Records Retention Schedules
The revised schedules for the retention and/or disposition of the following university system records are based upon the requirements of the Georgia Records Act (O.C.G.A. 50-18-90 et seq.). This version includes revised schedules as filed with the Division of Archives and History, Office of Secretary of State as of April 1, 2009.
K7 Fiscal Records and Reports
Explanation: Records document Federal Title IV Aid transactions, including receipt, management and disbursement of funds. Records of 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). Records support data appearing on required reports: 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.
Record Copy: Financial Aid
Retention: 5 years after the end of the award year unless otherwise specified; FISAP exception: 5 years after the end of the award year in which the FISAP was submitted.
Citation or Reference: 34 C.F.R. 676
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