Section 20. Use of funds

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Part II. Use of Funds

An institution shall establish and maintain financial records that accurately reflect all program transactions as they occur. The institution shall establish and maintain general ledger control accounts and related subsidiary accounts that identify each program transaction and separate those transactions from all other institutional financial activity. Funds appropriated for undergraduate awards may not be used for graduate awards, and funds appropriated for graduate awards may not be used for undergraduate awards.

Historical Notes

Derived from Volume 31, Issue 18, eff. July 1, 2015.

Statutory Authority

§ 23-38.53:4 of the Code of Virginia.

                    
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