[Code of Federal Regulations]
[Title 34, Volume 3]
[Revised as of July 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 34CFR675.19]

[Page 625-626]
 
                           TITLE 34--EDUCATION
 
             CHAPTER VI--OFFICE OF POSTSECONDARY EDUCATION,
                         DEPARTMENT OF EDUCATION
 
PART 675--FEDERAL WORK-STUDY PROGRAMS--Table of Contents
 
                  Subpart A--Federal Work-Study Program
 
Sec. 675.19  Fiscal procedures and records.

    (a) Fiscal procedures. (1) In administering its FWS program, an 
institution shall establish and maintain an internal control system of 
checks and balances that insures that no office can both authorize 
payments and disburse funds to students.
    (2) If an institution uses a fiscal agent, that agent may perform 
only ministerial acts.
    (3) An institution shall maintain funds received under this part in 
accordance with the requirements in Sec. 668.163.
    (b) Records and reporting. (1) An institution must follow the record 
retention and examination provisions in this part and in 34 CFR 668.24.
    (2) The institution must also establish and maintain program and 
fiscal records that--
    (i) Include a certification by the student's supervisor, an official 
of the institution or off-campus agency, that each student has worked 
and earned the amount being paid. The certification must include or be 
supported by, for students paid on an hourly basis, a time record 
showing the hours each student worked in clock time sequence, or the 
total hours worked per day;
    (ii) Include a payroll voucher containing sufficient information to 
support all payroll disbursements;
    (iii) Include a noncash contribution record to document any payment 
of the institution's share of the student's earnings in the form of 
services and equipment (see Sec. 675.27(a)); and
    (iv) Are reconciled at least monthly.
    (3) Each year an institution shall submit a Fiscal Operations Report 
plus other information the Secretary requires. The institution shall 
insure that the information reported is accurate and shall submit it on 
the form

[[Page 626]]

and at the time specified by the Secretary.

(Approved by the Office of Management and Budget under control number 
1845-0535)

(Authority: 42 U.S.C. 2753 and 20 U.S.C. 1094 and 1232f)

[52 FR 45770, Dec. 1, 1987, as amended at 53 FR 30183, Aug. 10, 1988; 53 
FR 49147, Dec. 6, 1988; 59 FR 61419, Nov. 30, 1994; 59 FR 61722, Dec. 1, 
1994; 60 FR 61815, Dec. 1, 1995; 61 FR 60492, Nov. 27, 1996; 62 FR 
50848, Sept. 26, 1997; 65 FR 65676, Nov. 1, 2000]