Year-end Balancing

Year-end Balancing

Michigan Competitive Scholarship (MCS) and Michigan Tuition Grant (MTG)

Before the 4th quarter payment, aid offices must prepare for year-end balancing for MCS and MTG. During this time, institutions can project the amount expected to receive or owed back to Student Scholarships, Grants and Outreach (SSGO) for the 4th quarter payment. For your reference, the 4th quarter payment is scheduled for August 17, 2022.

 

To prepare for year-end balancing within MiSSG, the following steps should be followed:

  • Under the MiSSG tab, click Report, then click on School Totals Report.
  • The School Totals Report is a listing of your awarded students by semester/term and should be compared to your internal records.
  • Select the 2021-22 Academic Year and the Aid Program, then click Generate Report.
  • Review your Total Award amount.
  • After you have your Total Award amount, click the tab on the left menu for either the Michigan Competitive Scholarship or the Michigan Tuition Grant.
  • Click on Payment History.
  • Review the Payment Total amount in the Payment History.
  • Compare this figure with the total indicated on your School Totals Report.
  • Reviewing these figures will determine if your institution owes a refund from an overpayment or if our office owes your institution a 4th quarter payment.

The equation:

Sum of all awards for program across all semesters for current year = Total Award

 

1st quarter payment + 2nd quarter payment + 3rd quarter payment = Total Payment Amount

 

Total AwardTotal Payment Amount = 4th Quarter Payment Amount

 

If there are discrepancies in your reports or totals, please review your students individually on the School Totals Report to compare their award information in MiSSG to your institutional records.

 

For MCS and MTG, please also provide the institution’s year-end totals to Marion Seelman at seelmanm@michigan.gov as soon as possible to confirm total figures or to resolve discrepancies.

 

All State Aid Programs

MCS and MTG must be balanced PRIOR to 4th quarter payment.  When balancing is complete, institutions will be billed for any MCS/MTG overpayments made/received during the 2021-22 payment process. An SSGO Refund Worksheet is not required for current year MCS/MTG billing. 

 

Institutions must balance expenditures for all other State aid programs following 4th quarter payments. Institutions must issue any refunds owed to SSGO no later than September 16, 2022 and complete the SSGO Refund Worksheet.