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NCJ Number: 69435 Add to Shopping cart Find in a Library
Title: BETTER CASH MANAGEMENT CAN REDUCE THE COST OF THE NATIONAL DIRECT STUDENT LOAN PROGRAM
Corporate Author: US Comptroller General
United States of America
Date Published: 1979
Page Count: 28
Sponsoring Agency: Azimuth Inc.
Fairmont, WV 26554
US Comptroller General
Washington, DC 20548
Sale Source: Azimuth Inc.
1000 Technology Drive, Suite 3120
Fairmont, WV 26554
United States of America
Language: English
Country: United States of America
Annotation: A 1979 GENERAL ACCOUNTING OFFICE REPORT RECOMMENDS THAT THE OFFICE OF EDUCATION (OE) IMPLEMENT BETTER CASH MANAGEMENT IN ORDER TO REDUCE THE COST OF THE NATIONAL DIRECT STUDENT LOAN PROGRAM (NDSL).
Abstract: THIS REPORT SUMMARIZES A 1979 COMPTROLLER GENERAL'S REPORT TO CONGRESS ON CASH MANAGEMENT OF THE NDSL. IT CONCLUDES THAT BETTER MANAGEMENT CAN REDUCE PROGRAM COSTS AND SAVE THE GOVERNMENT INTEREST PAYMENTS OF AS MUCH AS $4 MILLION ANNUALLY. THE REASONS THAT OE HAS PERMITTED PARTICIPATING SCHOOLS TO ACCUMULATE EXCESS CASH INCLUDE (1) ALLOCATING MORE FUNDS THAN NEEDED, (2) ENCOURAGING SCHOOLS TO REQUEST ALL ALLOCATED FUNDS EVEN IF THEY ARE NOT NEEDED DURING THE CURRENT SCHOOL YEAR, (3) LACK OF REGULAR MONITORING OF CASH BALANCES AT PARTICIPATING SCHOOLS, AND (4) NO PROCEDURES FOR DETERMINING AND RETURNING EXCESS. IN ORDER TO ENSURE ADEQUATE FUNDS TO SCHOOLS THAT UNDERESTIMATE NEEDS, THE REPORT RECOMMENDS LEGISLATION THAT WOULD GIVE THE COMMISSIONER AT OE 1-YEAR AUTHORITY TO REUSE RETURNED EXCESS FUNDS. PRESENTLY, OE CANNOT DO THIS. THE COMMISSIONER SHOULD ALSO DETERMINE THE AMOUNT OF EXCESS FUNDS, DIRECT SCHOOLS TO DEPOSIT THESE FUNDS TEMPORARILY IN INTEREST-BEARING ACCOUNTS, AND DEVELOP PROCEDURES TO RETURN FUNDS TO THE TREASURY. IN ADDITION, THE HISTORY OF THE PROGRAM AND COMMENTS BY OE ON THE RECOMMENDATIONS ARE INCLUDED.
Index Term(s): Federal programs; Financial management; Grants or contracts; Higher education; Program budgeting; Students; US Government Accountability Office (GAO)
Note: REPORT TO THE CONGRESS BY THE COMPTROLLER GENERAL OF THE UNITED STATES
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http://www.ncjrs.gov/App/publications/abstract.aspx?ID=69435

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