Have You Submitted the Form 498 Yet?
August 29, 2016
~ If you’re submitting a BEAR, you MUST have an approved 498 ~
~ 2-step process for approval; takes 10-14 days to obtain approval ~
~ Only 20.1% of PA applicants have approved 498s so far – list attached ~
If you will be filing a BEAR Reimbursement Form (Form 472), you first must have a Form 498 submitted and approved by USAC. Why? Beginning immediately, no paper reimbursement checks will be mailed; all payments will be electronically transferred from USAC to the applicant’s bank account. In order for USAC to know where to transfer the funds, all BEAR-users must complete the Form 498 in order to provide USAC with their bank account and bank routing information. Attached is a list of the FY 2015 PA applicants showing whether they have a Form 498 approved yet or not — only 20.1% have approved 498s!
- The Form 498 must be filed in EPC and must be certified by a school or library official.
- In 2-4 days after the 498 is submitted, USAC will send you an e-mail with a link to upload a copy of a voided check or other account document to validate the banking data.
- About a week after the document is uploaded, USAC will (should) sent you an approval e-mail.
- The 498 must be submitted by a “School or Library Official.” If you cannot find the 498 under Related Actions in EPC, it likely means you’re User Permission isn’t set to “School or Library Official.”
- If you submitted the 498 but haven’t received the Upload Link or the 498 Approval E-mail, call 888-641-8722, Option 5, then Option 2.
Attached is an updated step-by-step guide to filing the Form 498. It’s an easy form to complete if you have this data available:
- Name of General Financial Contact (must be an EPC user)
- Name of Remittance Contact (can be anyone, regardless of whether they’re in EPC)
- Name of Bank
- School or Library’s Federal EIN Number
- DUN and Bradstreet Number (DUNS) (the Guide explains where to quickly find this data)
- Financial Institution Account Number for ACH
- ACH Financial Institution Transit Number
- Copy of Voided Check or Bank Statement
Note: The Form 498 may be drafted by a consultant, but it must be “Sent for Certification” to an EPC user who is designated in the EPC User Permissions as a “School or Library Official.” The attached Guide explains where see the EPC User Permissions.
Please don’t put off filing this form or you will run out of time in October to file the BEAR Reimbursement Form. If you have any questions, please don’t hesitate to contact me at firstname.lastname@example.org.