19 Tex. Admin. Code § 22.4 - Records Retention
(a) 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.
(b) 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):
(1) not less than
seven (7) years after the date of the completion of the award period;
(2) the date of the receipt of the
institution's final claim for payment of final expenditure report; or
(3) until a resolution of all billing
questions in connection with the account has been resolved.
(c) 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).
(d) 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), Program Participation Agreement, or
other operative written agreement between an institution and the Coordinating
Board pertaining to financial aid, 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.
Notes
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(a) All institutions participating in the financial aid programs described in Chapter 22 shall follow the records retention guidelines outlined in subsections (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.