[Oasfaa] OTAG Funds Availability Situation / Timely OTAG Reporting

[Joyner, Shiela]

What you are experiencing is OTAG working as intended with available funds being committed and awarded students notified as early as possible.  Otag has never operated by saving funds for the sole purpose of awarding students completing the verification process late.  It has simply worked out that funds remained available late in the semester in the past couple of years, and we continued to process additional awards.  Schools need to be mindful that OTAG does not have access to unlimited funds -- we have a set amount of funds available for the year and when those funds are expended, there are no more.

We make our best estimate to predict the behavior of schools and students when determining our initial cutoff.  This year we initially started with a cautious May 15 cutoff.   We provided reports on two occasions displaying a comparison of 2001-2002 and 2002-2003 award statistics, asked schools to review their statistics and to submit any additional updates they needed to report to OTAG.  We processed additional awards based on the updates we received, reviewed the funding situation and, having heard from no schools that they had significant numbers of updates remaining to submit, we determined that it was safe to move the cutoff date to May 20 (same cutoff as in 2001-2002).  After the cutoff date was moved, we received a landslide of additional updates from a number of schools which have now consumed all available funds.

The only way funds will become available for additional award commitments at this point is through significant award cancellations.  And, we need input by way of completed Confirmation Reports and Disbursement Reports from the schools as soon as possible in order to be able to identify award cancellations.

-----Original Message-----
From: Brooks, Gwineth F [mailto:gbrooks at ou.edu]
Sent: Wednesday, October 23, 2002 4:51 PM
To: Joyner, Shiela; oasfaa at onenet.net
Subject: RE: [Oasfaa] OTAG Funds Availability Situation / Timely OTAG
Reporting


Hi Sheila,

I am surprised to hear of the cutoff for this year.  We have some folks that
have had verification completed since our last Eligibility Status Roster was
returned and we are scheduled to receive one more ESR on Nov. 15th.  Have
you withheld funds for people that may be on that roster?   If OTAG is  not
going to continue the awarding process through the period of the last ESR,
we need to cutoff the receipt of those rosters up front.

  

-----Original Message-----
From: Joyner, Shiela [mailto:sjoyner at otag.org]
Sent: Monday, October 21, 2002 5:01 PM
To: oasfaa at onenet.net
Subject: [Oasfaa] OTAG Funds Availability Situation / Timely OTAG
Reporting


Good Afternoon,

You should be aware that at this time all funds available for 2002-2003 OTAG
awards are committed, and our ability to process additional new awards in
the fall semester is dependent on the volume of additional award
cancellations.   Unless a significant number of award cancellations are
reported,  you should expect additional awarding to be very limited --
possibly limited to just transfers and reinstatements of awards already
approved.

The timeliness of schools completing and submitting their Confirmation
Reports, identifying students who should receive their scheduled
disbursements and those whose awards should be cancelled as well as
completing and submitting their disbursement reporting will determine the
timeliness of OTAG's ability to make any additional funding decisions.

When you receive a Confirmation Report, complete and return the report as
quickly as possible, and at this point in the semester, you must address
each student included in your report.  

When you receive an OTAG Disbursement Report and funds, please mark your
calendar for the due date that is included in the information sent by OTAG
and make every effort to meet or, if you can, beat that deadline.  Schools
are allowed up to 30 days to complete the disbursement of OTAG funds and
submit their completed Disbursement Report along with all unissued funds.
We need to have knowledge of all funds available for recommitment without
delay, and we are asking for your assistance in completing your disbursement
reporting and returning unissued funds as quickly as possible.

Thank you in advance for your assistance and cooperation in submitting
timely OTAG reporting.

***********************
Shiela Joyner, Director
Oklahoma Tuition Aid Grant Program
Oklahoma State Regents for Higher Education
P. O.  Box 108850
Oklahoma City, OK 73101-8850
Internet:  sjoyner at otag.org
Voice: (405) 225-9456    Toll Free (877) 662-6231
Fax: (405) 225-9392

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