[Federal Register Volume 59, Number 119 (Wednesday, June 22, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-14993]
[[Page Unknown]]
[Federal Register: June 22, 1994]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF EDUCATION
34 CFR Part 600
RIN 1840-AB87
Institutional Eligibility Under the Higher Education Act of 1965,
As Amended
AGENCY: Department of Education.
ACTION: Final regulations; Correction.
-----------------------------------------------------------------------
SUMMARY: This document corrects errors in the final regulations
published in the Federal Register on April 29, 1994 for Institutional
Eligibility Under the Higher Education Act of 1965, as Amended (59 FR
22324). These regulations implement statutory changes in the programs
authorized by the Higher Education Act of 1965, as amended by the
Higher Education Amendments of 1992, and the Higher Education Technical
Amendments of 1993.
EFFECTIVE DATE: July 1, 1994.
FOR FURTHER INFORMATION CONTACT: Cheryl Leibovitz, U.S. Department of
Education, 400 Maryland Avenue SW. (Room 4318, ROB-3), Washington, DC
20202. Telephone (202) 708-7888. Individuals who use a
telecommunications device for the deaf (TDD) may call the Federal
Information Relay Service (FIRS) at 1-800-877-8339 between 8 a.m. and 8
p.m., Eastern Time, Monday through Friday.
Dated: June 14, 1994.
David A. Longanecker,
Assistant Secretary for Postsecondary Education.
The following corrections are made in FR Doc. 94-10139, published
on April 29, 1994 (59 FR 22324):
1. On page 22324, column 3, remove the third full paragraph
beginning ``Institutions may choose . . .'', and insert in its place
``An institution substantiates its compliance with this standard by
having either the auditor who prepares its financial statement audit or
the auditor who prepares its title IV, HEA program compliance audit
report on the accuracy of its compliance determination. The auditor's
report must be based on performing an ``attestation engagement'' in
accordance with the American Institute of Certified Public Accountants
(AICPA's) Statement on Standards for Attestation Engagements. The
auditor must submit his or her report with the appropriate audit
report. In the attestation report, the auditor must indicate whether
the institution's determination that the percentage of its revenues
derived from title IV, HEA program funds is not more than 85 percent of
its revenues is accurate; i.e., fairly presented in all material
respects.''
2. On page 22325, in column 2, before heading ``Section 600.9
Written Arguments'', add the paragraph ``An institution substantiates
its compliance with the provisions of this section in the same manner
as a proprietary institution of higher education substantiates its
compliance with the 85 percent rule.''
Sec. 600.5 [Corrected]
3. On page 22338, in column 2, Sec. 600.5 (e)(1) is corrected by
removing the remainder of the sentence following the words ``accuracy
of'', and adding in its place ``its determination that the percentage
of its revenue derived from title IV, HEA program funds is not more
that 85 percent of its revenue.''; and by correcting paragraphs (e)(2)
and (e)(3) to read as follows:
(2) The certified public accountant's report must be based on
performing an ``attestation engagement'' in accordance with the
American Institute of Certified Public Accountants (AICPA's) Statement
on Standards for Attestation Engagements. The certified public
accountant shall include that attestation report with the audit report
referenced in paragraph (e)(1) of this section.
(3) The certified public accountant's attestation report must
indicate whether the institution's determination that the percentage of
its revenues derived from title IV, HEA program funds is not more than
85 percent of its revenues is accurate; i.e., fairly presented in all
material respects.
4. On page 22340, in paragraph (e)(2) introductory text, in column
3, the cross-reference to paragraph ``(e)(3)(ii)'' is corrected to read
``(c)(3)(ii)''.
Sec. 600.7 [Amended]
5. On page 22340, column 3, Sec. 600.7 (g)(1) is corrected by
removing the remainder of the sentence following the words ``accuracy
of'', and adding in its place ``those determinations.''; and by
correcting paragraphs (g)(2) and (g)(3) on pages 22340, column 3, and
22341, column 1 to read as follows:
(2) The certified public accountant's report must be based on
performing an ``attestation engagement'' in accordance with the
American Institute of Certified Public Accountants (AICPA's) Statement
on Standards for Attestation Engagements. The certified public
accountant shall include that attestation report with or as part of the
audit report referenced in paragraph (g)(1) of this section.
(3) The certified public accountant's attestation report must
indicate whether the institution's determinations regarding paragraph
(a)(1) of this section and any relevant waiver or exception under
paragraphs (b), (c), and (d) of this section are accurate; i.e., fairly
presented in all material respects.
[FR Doc. 94-14993 Filed 6-21-94; 8:45 am]
BILLING CODE 4000-01-P
