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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 Fund Budgets are Configured section below for more information about setting up Fund Budgets.
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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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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: 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: 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 When R2T4 is performed for an award with a budgeted fund, the returned amount is added back to the budget. When When a budget disbursement is paid (EST for AR), Regent Award updates the Total Paid amount.
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:
99/8/2020 -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
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Enabling Budget Setup for a FundFund
Configuring a Fund Budget
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
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