Section 29-7010. REQUIREMENTS FOR INSTITUTIONAL PARTICIPATION - CASH MANAGEMENT AND ACCOUNTING

 

7010.1Each payment period, the Mayor shall provide the institution a roster of eligible students who have expressed an interest in attending the institution.

 

7010.2Each payment period, the institution shall submit to the Mayor a roster of eligible students for payment:

 

(a)The roster shall contain the institution’s Tax Information Number (TIN) and the Dun and Bradstreet Number (DUN);

 

(b)The roster shall also contain the social security number, name, and permanent address of each eligible student enrolled at the institution, his or her enrollment status, the amount of tuition specific aid (grant money, scholarship, tuition or fee waivers, or tuition remission) the student received, the amount of tuition and fees charged the student for the payment period, the amount of tuition and fees that would be charged to an in-State student (if a public institution) for that payment period; the award amount that should be paid to the institution on behalf of the student for that payment period;

 

7010.3A private institution shall determine the amount to request for each payment period by dividing the total amount of the annual award by the number of payment periods the institution expects the student will attend in that award year.

 

7010.4The institution shall submit the roster to the Mayor after the institution’s drop/add period in order to account for the most accurate information with respect to the student’s enrollment status.

 

7010.5If the student registers for an additional course after the institution has submitted its roster to the Mayor for payment, the institution may submit a supplemental roster for payment, except that the amount of payment requested may not result in the institution receiving on behalf of the student more money than is authorized under the College Access Act and this Chapter for the award year.

 

7010.6Upon receipt of the institutional roster, the Mayor shall review the information on the roster to determine that each student listed as eligible for the grant has filed an application for the grant and is eligible to receive the grant.

 

7010.7If the Mayor determines that a student on the roster has not submitted the appropriate documents and/or is not eligible for a grant, the Mayor shall notify the institution.

 

7010.8The Mayor shall determine the aggregate amount of funds to be paid to the institution on behalf of all eligible students attending the institution.

 

7010.9The Mayor shall transmit funds to the institution’s account by use of the Automated Clearing House/Electronic Funds Transfer (ACH/EFT) or check within 30 days of receipt of the roster for payment of funds from the institution.

 

7010.10The Mayor shall provide to the institution a roster reflecting the names, social security numbers, and amounts of payment for each student transmitted to the institution’s account.

 

7010.11The Mayor may require the institution to maintain the tuition assistance program funds in a separate bank or investment account that contains no other funds if the Mayor determines that the institution failed to comply with:

 

(a)The requirements of this section;

 

(b)The recordkeeping and reporting requirements in §7012.2 through 7012.8; or

 

(c)Any other requirements of this Chapter.

 

7010.12The institution shall maintain accounting and internal control systems that identify the cash balance of the tuition assistance funds that are included in the institution’s bank or investment account as readily as if those program funds were maintained in a separate account.

 

7010.13The institution shall maintain its financial records in accordance with the requirements contained in §7012.2 through 7012.8.

 

7010.14The institution shall exercise the level of care and diligence required of a fiduciary with regard to administering tuition assistance program funds.

 

source

Final Rulemaking published at 48 DCR 5013, 5026 (June 1, 2001).