Appendix KEY RESOURCES

C Reference:
U.S. Department of Education Publications
Audit Guide of Federal Student Financial Assistance Programs at
• http://ifap.ed.gov Participating Institutions and Institution Servicers, January 2000
Click on Current SFA
Publications, then on Assists independent public auditors (IPAs) to perform audits of federal Title IV
Audit Guides for OIG student financial aid (SFA) programs. It provides:
Nonfederal Audit
Team homepage, ♦ general information about engagement planning and other
SFA Audits, and considerations,
School/Servicer Audit
Guide.
♦ compliance requirements and management’s assertions that must be
reported by the IPA, and

♦ reporting requirements.
Compilation of Student Financial Aid Regulations
Provides the regulations for student financial assistance (SFA) programs
administered by ED. Published annually through 1998. Beginning in 1999,
quarterly compilations are available and posted on the U.S. Department of
Education’s (ED’s) Information for Financial Aid Professionals (IFAP) Web
site. Quarterly updates reflect only those parts of the regulations that have been
updated by final regulations since the last update.
Student Financial Aid Handbook
Reference:
Serves as ED’s comprehensive source on:
• http://ifap.ed.gov
Click on Current SFA ♦ Institutional Eligibility and Participation
Publications, then on
Student Financial Aid ♦ Student Eligibility
Handbooks .

♦ Federal Pell Grant Program

♦ Campus-Based Programs (Federal Supplemental Educational

Opportunity Grants [FSEOGs], Federal Perkins Loans, and Federal
Work-Study [FWS])

♦ State Grant Programs

♦ Direct Loan and FFEL Programs

Explains the policies and procedures required to properly administer ED’s

student financial assistance (SFA) programs. Defined in law, in regulations,

June 2001 The Blue Book C-1

Appendix C

or as guidance from ED, these policies and procedures facilitate effective

operation of the federal processing and reporting systems for individual
Title IV aid programs.
U.S. Department of Education Payee Guide for Grant Administration and
Payment System (GAPS)
Reference:
Provides information on the operations and procedures for grants and contracts
• http://e-grants.ed.gov/ that are paid through GAPS. It helps an institution understand its
gapsweb
responsibilities in expending payments and managing federal cash received
Click on Downloads
for the GAPS Payee’s through GAPS. GAPS is used for Title IV aid programs, as well as non-Title IV
Guide – August 2000. aid programs. Included in the Web site is a training module that allows users to
become familiar with the various GAPS screens and data contained within those
screens.

Information for Financial Aid Professionals Web site.

Provides Dear Colleague/Partner letters, electronic publications, and numerous
other references that are excellent resources. The Web address is
http://www.ifap.ed.gov.

Other Federal Government Publications

Reference: Government Printing Office (GPO)

• http://
www.whitehouse.gov/ Audits of States, Local Governments, and Non-Profit Organizations,
omb/circulars/index- OMB Circular A-133, June 1997
education.html
Details standards for obtaining consistency and uniformity among federal
Click on the
appropriate OMB agencies for audits of states, local governments, and nonprofit organizations
document. expending federal awards.

Government Auditing Standards, 1994 Revision

Reference:
Contains standards for audits of government organizations, programs, activities,
• http://www.gpo.gov
and functions, and of government assistance received by contractors, nonprofit
Click on U.S.
Government Online organizations, and other non-government organizations.
Bookstore, then
search for GPO Stock OMB Circular A-133 Compliance Supplement, 1998
Number
020-000-00243-3.

Reference: National Archives and Records Administration (NARA)

• http:// Federal Register
www.access.gpo.gov
Click on Access to Published every business day (except federal holidays), the Federal Register
Government contains federal agency final regulations (including ED’s), notices of proposed
Information Products, rulemaking (NPRMs), executive orders, proclamations, and other presidential
then scroll to Quick
Links and click on documents.
Federal Register.

