Reviewing Additional Year-Specific Entities After Finalizing New Year Setup

Once you have finalized new year setup and the new award year has been created, there are a few additional entities you need to review and update before you are ready to process in the new year. These items can only be updated once the new year is available in the system.

To update your additional year-specific entities, complete the steps below:

  1. Copy the academic year.
  2. Update the academic year name, scheduled dates, and any other changes needed for the new year.
  3. Update the Pell Grant Cost of Attendance table within the academic year.
    • Replace the prior year's selection set with the newly created one.

      • Note: For more information, see the updating newly copied selection sets step below.

    • For any custom processes present, determine if the custom process is year-specific and should be copied into the new year. If it is, complete the following steps:

      • Copy the custom process.

      • Name the new custom process with the new year naming convention.

      • Update the year-specific field aliases in each function.

      • Return to the academic year and replace the prior year's custom process with the newly created one.

  4. You will update the associated custom process targets in Step 4 below.
  1. Copy the payment period.
  2. Update the dates, names, and any other changes needed in the new year.
  3. Update the Institutional Cost of Attendance table within the payment period.
    • Replace the prior year's selection set with the newly created one.

      • Note: For more information, see the updating newly copied selection sets step below.

    • For any custom processes present, determine if the custom process is year-specific and should be copied into the new year. If it is, complete the following steps:

      • Copy the custom process.

      • Name the new custom process with the new year naming convention.

      • Update the year-specific field aliases in each function.

      • Return to the payment period and replace the prior year's custom process with the newly created one.

  4. You will update the associated custom process targets in Step 4 below.

Review your packaging formulas associated with the new award year for any custom processes that are year-specific. For any year-specific custom processes, complete the following steps:

  1. Copy the custom process.
  2. Name the new custom process with the new year naming convention.
  3. Copy any necessary functions used in the custom process and update the year-specific field aliases used within them.
  4. Return to the packaging formula and replace the prior year's custom process with the newly created one.

Tip: Custom processes can be found at both the formula level and fund (min/max) level, as well as in the fund group settings.

In addition to custom processes used in packaging formulas that were reviewed in the previous step, any other custom processes associated with custom process targets contain award year-specific data will need to be reviewed as well. For any year-specific custom processes and custom process targets, complete the following steps:

  1. Copy the custom process, updating the year-specific attributes to work in the upcoming award year. Be sure to review the steps for copying functions if needed as well.
  2. Copy the custom process target.
  3. Name the new custom process target with the new year naming convention.
  4. Update any rules associated with year-specific custom processes to use the new version of the custom process.
  5. For any academic year or payment period created for this new year, update the Custom Process Target section.

Let’s say you have a custom process that calculates the tuition per credit hour, but your institution's tuition rates change from year to year. Because New Year Setup does not automatically copy your custom processes from year to year, you'll need to copy the process and update it to reflect the new award year's tuition so that your custom process stays up-to-date in PowerFAIDS.

  1. Create a copy of any year-specific communication templates.
  2. Review and update the following:
    • Field Aliases
    • Student Data Blocks
    • Conditional Text and associated selection sets

      • Note: For more information, see the updating newly copied selection sets step below.

    • Any text within the letter template that references a prior year or old information
  1. Search your selection sets for those that still have "NYS" in the name. These selection sets contain year-specific references that could not be updated when you completed the new year setup.
  2. Update the selection set field aliases and/or values to the new year data, such as those that reference academic years or payment periods that have now been copied forward.
  3. Remove the "NYS" indicator from the name once fully updated.

For each fund with a year-specific requirement associated, add a new row to the Requirements section and select an updated requirement for the new year.