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(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, 2003 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 principles of institutional accounting in College and University Business Administration , Sixth Edition, 2000, published by the National Association of College and University Business Officers (NACUBO), adopted by reference.
(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, 2000 Edition, and Academic Record and Transcript Guide, 2003 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.
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
Authority: AS 14.48.050
Editor's note: The Accreditation Handbook can be obtained by writing to the Northwest Commission on Colleges and Universities at: 8060 165th Ave. N.E., Suite 100, Redmond, WA 98052. The commission's telephone number is (425) 558-4224, and Internet address is http://www.nwccu.org.
The book College and University Business Administration , adopted by reference in 20 AAC 17.230 and published by the National Association of College and University Business Officers (NACUBO), can be obtained by writing to: NACUBO Publications, P.O. Box 791331, Baltimore, MD 21279-1331; telephone (800) 462-4916.
Publications from the American Association of Collegiate Registrars and Admission Officers (AACRAO) and adopted by reference in 20 AAC 17.230 can be obtained by writing to: AACRAO Distribution Center, P.O. Box 231, Annapolis Junction, Maryland 20701; telephone (301) 490-7651; electronic mail address pubs@aacrao.org.
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Last modified 7/05/2006