard

Required Date

Consequences

Comply with audit requirement

  April 1, 2016

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

Failure to do so, may result in:

Loss of eligibility to participate in the Colorado financial aid program.

Audit findings -- material

Suspension until audit findings is resolved.

Audit findings -- minor

Annual audit until minor findings are resolved.