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13b.08.19.00.htm 13B.08.19.00. Title 13B MARYLAND HIGHER EDUCATION COMMISSION Subtitle 08 FINANCIAL AID Chapter 19 Institutional Audit Requirements for Educational Excellence Awards Authority: Education Article, §11-105(u) 18-204(c) and 18-307, Annotated Code of Maryland
13b.08.19.01.htm 13B.08.19.01. 01 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) “Auditor” means an independent certified public accountant.. 2) “Commission” means the Maryland Higher Education Commission.. 3) “EEA Program” means the Howard P. Rawlings Educational Excellence Awards Program under Education Article, §18-301 — 18-310, Annotated Code of Maryland.4) “OSFA” means the Office of Student Financial Assistance within the Commission..
13b.08.19.02.htm 13B.08.19.02. 02 Scope and Purpose.. A. This chapter applies to financial aid awards under the EEA Program.. B. The purpose of this chapter is to provide for the independent audit of awards made under the EEA Program.
13b.08.19.03.htm 13B.08.19.03. 03 Performance of Audit Review.. A. Beginning in fiscal year 2019, each institution of higher education that enrolls students who participate in the EEA Program shall procure annually an independent audit of the institution’s implementation of the EEA Program.B. The institution shall submit each audit to the Commission in accordance with Regulation .04 of this chapter.
13b.08.19.04.htm 13B.08.19.04. 04 Audit Requirements.. A. The audit required by Regulation .03 of this chapter shall be conducted in accordance with the standards of the American Institute of Certified Public Accountants, and in compliance with generally accepted auditing standards.B. The audit shall determine whether and to what extent the institution has complied with the statutory and regulatory requirements of the EEA Program during the fiscal year.C. In determining EEA Program compliance under §B
13b.08.19.05.htm 13B.08.19.05. 05 Extensions of Time.. A. A written request for an extension of time to file the required reports and the management letter shall be received by the Commission no later than 30 days before the original due date as noted in Regulation .04 of this chapter.B. A request for a reasonable extension of time may be granted by the Secretary if:. 1) Detailed reasons are stated that indicate why the reporting deadline cannot be met;.
13b.08.19.06.htm 13B.08.19.06. 06 Payment Remittance.. A. The Commission shall require an institution to return to the Commission any overpayments of EEA Program funds that were not awarded and paid consistent with statute and regulation.B. Except as provided in §C of this regulation, the institution may elect to remit payment to the Commission in one of the following ways:1) A check payable to the Maryland Higher Education Commission;. 2) Electronic Funds Transfer (EFT) or. 3) Deduction from the ini
13b.08.19.9999.htm 13B.08.19.9999. Administrative History Effective date: July 30, 2018 (45:15 Md. R. 727).
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