SOP Title: Fund Fee Setup Profile Maintenance | ||
Document #: {} | Revision #: 1.0 | Effective Date: MM/DD/YYYY |
Author: {NAME} | Reviewer: {NAME} | Approver: {NAME} |
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Purpose
These procedures will guide {INSERT TEAM NAME} through list process(es)
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Scope
The {INSERT CLIENT TEAM NAME} will be impacted by this procedure.
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Roles and Responsibility
{INSERT ROLE or DEPT NAME} with a {define role} will be responsible for list action
{INSERT ROLE or DEPT NAME} will be responsible for list action share.
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Definitions
TERM | Definition |
Term | Definition |
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Procedure
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Editing and Adding Annual Fund Fees to Regent Award
Actors
User with appropriate permissions
Regent Award
Regent Account Manager
Pre-conditions
Current fees do not have the effective end date populated in the Fund Fee Setup
New fees do not exist in the Fund Fee Setup
Basic Flow
The user creates a Customer Zone (CZ) ticket requesting Regent to copy the Production data to the QA environment
Regent Account Manager updates CZ ticket once the restore is completed.
It is Regent’s suggestion to not populate the “Effective End Date” field on the current fees. This allows the current fees to be applied to awards in future terms until updated fees are added to the setup. Before adding the next annual fees, the current fees will need to be ‘expired’ by updating the “Effective End Date” field.
The user updates the Fund Fee Setup in the QA environment
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Clicks on Administration
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Clicks on Enterprise Setup
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Clicks on Institution Setup
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Clicks on Campus Setup
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Clicks on the Fund Fee Setup
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Clicks on the End Date column header once to display the fees in descending start date order.
For each current fee record that does not have the end date populated, the user performs the following steps to ‘expire’ the current fund fees:
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Clicks on the fee record that do not have end date populated
From the General tab, clicks the Edit button
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Adds the effective end date (NOTE: The” Effective End Date” field will be one day prior to the start date of the new fees. For example, if the new fees have an effective start date equal to 10/1/2020, then the effective end date of the current fee records will be set to 9/30/2020.
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Clicks on the Save button.
After all the current fee records have been updated, the user performs the following steps to add the new fund fees:
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Clicks on the Add Fund Fee button
From the Add Fund Fee tab,
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adds all the fund fee related information. The “Effective End Date” field should be left blank.
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Clicks on the Save button. The Add Fund Fee tab will no longer display once the new fund fee is saved.
NOTE: To provide for maximum granularity in supporting fund fees, each fee for each fund for each program type is configured separately.
NOTE: In support of current Direct Loan Origination Fee requirements, a new fee amount can be configured to be effective for all awards with the first disbursement date falling on or after an October 1st date. There are also options for a new fee to be effective for loan/award periods beginning on or after a certain date or by Federal Award Year.
NOTE: A fund can be configured for more than one type of fee (such as origination and interest rebate), as long as fees of the same type do not have conflicting start/end dates.
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After all the fund fees have been added, the user performs the following steps:
Click on Administration
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Clicks on
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sthe Enterprise level
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Clicks on the Reload RNA Setup button
NOTE: After making changes to ANY section of the configuration setup, clicking on the Reload RNA Setup button will apply and activate the changes in the system.
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Validates the updated information in QA.
Once the user validates the configuration and ensures accuracy, the user will make the same changes in Production.
Post-conditions
Current fees will have the end date populated in the Fund Fee Setup
New fees will exist in the Fund Fee Setup
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