TITLE 23: EDUCATION AND CULTURAL RESOURCES
SUBTITLE A: EDUCATION
CHAPTER XIX: ILLINOIS STUDENT ASSISTANCE COMMISSION
PART 2735 MONETARY AWARD PROGRAM (MAP)
SECTION 2735.APPENDIX A ADVANCE PAYMENT FORMULA



Section 2735.APPENDIX A   Advance Payment Formula

 

a)         The formula abbreviations are as follows:

 

1)         ATA = Announced Term Awards

 

2)         ADV = Average Dollar Value of ATA

 

3)         CT = Current Term

 

4)         DA = Dollars Advanced

 

5)         FY = Fiscal Year

 

6)         PFY = Previous Fiscal Year

 

7)         RR = Retention Rate

 

8)         %AD = Percentage Advanced

 

b)         The advanced payment formula established at Section 2735.50 may be demonstrated as follows:

 

            [(ATA x RR) x %AD] x ADV = DA

 

c)         Sample Award History:

 

Announced Awards

Awards Claimed

RR

FYA:   6,050

3,063

.51

FYB:   5,271

3,214

.61

FYC:   5,001

2,313

.46

FYD:   3,333

1,619

.49

PFY:    3,468

1,285

.37

 

Five year average RR:  .49

 

Total Dollars Announced

Total Dollars Claimed

RR

PFY:    $1,245,568.00

$383,647.50

.31

 

CT ATA:  859

 

CT ADV:  $403.27

 

%AD:  .75

 

d)         Sample Calculation:

 

1)         [(859 x .31) x .75] x 403.27 = DA

 

2)         (266.29 x .75) x 403.27 =

 

3)         199.718 x 403.27 =

 

4)         DA = $80,540.28

 

(Source:  Amended at 22 Ill. Reg. 11149, effective July 1, 1998)