and oversight of a written default management plan, and /or accessing borrower information contained in Department systems. literacy event or complete financial literacy training or counseling to satisfy the institution’s exit loan counseling or other Title IV requirements. Delivery of Title IV Funds Cash management functions, including, but not limited to: collecting student credit balance disbursement preferences; providing terms and conditions and/or disclosure statements relative to the disbursement preference options available to a student or parent; collecting the financial account information necessary to initiate an electronic funds transfer (EFT) or ACH of Title IV funds to a financial account designated by the student or parent for the receipt of those funds; notifying students of the disbursement of Title IV funds and/or the delivery of credit balance refunds; receiving and processing of electronic files (disbursement file, payment instructions, fund wire) to print and mail credit balance refund checks and/or deliver Title IV credit balance refunds to students or parents via ACH, debit card, or other electronic means. Also includes monitoring of undeliverable and/or checks or rejected ACH or EFT transactions. Tier 2 arrangements as described in 34 CFR 668.164(f). Direct ACH transactions between an institution’s treasury account and an account designated by a student for receipt of Title IV funds. Mailing of checks produced by the institution. Providing Computer Services/Software and/or Maintenance of Records Collecting, reviewing, and/or maintaining supporting documentation necessary in person, by mail, or by electronic means to determine or support student eligibility determinations and/or to disburse or deliver Title IV funds to a student or borrower. This includes information necessary to validate information reported on a student’s FAFSA and/or to resolve conflicting information, as well as collecting student disbursement preference information for the delivery of Title IV credit balance refunds. Warehousing of records. Providing computer services or software, as long as the provider is not responsible for using the software for the institution’s student aid purposes. The exclusion for “providing computer services or software” does not apply if the provider performs any Title IV activity on behalf of the institution within the system through remote or automated processing and/or if the provider uses or has view or update
ADT-Q2: What is the deadline for a third-party servicer to submit its annual compliance audit? ADT-A2: A third-party servicer must submit its compliance audit or audit letter annually no later than six months after the last day of the servicer’s fiscal year. ADT-Q3: What is the deadline for a third-party servicer that has not submitted its annual compliance audit(s) for one or more years due to an incorrect assessment of whether the entity meets the regulatory definition of a third-party servicer and/or based on the omission of specific audit procedures in the OIG Audit Guide? ADT –A3: For third-party servicers that provide services or functions that are included in the Department of Education's Office of the Inspector General’s (OIG’s) current audit guide, the third-party servicer must submit its missing compliance audit(s) no later than December 31, 2016. The audit(s) submitted must include all unaudited periods for the three most recently completed fiscal years (except for close-out audits). Subsequent audits must be submitted annually no later than six months after the last day of the servicer’s fiscal year. Third-party servicers that provide services or functions that are not included in the OIG’s audit guide must submit an audit letter containing all of the items outlined in above, no later than six months after the last day of the servicer’s fiscal year, that begins on or after December 31, 2016. For example, if a third-party servicer’s fiscal year end is December 31, 2016, its audit letter must be submitted on or before June 30, 2018. Subsequent audit submissions must be submitted no later than six months after the last day of the servicer’s fiscal year end. ADT-Q4: Who should a servicer or auditor contact if it has questions regarding institution or servicer audit requirements? ADT-A4: Audit questions should be submitted to the Department of Education's Office of the Inspector General’s (OIG’s) Non-Federal Audit Team by e-mail at .