June 2001 The Blue Book

 C-1

KEY RESOURCES

 Reference:

• http://ifap.ed.gov

Click on Current SFA

Publications, then on

Audit Guides for OIG

Nonfederal Audit

Team homepage,

SFA Audits, and

School/Servicer Audit

Guide.

U.S. Department of Education Publications

Audit Guide of Federal Student Financial Assistance Programs at

Participating Institutions and Institution Servicers, January 2000

Assists independent public auditors (IPAs) to perform audits of federal Title IV

student financial aid (SFA) programs. It provides:

♦ general information about engagement planning and other

considerations,

♦ 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.

 Reference:

• http://ifap.ed.gov

Click on Current SFA

Publications, then on

Student Financial Aid

Handbooks .

Student Financial Aid Handbook

Serves as ED’s comprehensive source on:

♦ Institutional Eligibility and Participation

♦ Student Eligibility

♦ 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,

Appendix

C
Appendix C

C-2

The Blue Book June 2001

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.

 Reference:

• http://e-grants.ed.gov/

gapsweb

Click on Downloads

for the GAPS Payee’s

Guide – August 2000.

U.S. Department of Education Payee Guide for Grant Administration and

Payment System (GAPS)

Provides information on the operations and procedures for grants and contracts

that are paid through GAPS. It helps an institution understand its

responsibilities in expending payments and managing federal cash received

through GAPS. GAPS is used for Title IV aid programs, as well as non-Title IV

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:

• http://

www.whitehouse.gov/

omb/circulars/indexeducation.html

Click on the

appropriate OMB

document.

Government Printing Office (GPO)

Audits of States, Local Governments, and Non-Profit Organizations,

OMB Circular A-133, June 1997

Details standards for obtaining consistency and uniformity among federal

agencies for audits of states, local governments, and nonprofit organizations

expending federal awards.

 Reference:

• http://www.gpo.gov

Click on U.S.

Government Online

Bookstore, then

search for GPO Stock

Number

020-000-00243-3.

Government Auditing Standards, 1994 Revision

Contains standards for audits of government organizations, programs, activities,

and functions, and of government assistance received by contractors, nonprofit

organizations, and other non-government organizations.

OMB Circular A-133 Compliance Supplement, 1998

 Reference:

• http://

www.access.gpo.gov

Click on Access to

Government

Information Products,

then scroll to Quick

Links and click on

Federal Register.

National Archives and Records Administration (NARA)

Federal Register

Published every business day (except federal holidays), the Federal Register

contains federal agency final regulations (including ED’s), notices of proposed

rulemaking (NPRMs), executive orders, proclamations, and other presidential

documents.
June 2001

 C-3

Key Resources

The Blue Book

Association Publications

 Reference:

• http://www.nacubo.

org

Click on Marketplace.

National Association of College and University Business Officers

(NACUBO)

Audits of Federal Student Financial Aid Programs, 1998 edition

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.

 Reference:

• NACUBO

Publications

Department

301-362-8198

Basic Institutional Accounting Package

Serves as a resource tool for an extensive and thorough introduction to

postsecondary institutional accounting.

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.
Appendix C

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The Blue Book June 2001

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:

• http://www.nasfaa.org

Click on NASFAA

Catalog, then on

Self-Evaluation Guide

(a user name and

password are

required).

• NASFAA

 202-785-0483

National Association of Student Financial Aid Administrators

(NASFAA)

Self-Evaluation Guide

Helps schools develop comprehensive self-evaluation systems. The publication

provides a step-by-step outline for reviewing financial aid administration and

fiscal office policies, procedures, and practices.
June 2001

 C-5

Key Resources

The Blue Book

Other Resources

 Reference:

• http://www.aicpa.org

American Institute of Certified Public Accountants (AICPA)

1211 Avenue of the Americas

New York, NY 10036-8775

telephone: 212-596-6200

fax: 212-596-6213

 Reference:

• http://www.fasb.org

Financial Accounting Standards Board (FASB)

401 Merritt 7

P.O. Box 5116

Norwalk, Connecticut 06856-5116

telephone: 203-847-0700

fax: 203-849-9714

 Reference:

• http://www.gasb.org

Governmental Accounting Standards Board (GASB)

401 Merritt 7

P.O. Box 5116

Norwalk, Connecticut 06856-5116

telephone: 203-847-0700

fax: 203-849-9714