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20 U.S.C. 1070b—1070b-3, unless otherwise noted.
52 FR 45778, Dec. 1, 1987, unless otherwise noted.
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(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 § 668.163.
(b) Records and reporting.
(1) An institution shall follow the record retention and examination provisions in this part and in 34 CFR 668.24.
(2) An institution shall establish and maintain program and fiscal records that are reconciled at least monthly.
(3) Each year an institution shall submit a Fiscal Operations 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.
(Approved by the Office of Management and Budget under control number 1840-0535)
(Authority: 20 U.S.C. 1070b, 1094, and 1232f)
[52 FR 45778, Dec. 1, 1987, as amended at 53 FR 49147, Dec. 6, 1988; 59 FR 61421, Nov. 30, 1994; 59 FR 61722, Dec. 1, 1994; 60 FR 61815, Dec. 1, 1995; 61 FR 60493, Nov. 27, 1996; 62 FR 50848, Sept. 26, 1997]