RRS_Series: Financial Aid: Accounting for the Receipt and Expenditure of Program Funds

Activity
III.06. ADMINISTRATION OF STUDENT AFFAIRS/Scholarships and Financial Aid
Series Name
Financial Aid: Accounting for the Receipt and Expenditure of Program Funds
Series ID
306-20-305
Description

Document accounting for the receipt and expenditure of all FSA program funds.

These records found in all media (paper, digital, or other) may include but are not limited to:

  • financial records that reflect each FSA program transaction (examples, bank statements for accounts containing FSA funds);
  • general ledger (control accounts) and related subsidiary ledgers that identify each FSA program transaction (FSA transactions must be separate from school’s other financial transactions);
  • related documentation and correspondence, including e-mail.
Retention and Disposal Instructions

3 years after award year, unless administrative or business use persists, purge.

Exception: In the event of a subpoena, audit, legal hold, public records or similar state or federal information request, halt until further instructed any scheduled disposal activities, including purging or transferring material to University Archives.

Custodian
Office of Financial Aid and Scholarships
Citations
34 CFR 668.24 - Record retention and examination
OAR Predecessors
OAR 166-475-0055 (8) Fiscal Records and Reports