the basis of award year 1985-86 expenditures and demonstrated need for funding. Institutions award funds to students on the basis of financial need as determined by the Federal Needs Analysis Methodology specified in statute. This program requires institutional matching funds. The Federal share may not exceed 75 percent unless waived based on objective criteria established in regulations. Length and Time Phasing of Assistance: Funds are awarded for use by participating institutions for one award year at a time following the year of application. POST ASSISTANCE REQUIREMENTS: Reports: A single combined Fiscal Operations Report/Application form for Federal Perkins Loans, FSEOG, and FWS (ED 646-1) is submitted by each institution at the close of each award year (June 30). Audits: Institutions must have a nonfederal audit done on at least an annual basis at its own expense. Audits are performed at Government expense by the Department of Education's Office of the Inspector General as often as its time schedule will allow or when deemed necessary by the Secretary. Records: All records pertaining to the activities of a given fiscal year must be retained for a period of three years following the institution's submission of its Fiscal Operations Report for an award year or until resolution of an applicable audit, whichever is later. FINANCIAL INFORMATION: Account Identification: 91-0200-0-1-502.
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