Change in EFT Reconciliation Requirements

Effective immediately, the Utah Higher Education Assistance Authority (UHEAA) will no longer require schools to submit Electronic Fund Transfer (EFT) reconciliations.  In addition, schools will not be required to submit any currently outstanding reconciliations for any previous periods.

Schools will remain responsible for disbursing funds in compliance with Common Manual policies and all federal regulations.  Schools and lenders remain responsible for compliance with Common Manual policies and all federal regulations regarding the retention of financial records that reflect HEA, Title IV program transactions.  Such regulatory compliance will continue to be monitored during site reviews by UHEAA, independent financial audits, and Department of Education reviews.

A copy of the revised UHEAA EFT processing instructions may be obtained by contacting Lynda Reid at 801-321-7211. Any questions concerning this UHEAA Bulletin may be directed to the Policy and Training Department at (801) 321-7166 or by e-mail at cjudd@utahsbr.edu.