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Virginia Administrative Code
Title 8. Education
Agency 40. State Council of Higher Education For Virginia
Chapter 132. Virginia Student Financial Assistance Program Regulations
11/5/2024

8VAC40-132-20. 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.

Statutory Authority

§ 23.1-636 of the Code of Virginia.Derived from Virginia Register Volume 34, Issue 5, eff. November 1, 2017.

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