C-2 The Blue Book June 2001

 Key Resources

Association Publications

Reference: National Association of College and University Business Officers

• http://www.nacubo. (NACUBO)
org
Audits of Federal Student Financial Aid Programs, 1998 edition
Click on Marketplace.
Bridges the gap between the OMB Circular A-133 Compliance Supplement and
the detailed regulations governing the operating and managing of the federal
student financial aid (SFA) programs.
Basic Institutional Accounting Package
Reference:
Serves as a resource tool for an extensive and thorough introduction to
• NACUBO
Publications postsecondary institutional accounting.
Department
301-362-8198 College and University Business Administration (CUBA)
Serves as the “bible” of theory and policy for higher education business and
financial management.

Consolidating Financial Statements

Discusses financial accounting standards affecting consolidation of financial
statements. It also helps officials evaluate their institutions’ financial
relationships with nonprofit and for-profit entities.
Federal Auditing Information Service for Higher Education
Designed as a loose-leaf manual, it provides detailed instructions on protecting
an institution’s rights and interests under OMB Circular A-133.

Financial Accounting and Reporting Manual (FARM) for Higher

Education
Provides the most up-to-date resource available for higher education issues and
gives detailed information from the American Institute of Certified Public
Accountants (AICPA), Financial Accounting Standards Board (FASB), and
Governmental Accounting Standards Board (GASB).

Guidelines for Filing IRS Forms 990 and 990-T

Guides administrators of colleges, universities, and other nonprofit organizations
through preparing IRS Form 990, Schedule A (Form 990), and 990-T.

Managerial Financial Reporting

Explains the principles, characteristics, and many alternatives of college and
university financial reporting within the context of diverse institutional
managerial financial needs.

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Appendix C

Managing Federal Grants

Subscription providing quarterly updates and monthly newsletters on new issues
in managing federal grant funds. It also tracks the life of a grant from solicitation
to audit and audit resolution.

NACUBO Guide to IRS Audits: A Manual for Colleges and Universities

Designed to keep institutions well-informed about tax rules and address their
rights as taxpayers.

Nonresident Alien Tax Compliance: A Guide for Institutions Making

Payments to Foreign Students, Scholars, Employees, and Other
International Visitors
Thoroughly covers withholding and reporting obligations of institutions making
payments to nonresident aliens.

Process Guide to Information Reporting for the Hope and Lifetime

Learning Tax Credits
Helps colleges and universities comply with reporting requirements for the Hope
and Lifetime Learning tax credits under the Taxpayer Relief Act (TRA) of 1997.

Selecting an Auditor
Guides an institution through the process of selecting and evaluating an auditor.

Student Loan Programs: Management and Collection, 2nd Edition

Incorporates regulatory requirements with practical advice on managing student
loan programs.

Reference: National Association of Student Financial Aid Administrators

• http://www.nasfaa.org (NASFAA)
Click on NASFAA Self-Evaluation Guide
Catalog, then on
Self-Evaluation Guide Helps schools develop comprehensive self-evaluation systems. The publication
(a user name and provides a step-by-step outline for reviewing financial aid administration and
password are
required). fiscal office policies, procedures, and practices.
• NASFAA
202-785-0483

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 Key Resources

Other Resources
American Institute of Certified Public Accountants (AICPA)
Reference: 1211 Avenue of the Americas
• http://www.aicpa.org New York, NY 10036-8775
telephone: 212-596-6200
fax: 212-596-6213

Financial Accounting Standards Board (FASB)

Reference: 401 Merritt 7
• http://www.fasb.org P.O. Box 5116
Norwalk, Connecticut 06856-5116
telephone: 203-847-0700
fax: 203-849-9714

Governmental Accounting Standards Board (GASB)

Reference: 401 Merritt 7
• http://www.gasb.org P.O. Box 5116
Norwalk, Connecticut 06856-5116
telephone: 203-847-0700
fax: 203-849-9714

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