I agree with your comments. Our system also has several branches but instructors and directors from each specialty area (example massage) come together at least 4 times a year to make sure that our rules and regulations, as well as the quality of our program are all compliant.
Patricia,
It's great to hear of such regular communication across all areas.
Traci Lee
We have used a servicer FAME for years and they have helped us tremendously. We are a small school of approx. 220 students. Even though we have the outside servicer we still have to do internal audits to be sure we are in compliance with Title IV refunds and Pell Grant disbursements. FAME disburses Pell grant money according to what our financial aid officer instructs them to award. FAME has been very informative during their conferences in regards to regulations, and new regulations coming down the pipe. They are very informative about standards of progress and how they should be monitored and what is in compliance and what is not in regards to SAP. They are great for reports during financial audits done by third parties. They keep records of what and to whom disbursements were made and returned to Title IV.
Darlene,
You bring up a good point that, although you may outsource these services, internal audit and review is still critical to ensure compliance. I'm glad to hear how helpful they are to you and that you recognize the importance of compliant operations.
Traci Lee
I think that all schools should be subject to the same regulatory requirements as larger schools. There should be latitude in the way that a smaller school complies with the regulation. We are a small school and one of the things that is difficult to contend with is that there are some really good, yet really expensive administrative software programs that will take care of a lot of the regulatory requirements and do cross checks to make sure that there are no inconcistencies. Our system is made up of internally created forms and excel documents. We must be more vigilant as this type of system doesn't allow for an internal cross check of entries. Does COMTA foresee creating an administrative software for their accredited schools?
Juliet,
I am not familiar with COMPTA but there are some software solutions geared toward smaller institutions. I may be able to refer you to someone who has familiarity with a variety of solutions that may be of interest to your school. Feel free to send me an email at traci@tracilee.net if I can be of help.
Traci Lee
