N.J. Admin. Code § 9A:9-2.16

Current through Register Vol. 56, No. 23, December 2, 2024

Section 9A:9-2.16 - Accounting and auditing standards

(a) Institutions shall either maintain separate accounts for each State student assistance program for which funds are received or deposit State funds in the institution's general account, provided the funds are identified as "Higher Education Student Assistance Authority, Grants and Scholarships" and a clear audit trail is maintained. Institutional student records must also be maintained which include name, address, social security number, date and amount of each State award and such other information generally made available for Title IV, Higher Education Act and State Single Audit Act purposes, as further specified by the Director of Grants and Scholarships in the Authority. Records of receipts and disbursements shall be maintained in accordance with generally accepted accounting principles.

(b) As part of the institution's periodic audit by an independent accounting firm, and in accordance with the State Single Audit Act Policy, State student assistance programs shall be included to insure compliance with Authority rules, and a copy of the audit report must be provided to the Authority, Grants and Scholarships. The Authority reserves the right to conduct its own institutional audit and campus level State student financial aid program reviews pursuant to N.J.S.A. 18A:71A-9p. Such program reviews will be conducted by the Authority to provide assurance that institutions have administered their State scholarship and tuition aid grant programs in accordance with all applicable rules and regulations.

(c) Based on prior coordination with financial aid, registration, and business personnel, institutions will be notified in writing at least 30 days in advance when a full-scale program review has been officially scheduled at their school or 15 days for a limited program review. At such time, the institution will also be notified of what files and student records will be required for analysis. Institutions shall provide access to institutional and student records as required by the program review team to conduct their review.

(d) Institutions that have not properly applied program rules and regulations may be placed on reimbursement status for the receipt of payments and may not receive advance payments.

(e) Institutions that wish to appeal the findings of the program review shall submit a written appeal to the Authority's Chief Compliance Officer within 30 days of receipt of the final program review report. The written appeal must explain in detail why the institution is appealing the program review findings and include any supporting documentation. The Authority's Chief Compliance Officer will provide the institution with a written response within 60 days of receipt of the appeal.

N.J. Admin. Code § 9A:9-2.16

Amended by 46 N.J.R. 2354(a), effective 12/1/2014