Student Assistance General Provisions - Subpart K - Cash Management

Forms and Documents

Document Name	Status
Att_SUPPORTING STATEMENT 1845-0038 v9 revised 07082010.docx Supporting Statement A	2010-07-15

IC Document Collections

IC ID	Document Title	Status
22256	Current Cash Management Burden Other-Table	Unchanged
193813	Burden Analysis - 1845-0038 v9 - RIN 1840-AD03 - Public Institutions	New
193812	Burden Analysis - 1845-0038 v9 - RIN 1840-AD03 - Private Institutions	New
193786	Burden Analysis - 1845-0038 v9 - RIN 1840-AD03 - For Profit Institutions	New
190119	34 CFR 668.23(d) Audited Financial Statements Other-Table	Unchanged

ICR Details

OMB Control No: 1845-0038	ICR Reference No: 201007-1845-008
Status: Historical Inactive	Previous ICR Reference No: 200910-1845-008
Agency/Subagency: ED/FSA	Agency Tracking No: 4291
Title: Student Assistance General Provisions - Subpart K - Cash Management
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 09/16/2010
	Date Received in OIRA: 07/23/2010
Terms of Clearance: OMB files this comment in accordance with 5 CFR 1320.11( c ). This OMB action is not an approval to conduct or sponsor aninformation collection under the Paperwork Reduction Act of1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection,reference the OMB Control Number provided. Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will describe in the preamble of the final rule how the agency has maximized the practical utility of the collection and minimized the burden. The next submission to OMB must include the draftfinal rule.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2012	36 Months From Approved	10/31/2012
Responses	1,032,413	0	1,032,413
Time Burden (Hours)	965,878	0	965,878
Cost Burden (Dollars)	0	0	0

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Abstract: These regulations establish new requirements in 34 CFR 668.23(h) for both audited financial statements and compliance audits for foreign institutions based in part on fiscal year funding received at the school for US students receiving Title IV, HEA program funds. The proposed regulation in §668.23(h)(1) would establish new audited financial statement submission requirements for foreign institutions receiving Title IV, HEA program funds in the most recently completed fiscal year. The proposed regulation in §668.23(h)(2) would separate foreign institutions into two groups, establishing new compliance audit requirements for foreign schools based upon whether the institution received less than $500,000 or $500,000 or more in Title IV, HEA program funds during the institution’s most recently completed fiscal year.

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Authorizing Statute(s): PL: Pub.L. 110 - 315 487(d) Name of Law: Higher Education Opportunity Act
  

Citations for New Statutory Requirements: PL: Pub.L. 110 - 315 487(d) Name of Law: Higher Education Opportunity Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1840-AD03	Proposed rulemaking	75 FR 42190	07/20/2010

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 5

IC Title	Form No.	Form Name
Burden Analysis - 1845-0038 v9 - RIN 1840-AD03 - Private Institutions
Burden Analysis - 1845-0038 v9 - RIN 1840-AD03 - Public Institutions
Burden Analysis - 1845-0038 v9 - RIN 1840-AD03 - For Profit Institutions
Current Cash Management Burden
34 CFR 668.23(d) Audited Financial Statements

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: These regulations incorporate changes to current regulations regarding the requirement for and timelines of submissions of audited financial statements and compliance audits from foreign schools based in part on fiscal year funding received at the school for US students receiving Title IV, HEA program funds.The burden changes are a result of proposed changes to help clarify which institutions are required to provide audited financial statements and compliance audits and at what level the reporting is needed.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 07/23/2010

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