401 Golden Shore, 5th Floor
Long Beach, CA 90802-4210
Assistant Vice Chancellor, Controller
Cal Grants Fall 2010
Per the memorandum dated July 27, 2010 titled Cal Grants Fall 2010 issued by Dr. Benjamin F. Quillian, campuses are to treat Cal Grant A and B awards as accounts receivable from the state. This directive shall be implemented by the campus Financial Services staff using the following steps:
- The campus will establish a lump sum receivable in the Cal Grant fund, CSU fund 424, for the Cal Grant A and B award amount owed from the California Student Aid commission (CSAC).
- The aid will be disbursed to the student accounts. Therefore, CSU fund 424 will have a deficit or negative cash balance. Under those circumstances, campus FIRMS submissions are expected to contain this abnormal balance until such time as the FY 2010-11 State Budget is passed and the reimbursements are received from CSAC.
To ensure consistent treatment across campuses, a schedule of sample accounting entries have been provided in Attachment A.
If you have questions, please contact Lily Wang at (562) 951-4628 or Sherry Pickering at (562) 951-4519.
c: Dean Kulju, Student Academic Support