The Pennsylvania Higher Education Assistance Agency (PHEAA) has issued a formal timeline to close out the 2024–25 Institutional Assistance Grants (IAG) Program.
All participating institutions should review the schedule carefully, as the timing of certifications, payments, refunds and audit submissions directly affects year-end accounting and compliance activities.
February 2026: Certification Listings
Institutions must complete and return all required certification listings to PHEAA no later than February 23, 2026. PHEAA will complete its review of submitted certifications by February 27, 2026.
From an accounting standpoint, this step is foundational. Errors or delays in certifications can postpone final per capita calculations and result in late payment adjustments or unexpected refunds that may affect financial statement accruals.
March 2026: Final Calculations and Payments
During March, PHEAA will complete the financial closeout process for the program:
- Week of March 2, 2026: PHEAA will calculate the final per capita amount and determine final payments or refunds due.
- Week of March 16, 2026: Institutions will receive either final payments or formal notification of refunds owed to PHEAA.
April 2026: Audit Report Deadline
Audit reports related to the 2024–25 IAG Program are due to PHEAA by April 30, 2026. Importantly, PHEAA has instructed institutions not to submit audit reports prior to March 16, 2026, as audit reports will be accepted only after final per capita calculations and payment notifications have been completed.
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