N.J. Admin. Code § 9A:11-6.17

Current through Register Vol. 56, No. 24, December 18, 2024

Section 9A:11-6.17 - Fiscal audit requirements

(a) Participating institutions shall either have separate accounts for each EOF allocation for which funds are received or deposit State funds in a general account, the latter only if funds are identified by their separate EOF categories; in either case, the institution shall maintain a clear audit trail. The institution also shall maintain student records that include name, address, social security number, date, amount of each EOF semester award, and such other information as required for compliance with 20 U.S.C. § 1070 et seq.; 34 C.F.R. § 668.24; the Single Audit Act, as contained in the New Jersey Department of Treasury, Office of Management and Budget (OMB) Circular Letter 98-07, and as further specified in this chapter. Records of receipts and disbursements shall be maintained in accordance with generally accepted accounting principles.

(b) The institution's EOF program shall be included as part of the institution's periodic audit by an independent accounting firm to ensure compliance with this chapter, and the institution shall provide a copy of the audit report to the Office of the Secretary of Higher Education. The Board, through the Secretary, reserves the right to conduct its own institutional audit.

(c) Institutions shall, upon reasonable notice, make available to the EOF Executive Director or their designee access to institutional and student records for audit purposes.

N.J. Admin. Code § 9A:11-6.17

Amended by 48 N.J.R. 2356(a), effective 11/7/2016

Amended by 55 N.J.R. 2341(a), effective 11/20/2023