- (1) Each participating institution shall establish and maintain current, adequate records which reflect all transactions with respect to the Move on When Ready Program and fiscal activities as they relate to the administration of the program. The records must be maintained in such a manner as to identify all program and fiscal transactions separately from other institutional activities and funds.
- (2) The records for any fiscal activity period shall be retained for at least five (5) years following the date of submission of the institution's Certified Participation List, unless a longer retention period is necessitated because of program review or audit resolution problems. In the event a participating institution closes or otherwise ceases operation and fails to matriculate students, institutional Move On When Ready Program records of the institution shall be forwarded to ACHE for retention.
(3) The financial aid office representative of the participating institution for the Move On When Ready Program will submit the institution's Move On When Ready Certified Participation List to the Commission each academic period, which will be used to gather data in a uniform manner from each institution for each participating student; such forms shall contain information relative to all eligibility criteria for the Move On When Ready fund. Fiscal records pertaining to the operation of the Move On When Ready Program at a participating institution must be maintained in a manner which provides a clear audit trail.
(4) The Executive Director of the Commission or any of the Director's duly authorized representatives will have access for the purpose of review and examination to Move On When Ready Program records and supporting documents maintained by the participating institution.
(5) The records involved in any claim or expenditure which has been questioned by program review or by state audit must be retained until resolution of any such review or audit questions.
Author: Stephanie C. Dolan
Statutory Authority: Code of Ala. 1975, §16-5-1; Alabama Act 2025-412.
History: New Rule: Published March 31, 2026; effective May 15, 2026.