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Table of Contents

Introduction

Regent Award Fund Budgets are intended for any fund that has a limited available dollar amount over a specific time period (such as Academic Year (AY) or Federal Award Year (FAY)). The budget can cover an entire AY/FAY or only part of it. Regent Award identifies and awards eligible students until the configured budget amount is exhausted. Schools can create a separate budget for a portion of the fund allocation for students starting later in the scope period (FAY), by using a period filter. 

How a Student's Award is Assigned to a Fund Budget

There are two sets of dates to be configured on the Budgets subtab of Fund Setup that define which, if any, payment periods on a student's account will be funded from the budget: Period Filter and Effective Start/End Date. See Fund Setup Data Elements and the How to Configure a Fund Budget section below for more information about setting up Fund Budgets.



Period Filter

The Period Filter date range is used to assign a budget to a student. 

  • If the 'Academic Year' option is selected, the start date of an eligible academic year must fall within the configured Period Filter date range for the budget to be assigned to an award on a student's record.
  • If the 'Payment Period' option is selected, the start date of the first eligible payment period for the fund/scope must fall within the configured Period Filter date range for the budget to be assigned to an award on a student's record. This option must be used for FAY-scoped funds.

Effective Start/End Dates

A budget's configured Effective Start Date and Effective End Date determine which payment periods are to be funded from the budget once it is assigned to an award on a student's record. The payment period will only be funded from the budget if the Payment Period Start Date falls within the configured Effective Start and End Date range.

Funding an Award from a Budget

An eligible student's award is assigned to a budget upon packaging If the first day of the first eligible PP/AY falls within the range of the budget's configured Period Filter dates, even if the student does not have any disbursements from the fund for that first eligible period. During the remainder of the fund scope period, eligible payment periods starting within that budget's Effective Start/End Date range will be funded from the assigned budget. A student may not be awarded from more than one budget for a fund during the same scope period.  

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Expand
titleExamples

Please see the following Period Filter examples for using an Academic Year or Payment Period to assign budgets. The examples are formatted to use rolling (BBAY) academic years made up of three (3) terms each - the first academic year is yellow cells (if in the budget) and the second is green cells (if in the budget).

  • Example 1 below outlines the Period Filter option for an Academic Year (AY).  The AY is configured to assign a particular budget to students whose first, eligible academic year (for the FAY) starts between February 1st and August 1st.  All students enrolled in academic years with '1st day' noted  will be assigned to this budget.
  • Example 2 below outlines the Period Filter option for a Payment Period (PP).  The PP is configured to assign a particular budget to students who first, eligible payment period (for the FAY) starts between June 1st and October 31st.  All students enrolled in plans with the '1st Day' noted will be assigned to this budget. .


                                                               Example 1:                                                                                                                                                            Example 2:

 


 

Please see the following examples below for using an Academic Year or Payment Period and how the Effective Start and End Dates are used to determine which payment periods will be funded from the budget. The examples are formatted to use rolling (BBAY) academic years made up of three (3) terms each.

  • Example 3 below outlines the Period Filter option for an Academic Year (AY).  In this example, all academic years that start between the Effective Start Date of February 1st and the Effective End Date of the next January 31st, are eligible to be awarded from the budget.  As long as the first day of the Payment Period within the AY falls within the configured Effective Date range and the student was assigned to this budget (using the Period Filter date range), the Payment Period will be linked to that budget. If the Payment Period Start Date falls after the Effective Date range, the Payment Period will still be linked to the budget but will not receive any funding. The yellow and green cells are funded from the budget. 
  • Example 4 below outlines the Period Filter option for an Payment Period (PP).  In this example, all payment periods that start between Effective Start Date of June 1st and the Effective End Date of May 31st are eligible to be awarded from the budget.  As long as the first day the payment period falls within the configured Effective Date range and the student was assigned to this budget (using the Period Filter date range), the PP will be funded from that budget. The yellow and green cells are funded from the budget.


                                                              Example 3:                                                                                                                                                                    Example 4:




How Fund

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Budget Amounts are Updated During the Scope Period

As a student is packaged and re-packaged, Regent Award adjusts the award amounts and changes are reflected in the budget. When R2T4 is performed for an award with a budgeted fund, the returned amount is added back to the budget. When a budget disbursement is paid (EST for AR), Regent Award updates the Total Paid amount.

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Example of Budget Assignments - One for students starting in Fall and another for students not starting until Spring.

