34 CFR 668.166 - Excess cash.

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§ 668.166 Excess cash.
(a) General.
(1) The Secretary considers excess cash to be any amount of title IV, HEA program funds, other than Federal Perkins Loan Program funds, that an institution does not disburse to students or parents by the end of the third business day following the date the institution—
(i) Received those funds from the Secretary; or
(ii) Deposited or transferred to its Federal account previously disbursed title IV, HEA program funds received from the Secretary, such as those resulting from award adjustments, recoveries, or cancellations.
(2) The provisions of this section do not apply to the title IV, HEA program funds that an institution receives from the Secretary under the just-in-time payment method.
(b) Excess cash tolerances. An institution may maintain for up to seven days an amount of excess cash that does not exceed one percent of the total amount of funds the institution drew down in the prior award year. The institution must return immediately to the Secretary any amount of excess cash over the one-percent tolerance and any amount remaining in its account after the seven-day tolerance period.
(c) Consequences for maintaining excess cash. Upon a finding that an institution maintains excess cash for any amount or timeframe over that allowed in the tolerance provisions in paragraph (b) of this section, the actions the Secretary may take include, but are not limited to—
(1) Requiring the institution to reimburse the Secretary for the costs the Secretary incurred in providing that excess cash to the institution; and
(2) Providing funds to the institution under the reimbursement payment method or cash monitoring payment method described in§ 668.163(d) and (e), respectively.
(Authority: 20 U.S.C. 1094)
[72 FR 62030, Nov. 1, 2007]

Title 34 published on 2014-07-01.

The following are only the Rules published in the Federal Register after the published date of Title 34.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-12-04; vol. 79 # 233 - Thursday, December 4, 2014
    1. 79 FR 71957 - Program Integrity: Gainful Employment; Correction
      GPO FDSys XML | Text
      DEPARTMENT OF EDUCATION, 34 CFR Parts 600 and 668
      Final regulations; correction.
      Effective July 1, 2015.

Title 34 published on 2014-07-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 34 CFR Part 668 after this date.

  • 2015-05-18; vol. 80 # 95 - Monday, May 18, 2015
    1. 80 FR 28484 - Program Integrity and Improvement
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      DEPARTMENT OF EDUCATION, Office of Postsecondary Education
      Notice of proposed rulemaking.
      We must receive your comments on or before July 2, 2015.
      34 CFR Part 668