Internal Checks and Balances for Administering Financial Aid
Oak Valley has engaged a third party financial aid processor, Educational Compliance Management, to administer its financial aid. ECM provides the following services to Oak Valley,
Review and comment on general Oak Valley files and records to ensure compliance with federal and state regulations.
Review and control of initial certification, recertification and change applications, as well as Program Reviews and Compliance Audits.
Process Enrollment Reporting files (formerly known as SSCRs) through NSLDS.
Provide training activities as required.
Provide annual Technical Assistance Review (TAR). Oak Valley agrees to cooperate with conduct of review. If school fails two consecutive TARs, mandatory full file review.
Oak Valley agrees to provide ECM with copies of Annual Title IV Compliance Audit, ECAR, Program Participation Agreement and any/all correspondence from the US Department of Education related to Audits, Programs Reviews, or Complaince matters of any type.
Electronically receive data from FAFSA-on-the-Web/Central Processing System (CPS).
Receive and forward to School, Institutional Student Information Reports (ISIRs).
Determine the scheduled Pell Grant award, expected disbursements and payment dates for all students
with valid Institutional Student Information Reports (ISIRs).
Prepare and submit electronic origination and disbursement records pertaining to Pell Grants.
Forward to Oak Valley computer generated reports detailing award computations, upcoming payment dates and funds transfer information.
Electronically initiate periodic cash requests for direct deposit into school's federal aid bank account.
Synchronize Student Pell Payments with year-end Reconciliation Report.