  • 2020-21 FSEOG Allocated Amount = $100,000
  • Fall/Spring semesters; Summer is a Trailer
  • Fall Term Dates:  9/8/2020 -12/23/2020
  • Spring Term Dates: 1/11/21 - 4/28/21
  • Summer Term Dates: 5/10/21 - 8/31/21
  • Fall Enrollment 2020-21 Budget: $85,000 to be awarded to eligible continuing and new Fall start students for their Fall, Spring, and Summer terms. Period Filter is set from 9/8/2020 to 12/23/2020. This budget applies to all students with their first eligible term with a term start date between 9/8/2020 and 12/23/2020. Term start dates for Fall, Spring, and Summer term awards are within the 7/1/2020 – 6/30/2021 Effective Date range period.
  • Spring Starts 2020-21 Budget: $15,000 is reserved to be awarded to eligible new students starting in Spring and Summer terms. Period Filter is set from 1/11/2021 to 6/30/2021. This budget applies to all eligible students with their first eligible term with a term start date between 1/11/2021 and 6/30/2021. Term start dates for Spring and Summer term awards are within the 1/11/2021 – 6/30/2021 Effective Date range period.

Unfunded Status

A student might be eligible for an award but the funds remaining in the budget have been exhausted (balance remaining to offer is less than the full eligible amount of the award.) In this case, Regent will package the award in an 'Unfunded' status. During subsequent packaging, Regent will check to see if any new funding is available in the budget and will update the award status. If any new funding is available, the system will change the award status to the initial status from Fund Setup, e.g., Offered, Accepted. Unfunded awards are not visible within the Student Experience portal.

How Fund Budgets are Configured

Expand
titleStep-by-Step Instructions for Configuring Fund Budgets

Enabling Budget Setup for a Fund

  1. Navigate to the setup screen for the fund with budget(s). See Fund Setup Data Elements.
    1. Administration>Enterprise>Institution>Campus>Fund Setup
    2. Select specific fund
  2. At the bottom of the fund configuration screen, ensure that the item for 'Budget Settings' has been completed:
    1. If a budget does not apply (such as Direct Loans or Pell), 'This fund has Budgets' should be unselected.

    2. If the fund does have a budget limit (such as campus-based funding allocation), 'This fund has budgets' should be selected. Ensure that the “Budget Scope” matches the Fund Scope (FAY or AY) already configured for the fund. 
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Configuring a Fund Budget

  1.  Access the “Budgets” tab on the fund configuration screen:

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  2. Click “Add Budget”
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  3. For each budget, enter the following information:

    1. Budget Name (Alphanumeric) - Name of the budget.  

    2. Budget Amount (Numeric only, no decimals) - Total amount of dollars available for this fund in the budget period. 
    3. Federal Award Year (Dropdown) - This field should only display if the Budget Scope chosen on Fund Setup General Tab is Federal Award Year.   

    4. Effective Dates: The start date of a term/payment period must fall in this range to be awarded from the budget:

      1. Effective Start Date (Date) – The term/payment period must begin on or after the Effective Start Date entered, AND

      2. Effective End Date (Date) – the term/payment period must start before or on the Effective End Date entered.

    5. Period Filter (Academic year, Payment period) - Should select payment period for FAY scoped funds and AY for AY scoped funds.   
    6. Period Dates: If the first day of the student’s first eligible period (AY or payment period per #v above) falls in this range, the student will be awarded from this budget:
      1. Period Start Date (Date) – The period must begin on or after the Period Start Date entered AND

      2. Period End Date (Date) – The period must begin before or on the Period End Date entered.

    7. Active (Checkbox) - Used to indicate if the budget is currently active and in use by the school. 

    8. Apply to all sites by default (Checkbox) - Used to indicate if the budget is applicable to all the sites for the campus.   

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    9. If the budget does not apply to all sites at the campus, uncheck the 'Apply to all sites by default' box and move the applicable sites to the 'Selected Sites' column on the right by clicking the “Add” button by each site listed in the 'Available Sites' column on the left.

      • Available Sites (Selection set) - Listing of all the sites for the campus.

      • Selected Sites (Selection set) - Used to indicate which sites for the campus the budget is applicable to. 

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  4. Click "Save".


Note:  If there are a high number of budgets, a template can be populated with the above details for import into Regent Award. School must open a Customer Zone ticket to request assistance with the budget configuration template process.


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Additional Information

  • If data issues with Fund Budgets are identified, schools should request execution of budget clean-up scripts from their Account Manager.
  • See the Customer Zone page Reports: Fund - Budget to see a list of Fund Budget data available to customers by report.
  • For information about troubleshooting budgeted awards see Factors that Affect Budgeted Awards.
  • Student-level budget assignments are displayed on the Award Information Report 
  • Data Views associated with Fund Budgets are: 
    • dataExtract_FundBudget_Config_View_vXXX
    • dataExtract_FundBudgetHistory_Config_View_vXXX
    • dataExtract_FundBudgetSite_Config_View_vXXX.

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