Illinois Administrative Code
Title 23 - EDUCATION AND CULTURAL RESOURCES
Part 2735 - MONETARY AWARD PROGRAM (MAP)
Appendix A - Advance Payment Formula
a) The formula abbreviations are as follows:
1) ATA = Announced Term Awards
2) ADV = Average Dollar Value of ATA
3) CT = Current Term
4) DA = Dollars Advanced
5) FY = Fiscal Year
6) PFY = Previous Fiscal Year
7) RR = Retention Rate
8) %AD = Percentage Advanced
b) The advanced payment formula established at Section 2735.50 may be demonstrated as follows:
[(ATA x RR) x %AD] x ADV = DA
c) Sample Award History:
|
Announced Awards |
Awards Claimed |
RR |
|
FYA: 6,050 |
3,063 |
.51 |
|
FYB: 5,271 |
3,214 |
.61 |
|
FYC: 5,001 |
2,313 |
.46 |
|
FYD: 3,333 |
1,619 |
.49 |
|
PFY: 3,468 |
1,285 |
.37 |
Five year average RR: .49
|
Total Dollars Announced |
Total Dollars Claimed |
RR |
|
PFY: $1,245,568.00 |
$383,647.50 |
.31 |
CT ATA: 859
CT ADV: $403.27
%AD: .75
d) Sample Calculation:
1) [(859 x .31) x .75] x 403.27 = DA
2) (266.29 x .75) x 403.27 =
3) 199.718 x 403.27 =
4) DA = $80,540.28
