11 KAR 16:040. Early Childhood Development Scholarship Program recordkeeping requirements

      Section 1. Record Maintenance. (1) The participating early childhood facility shall:

      (a) Maintain complete and accurate records pertaining to the scholarship recipient’s eligibility for the scholarship and monetary incentives established by the recipient’s employment and records pertaining to the payment of monetary incentives by the participating early childhood facility; and

      (b) Retain the records for three (3) years following the year in which the scholarship recipient applied for the scholarship.

      (2) The participating educational institution shall:

      (a) Maintain complete and accurate records pertaining to the eligibility, enrollment, and progress of students receiving aid under this program and the disbursement of funds and institutional charges as may be necessary to audit the disposition of these funds; and

      (b) Retain the records for three (3) years following the year in which the student ceases to be enrolled at the educational institution.

      (3) The professional development counselor shall:

      (a) Maintain complete and accurate records pertaining to the scholarship recipient’s eligibility for the scholarship and monetary incentives, including:

      1. A copy of the scholarship recipient’s signed applications for the scholarship;

      2. Documents establishing eligibility for monetary incentives pursuant to 11 KAR 16:060; and

      3. Record of disbursements of monetary incentives; and

      (b) Retain the records for three (3) years following the year in which the scholarship recipient applied for the scholarship.

      (4) ECAC shall forward to the authority not less frequently than once per year the original applications of all scholarship recipients to be retained by the authority for audit purposes.

      (5) All documentation and correspondence relating to the cancellation, disbursement, and refund of scholarships shall be retained by the authority for a period of three (3) years following the year in which the scholarship was disbursed.

 

      Section 2. Records retained pursuant to this administrative regulation shall be retained in any format used by the organization retaining the records for storage of its records in the normal course of business. (27 Ky.R. 1371; Am. 2111; eff. 2-5-2001; 40 Ky.R. 92; eff. 9-9-13.)

Notation

      RELATES TO: KRS 164.518(3)

      STATUTORY AUTHORITY: KRS 164.518(3), 164.748(4)

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 164.518(3) requires the authority to promulgate administrative regulations for administration of the Early Childhood Development Scholarship Program. This administrative regulation establishes requirements for maintaining records under the Early Childhood Development Scholarship Program.