SECTION 22.4. Records Retention

(a) All institutions participating in the financial aid programs described in Chapter 22 shall follow the records retention guidelines outlined in subsection (a) and (b) of this section:

(1) An institution shall maintain its records and accounts of all transactions related to state and federal student financial aid in keeping with the institution's records retention schedule to ensure a full accounting for all funds received, disbursed, and expended by the institution.

(2) Records and accounts shall be available for inspecting, monitoring, programmatic or financial auditing, or evaluation by the Coordinating Board, and by others authorized by law or regulation, for a period (whichever is later):

(A) not less than seven (7) years after the date of the completion of the award period,

(B) the date of the receipt of the institution's final claim for payment of final expenditure report, or

(C) until a resolution of all billing questions in connection with the account has been resolved.

(3) Records and accounts shall include, but are not limited to, general institutional and program specific record-keeping requirements in accordance with Federal Student Aid Title IV regulations (USOE, 34 CFR §668.24).

(b) If an audit is announced, an institution shall retain its records until the audit has been completed or not less than seven (7) years after the expiration date of the Memorandum of Understanding for State Financial Aid Programs (MOU), whichever is later.

(1) An institution shall make available to the auditing entity all documents and other information related to state financial aid programs.

(2) An institution and any subcontractors shall provide any information the auditing entity deems relevant to any monitoring, investigation, evaluation, or audit.

Source Note: The provisions of this §22.4 adopted to be effective February 28, 2018, 43 TexReg 1083