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:  

1. 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).
   
   
2. 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

      FSAC

 

 

GVA:SP;td

 

AD 10-05

Attachment