Faith Baptist Christian Academy Financial Aid Process

Updated March 17, 2002

Process

  1. Applicant completes application form
  2. Process Administrator enters application information and calculation results into spreadsheet
  3. Process Administrator creates Award Summary
  4. Approval Committee approves award amount
  5. Process Administrator creates Award Letter and mails to Applicant
  6. Applicant and School Liaison sign Award Letter
  7. Financial Secretary adjusts monthly tuition for Applicant
  8. Financial Secretary withdraws financial aid from fund to make up for reduced tuition

Guidelines

  • Maximum financial aid for non church members is 50% of eligible amount
  • Maximum financial aid for any applicant is 65% of total tuition
  • Minimum ratio of committed funds to expected funds is 50%
  • Application update is expected immediately after a change in family status
  • In general, 2 months will be allowed after a change in family status before financial aid is adjusted
  • Award Letter must be mailed within 4 weeks of application or within 4 weeks of application deadline, whichever occurs later
  • Annual application deadline is May 31
  • Window to make changes is September 1-30 (first semester) and January 1-31 (second semester)

Roles

Process Overseer

  • Lead approval committee
  • Insure that financial aid is sufficiently funded
  • Lead fundraising activities
  • Coordinate activities among School Liaison, Process Administrator, Approval Committee, and parents

Approval Committee (Process Overseer, Process Administrator, School President, School Administrator

  • Sign off each award amount
  • Support Process Overseer
  • Approve Application Process and Artifacts
  • Determine ratio of committed funds to estimated funds

Financial Secretary

  • Maintain financial aid fund
  • Provide current fund information to Process Administrator (monthly), including amount received, amount in fund, amount disbursed

School Administrator

  • Provide cost structure for each school year

School Liaison

  • Interface to parents
  • Sign off each award amount
  • Help with fundraising activities
  • Enter hard copy application/pledge forms into corresponding online forms or pass on to Process Administrator
  • Make sure students continuously meet eligibility criteria
  • Make sure parents complete an update form if necessary

Process Administrator

  • Maintain application process (forms, online, calculations, etc)
  • Create Spreadsheet from application, pledge, and current fund data
  • Create Monthly Reports from Spreadsheet
  • Create Award Summary
  • Create and mail Award Letter (after Award Summary approved)
  • Help with fundraising activities

Artifacts

Application Form (Brochure)

  • Completed by financial aid applicants
  • Entered into computer by Process Administrator

Pledge Form (Brochure)

  • Completed by donors
  • Entered into computer by Process Administrator

Application Form (Online)

  • Completed by financial aid applicants or by Process Administrator
  • Results added to Spreadsheet by Process Administrator
  • Maintain formulas to calculate financial need from applicant financial data and from school cost structure

Online Pledge Form

  • Completed by donors
  • Added to Spreadsheet by Process Administrator

Spreadsheet

  • Amount pledged for current year, along with list of donors
  • Amount received for current year (total)
  • Amount disbursed for current year
  • Amount currently in fund
  • Each applicant’s information (financial, contact, amount needed, amount awarded)
  • Amount expected from fundraising activities
  • Current ratio of committed funds to estimated funds

Award Summary

  • Created by Process Administrator from Spreadsheet
  • Approved by Approval Committee before Award Letter generated

Award Letter

  • Mailed once a year to all applicants within 4 weeks of application deadline
  • Mailed to midyear applicants within 4 weeks of application
  • Mailed to applicants who have a change in situation during the year
  • Generated via mail merge from spreadsheet after Award Summary approved
  • Signed by parent/guardian, School Liaison, and Process Overseer

Monthly Report

  • Amount currently in fund
  • Amount pledged for current year and next year
  • Amount received for current year
  • Amount awarded for current year and next year
  • Amount disbursed for current year
  • Amount expected from fundraising activities
  • Current ratio of committed funds to estimated funds

 

© 2004 Faith Baptist Ministries