[Code of Federal Regulations]
[Title 34, Volume 3]
[Revised as of July 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 34CFR676.19]

[Page 635-636]
 
                           TITLE 34--EDUCATION
 
 CHAPTER VI--OFFICE OF POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION
 
PART 676_FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM--Table of 
 
Sec. 676.19  Fiscal procedures and records.

    (a) Fiscal Procedures. (1) In administering its FSEOG 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.

[[Page 636]]

    (2) 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 shall follow the 
record retention and examination provisions in this part and in 34 CFR 
668.24.
    (2) An institution shall establish and maintain program and fiscal 
records that 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 and at the time specified by the Secretary.

(Approved by the Office of Management and Budget under control number 
1840-0535)

(Authority: 20 U.S.C. 1070b, 1094, and 1232f)

[52 FR 45778, Dec. 1, 1987, as amended at 53 FR 49147, Dec. 6, 1988; 59 
FR 61421, Nov. 30, 1994; 59 FR 61722, Dec. 1, 1994; 60 FR 61815, Dec. 1, 
1995; 61 FR 60493, Nov. 27, 1996; 62 FR 50848, Sept. 26, 1997]