(a) All institutions participating in the financial
aid programs described in Chapter 22 shall follow the records retention
guidelines outlined in subsection (a) and (b) of this section:
(1) An institution shall maintain its records and accounts
of all transactions related to state and federal student financial
aid in keeping with the institution's records retention schedule to
ensure a full accounting for all funds received, disbursed, and expended
by the institution.
(2) Records and accounts shall be available for inspecting,
monitoring, programmatic or financial auditing, or evaluation by the
Coordinating Board, and by others authorized by law or regulation,
for a period (whichever is later):
(A) not less than seven (7) years after the date of
the completion of the award period,
(B) the date of the receipt of the institution's final
claim for payment of final expenditure report, or
(C) until a resolution of all billing questions in
connection with the account has been resolved.
(3) Records and accounts shall include, but are not
limited to, general institutional and program specific record-keeping
requirements in accordance with Federal Student Aid Title IV regulations
(USOE, 34 CFR §668.24).
(b) If an audit is announced, an institution shall
retain its records until the audit has been completed or not less
than seven (7) years after the expiration date of the Memorandum of
Understanding for State Financial Aid Programs (MOU), whichever is
later.
(1) An institution shall make available to the auditing
entity all documents and other information related to state financial
aid programs.
(2) An institution and any subcontractors shall provide
any information the auditing entity deems relevant to any monitoring,
investigation, evaluation, or audit.
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