§ 57.2909 - What other records, audit, and inspection requirements apply to schools?

(a) Each entity which receives a grant under this subpart must meet the requirements of 45 CFR part 74 concerning audit and inspection.

(b) The school must also maintain the following records in computer, electronic, microfiche, microfilm, or paper form:

(1) A record of all recipients of aid under this program which includes, for each recipient, a copy of the total need analysis and determination of resources, documentation for any changes made to the need analysis report used by the school, documentation that the recipient met the eligibility requirements, a copy of the student budget used to determine the recipient's costs of attendance, and documentation of other sources of aid received by the recipient;

(2) A record of the amount of funds awarded to each recipient; and

(3) A record of each institutional application for funding, including documentation to support the number of eligible students listed on each application and how they met the eligibility criteria.

(c) Institutional officials who have information which indicates the potential or actual commission of fraud or other offenses against the United States, involving these funds, should promptly provide this information to the appropriate Regional Office of Inspector General for Investigations.

(Approved by the Office of Management and Budget under control number 0915-0028)