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FAP

Citations: (R)676.19
AsOfDate: 12/31/95

Fiscal procedures and records.

(a) Fiscal Procedures. (1) In administering its FSEOG

program, an institution shall establish and maintain an internal
control system of checks and balances that insures that no office
can both authorize payments and disburse funds to students.

(2) An institution shall maintain funds received under

this part in accordance with the requirements in Sec. 668.164.

(b) Records and reporting. (1) An institution shall

establish and maintain on a current basis financial records that
reflect all program transactions. The institution shall establish and
maintain general ledger control accounts and related subsidiary
accounts that identify each program transaction and separate
those transactions from all other institutional financial activity.

(2) The institution shall also establish and maintain

program and fiscal records that--

(i) Are reconciled at least monthly;

(ii) Identify each student's account and status;

(iii) Show the eligibility of each student aided under the

program; and

(iv) Show how the need was met for each student.

(3) The institution shall maintain on file all FSEOG

applications for those students it reports on the Fiscal Operations
Report and Application to Participate in the Federal Perkins Loan,
FSEOG, and FWS Programs (FISAP).

(4) The institution shall maintain all records supporting

its application for funds under this part.

(5) Each year an institution shall submit a Fiscal

Operation Report plus other information the Secretary requires.
The institution shall insure that the information reported is
accurate and shall submit it on the form and at the time specified
by the Secretary.

(c) Retention of records. (1) Records. Each institution

shall keep intact and accessible records of the application, the
receipt, and the expenditure of Federal funds, including all
accounting records and original and supporting documents
necessary to document how the funds are spent.

*(2) Period of retention. Except for audit questions, an

institution shall keep records for an award year for five years after
it submits its FISAP for that year.

*(3) An institution may keep the records required in this

section on microforms, optical disk, other comparable imaging
technology, or in computer format. If an institution keeps its
records in computer format, it shall maintain, in either hard copy,
microforms, optical disk, or other comparable imaging technology,
the source documents supporting the computer input.
*(4) Audit questions. An institution shall keep records
on any claim or expenditure questioned by Federal audit or
program review until any audit questions are resolved.

(Authority: 20 U.S.C. 1070b, 1094, and 1232f)

(Approved by OMB under control number 1840-0535)

Note: (a)(2) amended December 1, 1994, effective July 1, 1995.

(c)(3) amended December 1, 1995, effective July 1, 1996.