Section 29-7012. REQUIREMENTS FOR INSTITUTIONAL PARTICIPATION - AUDITS AND RECORDS ACCESS AND RETENTION

 

7012.1The institution shall comply with the applicable audit requirements contained in Office of Management and Budget Circular A-133, “Audits of States, Local Governments, and Non-Profit Organizations.”

 

7012.2An institution shall establish and maintain, on a current basis, any program records that document its eligibility to participate in the College Access Act, its administration of the College Access Act in accordance with all applicable requirements, and its disbursement and delivery of program funds under the College Access Act.

 

7012.3An institution shall account for the receipt and expenditure of funds under the Act in accordance with generally accepted accounting principles, and shall establish and maintain on a current basis:

 

(a)Financial records that reflect each program transaction; and

 

(b)General ledger control accounts and related subsidiary accounts that identify each program transaction and separates those transactions from all other institutional financial activity.

 

7012.4The records that an institution shall maintain in order to comply with the provisions of this section include but are not limited to:

 

(a)A copy of the payment roster sent to the institution;

 

(b)The amount of the student’s grant for the award year, the payment period(s), the calculation used to determine the amount of the grant, and the date and amount of each grant disbursement;

 

(c)The amount, date, and basis of the institution’s calculation of any refund or overpayment due on behalf of the student;

 

(d)The date of payment of any refund or overpayment to the District;

 

(e)Reports and forms used by the institution in its participation in the program and any records needed to verify data that appears in these reports and forms,

 

(f)A copy of any written agreements between the institution and another eligible institution that impact a student’s participation in the program; and

 

(g)On an award year basis (at the end of the award year), the number of eligible District of Columbia residents receiving the grant and that obtain a recognized educational credential.

 

7012.5An institution shall maintain required records in a systematically organized manner.

 

7012.6An institution shall make its records available for review by the Mayor.

 

7012.7An institution may keep required records in hard copy or in microform, computer file, optical disk, CD-ROM, or other media format, provided the record information is retrievable in a coherent hard copy format or in other formats acceptable to the Mayor.

 

7012.8An institution shall keep records relating to its administration of the program for three years after the end of the award year for which the grant was awarded.

 

source

Final Rulemaking published at 48 DCR 5013, 5029 (June 1, 2001).