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IFAP
FSA Information for Financial Aid Professionals
U.S. Department of Education

Citations: (R)667.15
AsOfDate: 12/31/95

From the Compilation of Regulations through 12/31/95.

Sec. 667.15 Fiscal procedures and records.

(a) A state must account for the funds it receives under


this part in accordance with the procedures it uses to account for
the expenditure of its own funds and must keep fiscal and
accounting records that support, on audit, its expenditure of funds
under this part.

(b)(1) Except as provided in paragraph (b)(2) of this


section, the State must keep intact and accessible records
relating to its activities under this part for five years after the end
of the period for which funds were provided.

(2) The State shall keep records on any claim or


expenditure questioned on audit until any audit question is
resolved.

(c) A State must have an audit performed of the SPRE's


activities under this part at least once every two years and must
submit the report of that audit to the Secretary. An audit
conducted under the Single Audit Act satisfies this requirement.

(Authority: 20 U.S.C. 1099a-1099a-3)

(Approved by the Office of Management and Budget under the


control number 1840-0659)

Note: OMB number amended September 7, 1994, effective


September 7, 1994.