.06 Audit.

A. Each participating institution must submit to the Office of Student Financial Assistance by August 15 each year the following information:

(1) The amount of funds and number of recipients awarded a Graduate and Professional Scholarship;

(2) The allocation of awards and funds by each degree program;

(3) The total number of eligible students with financial need; and

(4) The methodology used to determine the financial need of the students receiving awards under the Program.

B. All financial books, records, and documents pertaining to this program shall, at all reasonable times, be opened to inspection, review, and audit by the Office of Student Financial Assistance, the State Auditor, or their authorized representatives. The institution shall retain such financial books, records, and documents for 5 years after the close of a fiscal year.

C. Institutions shall include this program in any independent audit conducted for the institution on financial aid programs.