Fiscal Records and Reports

Records that document Federal Title IV Aid transactions, including receipt, management and disbursement of funds. Records may include all Title IV program transactions; bank statements for all accounts continuing Title IV payments, cash disbursements, refunds, and repayments; general ledger (must be separate from school's other financial transactions) and related ledgers that identify each Title IV program transaction; Federal work-study payroll records; Annual Federal Fiscal Operations and Applications for Funds Report (FISAP). Reports may include Federal Pell Grant Statements of Account; ED Payment Management system cash requests and quarterly or monthly reports; Title IV program reconciliation reports; audit reports and school responses; state grant and scholarship award rosters and reports; accrediting and licensing agency reports; and other related information.

Category

Finance

Maintainer

Finance Division

Retention Period

Retain for three years after the end of the award year for which the report is submitted. Schools must retain all required records for a minimum of three years from the end of the award year. However, the starting point for the three-year period is not the same for all records. For example, some Campus-Based program records must be kept for three years from the end of the award year in which the funds were awarded and disbursed.

Citation

34 C.F.R. 668.24

Disposition Instructions

Confidential destruction is required. Paper must be shredded, pulped, or incinerated; electronic records must be overwritten or the storage media physically destroyed. Deletion of information in computer files or on electronic storage media is not sufficient.

Last Updated: December 31, 2008