Fiscal Management

SUBJECT: Fiscal Management This assessment outlines the financial standards schools must maintain to participate in the Federal Student Aid programs. If you identify areas requiring corrective action, we recommend that you complete an Action Plan.

Section Title

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Assessment Activity

Standards of Administrative Capability 34 CFR 668.16

Financial Responsibility 34 CFR 668, Subpart L, 668.171 through 668.177

Record Retention and Examinations 34 CFR 668.24

Scope and institutional responsibility 34 CFR 668.161

Maintaining and Accounting For Funds 34 CFR 668.163

  • Institutional depository account

  • Separate depository account

  • Interest-bearing depository account

  • Accounting and fiscal records

Cash Management (requesting funds)

  • The advance payment method 34 CFR 668.162(b)

  • Reimbursement payment method 34 CFR 668.162(c)

  • Heightened cash monitoring payment method 34 CFR 668.162(d)

34 CFR 668.162 See also: G-6 Web Page: G6 Portal

Disbursing Funds 34 CFR 668.164

  • Disbursement

  • Disbursements by payment period

  • Crediting a student’s ledger account

  • Direct payments

  • Tier one arrangement

  • Tier two arrangement

  • Ownership of financial accounts opened through outreach to an institution’s students

  • Title IV, HEA credit balances

  • Early disbursements

  • Late disbursements

  • Retroactive payments

  • Returning funds

  • Provisions for books and supplies

Notices and authorizations 34 CFR 668.165

Excess Cash 34 CFR 668.166

Consumer Information

Composite Scores and Financial Ratios 34 CFR 668.171(b)(1); 34 CFR 668.172

Refund reserve standards 34 CFR 668.173

Meeting financial obligations and providing administrative resources 34 CFR 668.171(b)(3)

Past Performance, Affiliation Standards, and Ownership Interest 34 CFR 668.174

Alternative Standards and Requirements 34 CFR 668.175

Change in Ownership 34 CFR 668.176

Last Modified: 11/25/2024