Section 20.17.230. Financial and record keeping standards.

	(a)  An institution offering a degree program shall meet the requirements of Standard Seven - Finance in the Accreditation Handbook of the Northwest Commission on Colleges and Universities, 2013 edition, adopted by reference, or an equivalent financial reporting system approved by the commission. An equivalent financial reporting system must include an annual audit of the school's financial records conducted by an external certified public accountant, presentation of adequacy and stability of income as measured by at least three years' history, and an accounting system that follows the generally accepted accounting principles for postsecondary institutions.  
	(b)  An institution's plans for student scholastic and financial record retention and disposal must meet the requirements of 20 AAC 17.110, and must either meet the recommended standards of the American Association of Collegiate Registrars and Admission Officers (AACRAO) in Retention of Records: Guide for Retention and Disposal of Student Records, 2010 edition, and Academic Record and Transcript Guide, 2011 edition, adopted by reference, or provide for an equivalent record retention and disposal system approved by the commission. Requirements for an approved system include  
		(1) compliance with state and federal law regarding record establishment, maintenance, retention, disposal, access, and security;  
		(2) protocols for transfer of record custody;  
		(3) procedures for notification of changes in the location of, or means of access to, retained records, and identification of the responsible records manager.  

Authorities

14.48.050;14.48.060;14.48.070

Notes

Authority

AS 14.48.050 AS 14.48.060 AS 14.48.070 Editor's note: The Accreditation Handbook adopted by reference in 20 AAC 17.230(a), can be obtained by writing to the Northwest Commission on Colleges and Universities at: 8060 165th Ave., N.E. Suite 100, Redmond, WA 98052. An electronic version is available at http://www.nwccu.org. The commission's telephone number is [phone]. Publications from the American Association of Collegiate Registrars and Admission Officers (AACRAO) and adopted by reference in 20 AAC 17.230 can be obtained through the AACRAO Online Bookstore at http://www4.aacrao.org /publications. The AACRAO distribution center's telephone number is [phone].

History

Eff. 4/19/90, Register 114; am 11/5/92, Register 124; am 4/24/98, Register 146; am 8/26/98, Register 147; am 1/30/2003, Register 165; am 12/31/2005, Register 176; am 12/29/2010, Register 196; am 11/16/2012, Register 204; am 2/22/2015, Register 213

References

20.17.230