Publication Date: September 15, 2003
Author: General Manager: FSA Schools Channel
Summary: eZ-Audit Update for Not-For-Profit Schools
Posted on 09-15-2003
Based on the feedback to
date, the Department is taking the following actions:
- Form a focus group
of Federal Student Aid staff, accountants with higher education and appropriate
community expertise to recommend changes. The tentative date for the first
meeting will be in Washington, DC on November 12 or 13, 2003. Anyone wishing
to take part or be on distribution for correspondence should notify us by
one of the contact methods below.
- Update the Step-by-Step
Guide. There are a number of areas in the instructions that need clarification.
It is important that the instructions be specific and accurately reflect the
standards and technical requirements of "not-for-profit" accounting
and reporting. New updates will available on IFAP by September 30, 2003.
- Revise the web forms
in eZ-Audit. Based on the feedback, we need to correct some inaccuracies in
the not-for-profit institutions input screens. Since this will require changes
to software code, the timeframe will be dependent on the availability of resources
and funding. Until then, we plan to revise to the guide to clarify these areas.
- Include the business
office in addition to the financial aid office on all communications regarding
the e-Z Audit process. Since input data for eZ-Audit comes from both the face
of the financial statement and notes to the financial statement, staff with
financial reporting expertise should perform the data entry function, which
is more apt to reside in the business office.
- Hospital Schools. In
some instances, the financial statement for a hospital may use different terminology
that is difficult to crosswalk to the not-for-profit input screens in the
eZ-Audit application. In these cases, the hospital school may request an exemption
to submit a paper report by emailing eZ-Audit.
