State Controller Guidance
Effective Date: 06/13/2023
Approved by: Robert Jaros, CPA, MBA, JD, Colorado State Controller
Authorities and References
- §24-30-202(12), C.R.S. (State Controller's Authority)
- U.S. Department of Treasury Coronavirus State and Local Fiscal Recovery Funds (SLFRF) FAQs 13.17
- House Bill 21-1330
Applicability
This Policy applies to institutions of higher education (IHE) that are included in the State of Colorado’s financial reporting entity that receive SLFRF through the Colorado Opportunity Scholarship Initiative (a division of the Colorado Department of Higher Education) and administered by the COSI Advisory Board. This policy does not apply to schools and organizations that are not included in the State’s financial reporting entity such as local area district colleges (Colorado Mountain College and AIMS), area technical colleges (Emily Griffith Technical College, Pitkin Technical College, and Technical College of the Rockies), and foundations. These schools and organizations are considered subrecipients. If the Colorado Opportunity Scholarship Initiative or an IHE enters an agreement with a subrecipient, the funds are considered obligated at the time that the agreement is executed. Funds are considered expended at the time the IHE transfers the funds to the subrecipient.
Definitions
- Colorado Opportunity Scholarship Initiative (COSI) Advisory Board – Board created pursuant to HB 21-1330.
- Obligation – For purposes of this Guidance, an Obligation occurs when the COSI Advisory Board approves a Student Assistance Plan submitted by an IHE.
- Student Assistance Plan – A proposal submitted by a public IHE that describes the institution’s intended use of the money to support eligible students.
Guidance
IHEs shall follow the reporting process included in this Guidance. If an IHE fails to comply with this Guidance, that IHE will lose the ability to charge funding for COSI in 2025 and 2026.
Time Period
This policy includes SLFRF Obligations and spending for COSI from the effective date of this policy to June 30, 2026.
Approval Process
- IHE Proposals to the COSI Board and Approval by the Board
- Each IHE shall submit a Student Assistance Plan to the COSI.
- The COSI Board shall review the Plan.
- Subject to appropriation, the Board shall approve the Plan and award SLFRF grant funds to the IHE.
- Submission Dates
- August 1, 2024: Each IHE shall submit to the COSI Board for approval the scholarship amounts funded with SLFRF planned from January 1, 2025, to June 30, 2026.
- September 20, 2024: The COSI Board will review the documents at the September 2024 board meeting, and the statute provides the COSI Board authority to request revisions.
- October 13, 2024: If revisions are required, the IHE shall submit final plans to COSI.
- November 1, 2024: final signed plans.
Reporting
- Obligation in Gravity, not in the State’s Financial System
- Based on the approved Student Assistance Plan covering 2025 and 2026, each IHE shall enter COSI Obligations by project and expenditure category in Gravity, and not in the State’s financial system.
- Timing
- December 2024 Reporting Cycle – Based on the approved Student Assistance Plan covering 2025 and 2026, each IHE shall submit Obligations by project and expenditure category in Gravity for the time period January 1, 2025 to June 30, 2026.
- Obligations entered in December 2024 are Final
- Obligations entered in Gravity are final as of the December 2024 reporting cycle.
- An IHE cannot make any changes to Obligations or expenditure categories after this date.
- If an IHE does not enter Obligations for COSI scholarships into Gravity for January 1, 2025 to June 30, 2026, that IHE will not have available funding for COSI student assistance during that period.
- Unutilized COSI scholarship funds cannot be used to cover other costs.
- Reporting for January 1, 2025 to June 30, 2026
- Each IHE shall report spending against the Obligations for COSI by project and expenditure category for each reporting quarter from January 1, 2025 to June 30, 2026.