Ala. Admin. Code r. 300-4-3-.08

Current through Register Vol. 43, No. 1, October 31, 2024

Section 300-4-3-.08 - Maintenance Of Records

(1) Each approved institution shall establish and maintain on a current basis adequate records which reflect all transactions with respect to program and fiscal activity as they relate to the administration of the Alabama Student Grant Program. The records must be maintained in such a manner as to identify all program and fiscal transactions separately from other institutional activities and funds.

(2) The records for any award period shall be retained for a period of five (5) years following the date of submission of the institutional award list, unless a longer retention period is necessitated because of program review or audit resolution problems. In the event an approved institution closes or otherwise ceases operation and fails to matriculate students, institutional ASGP records of the approved institution shall be forwarded to ACHE for retention.

(3) Forms must be used to gather data in a uniform manner from each applicant; such forms shall contain information relative to all eligibility criteria for an ASGP award. Fiscal records pertaining to the operation of the Alabama Student Grant Program at an approved institution must be maintained in a manner which provides a clear audit trail.

(4) The Executive Director of the Alabama Commission on Higher Education, or any of the Director's duly authorized representatives, will have access, for the purpose of review and examination, to Alabama Student Grant Program records and supporting documents maintained by the approved institution.

(5) The records involved in any claim or expenditure which has been questioned by program review or by state audit must be retained until resolution of any such review or audit questions.

Ala. Admin. Code r. 300-4-3-.08

Filed September 30, 1982.

Author:

Statutory Authority:Code of Ala. 1975, §§ 16-33A-1, et seq.