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Administrator Guide
Last Updated: 2024-01-12
Create Fiscal Year Limits for Student Awards

Create Fiscal Year Limits for Student Awards

Security:
Set Up: Fiscal Limits
 domain in the Financial Aid functional area.
You can create annual fiscal limits for 1 or more student award items. A fiscal limit, when met, stops Workday from packaging designated award items for a financial aid award year. Setting limits can help you monitor award amounts and stay within budget.
You can limit the total amount to award for a specific award year. After defining fiscal limits, you assign them to award items. Each award item can also have its own limits. Update your fiscal limits every financial award year.
  1. Access the
    Create Fiscal Limit
     task.
  2. As you complete the task for a financial aid award year, consider:
    Option Description
    Amount to Package
    The total amount to package for all award items linked to the fiscal limit. Workday stops packaging the linked awards when it reaches this amount.
    Students with an award status of
    Declined
    ,
    Canceled
    , or
    Provisional
     don't count against this limit.
    Amount to Accept
    The total amount that students can accept from all award items linked to the fiscal limit. If a student can't accept a packaged award due to this limit, Workday displays a message telling students to contact their institution.
    You can also continue to adjust this amount as admitted students with financial aid packages decide whether or not to attend your institution.
    Amount to Disburse
    Workday locks this field and automatically populates it with the value you enter on the
    Amount to Accept
     field.
The fiscal limit is available on the
Find Fiscal Limits
 report.
For the 2018-2019 award year, you expect students to accept up to 100,000 USD in awards, but you can actually award up to 120,000 USD. Set these limits:
  • Amount to Package = 120,000 USD
  • Amount to Accept = 100,000 USD
Assign the fiscal limit to student award items as you create them.
You can:
  • Update fiscal limits if you haven't packaged any student awards that use them. Select
    Fiscal Limit
    Edit
     from the related actions menu of the fiscal award limit.
  • Change fiscal limits after using them by adding a new row for the same award year. Workday uses the latest fiscal limit line for the award year in the packaging process. If you edit award years that have already been packaged, it might result in changes in students' current awards.
  • Use an existing fiscal limit for a new award year by adding a row and selecting a new
    Financial Aid Award Year
    .
  • Delete fiscal limits if you haven't packaged any student awards that use them.