(1) Each eligible institution shall:
- (a) cooperate with OCHE in providing records and information requested for any scheduled audits or program reviews; and
- (b) maintain records substantiating its compliance with all terms of the institutional participation agreement for three years after the end of the award year, or until completion of a program review and any exceptions raised in the review have been resolved, whichever occurs first.
- (2) If at the end of the three-year retention period, an audit or program review exception is pending resolution, the institution shall keep records for the award year involved until the institution has resolved the exception.
KEY: financial aid, higher education, veterans benefits
Date of Last Change: March 23, 2026
Notice of Continuation: April 21, 2025
Authorizing, and Implemented or Interpreted Law: 53H-11-413(4); 53H-11-202; 53H-11-203; Pub. L. No. 110-252