[Federal Register Volume 59, Number 119 (Wednesday, June 22, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-14993]


[[Page Unknown]]

[Federal Register: June 22, 1994]


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DEPARTMENT OF EDUCATION

34 CFR Part 600

RIN 1840-AB87

 

Institutional Eligibility Under the Higher Education Act of 1965, 
As Amended

AGENCY: Department of Education.

ACTION: Final regulations; Correction.

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SUMMARY: This document corrects errors in the final regulations 
published in the Federal Register on April 29, 1994 for Institutional 
Eligibility Under the Higher Education Act of 1965, as Amended (59 FR 
22324). These regulations implement statutory changes in the programs 
authorized by the Higher Education Act of 1965, as amended by the 
Higher Education Amendments of 1992, and the Higher Education Technical 
Amendments of 1993.

EFFECTIVE DATE: July 1, 1994.

FOR FURTHER INFORMATION CONTACT: Cheryl Leibovitz, U.S. Department of 
Education, 400 Maryland Avenue SW. (Room 4318, ROB-3), Washington, DC 
20202. Telephone (202) 708-7888. Individuals who use a 
telecommunications device for the deaf (TDD) may call the Federal 
Information Relay Service (FIRS) at 1-800-877-8339 between 8 a.m. and 8 
p.m., Eastern Time, Monday through Friday.

    Dated: June 14, 1994.
David A. Longanecker,
Assistant Secretary for Postsecondary Education.

    The following corrections are made in FR Doc. 94-10139, published 
on April 29, 1994 (59 FR 22324):
    1. On page 22324, column 3, remove the third full paragraph 
beginning ``Institutions may choose . . .'', and insert in its place 
``An institution substantiates its compliance with this standard by 
having either the auditor who prepares its financial statement audit or 
the auditor who prepares its title IV, HEA program compliance audit 
report on the accuracy of its compliance determination. The auditor's 
report must be based on performing an ``attestation engagement'' in 
accordance with the American Institute of Certified Public Accountants 
(AICPA's) Statement on Standards for Attestation Engagements. The 
auditor must submit his or her report with the appropriate audit 
report. In the attestation report, the auditor must indicate whether 
the institution's determination that the percentage of its revenues 
derived from title IV, HEA program funds is not more than 85 percent of 
its revenues is accurate; i.e., fairly presented in all material 
respects.''
    2. On page 22325, in column 2, before heading ``Section 600.9 
Written Arguments'', add the paragraph ``An institution substantiates 
its compliance with the provisions of this section in the same manner 
as a proprietary institution of higher education substantiates its 
compliance with the 85 percent rule.''


Sec. 600.5  [Corrected]

    3. On page 22338, in column 2, Sec. 600.5 (e)(1) is corrected by 
removing the remainder of the sentence following the words ``accuracy 
of'', and adding in its place ``its determination that the percentage 
of its revenue derived from title IV, HEA program funds is not more 
that 85 percent of its revenue.''; and by correcting paragraphs (e)(2) 
and (e)(3) to read as follows:
    (2) The certified public accountant's report must be based on 
performing an ``attestation engagement'' in accordance with the 
American Institute of Certified Public Accountants (AICPA's) Statement 
on Standards for Attestation Engagements. The certified public 
accountant shall include that attestation report with the audit report 
referenced in paragraph (e)(1) of this section.
    (3) The certified public accountant's attestation report must 
indicate whether the institution's determination that the percentage of 
its revenues derived from title IV, HEA program funds is not more than 
85 percent of its revenues is accurate; i.e., fairly presented in all 
material respects.
    4. On page 22340, in paragraph (e)(2) introductory text, in column 
3, the cross-reference to paragraph ``(e)(3)(ii)'' is corrected to read 
``(c)(3)(ii)''.


Sec. 600.7  [Amended]

    5. On page 22340, column 3, Sec. 600.7 (g)(1) is corrected by 
removing the remainder of the sentence following the words ``accuracy 
of'', and adding in its place ``those determinations.''; and by 
correcting paragraphs (g)(2) and (g)(3) on pages 22340, column 3, and 
22341, column 1 to read as follows:
    (2) The certified public accountant's report must be based on 
performing an ``attestation engagement'' in accordance with the 
American Institute of Certified Public Accountants (AICPA's) Statement 
on Standards for Attestation Engagements. The certified public 
accountant shall include that attestation report with or as part of the 
audit report referenced in paragraph (g)(1) of this section.
    (3) The certified public accountant's attestation report must 
indicate whether the institution's determinations regarding paragraph 
(a)(1) of this section and any relevant waiver or exception under 
paragraphs (b), (c), and (d) of this section are accurate; i.e., fairly 
presented in all material respects.

[FR Doc. 94-14993 Filed 6-21-94; 8:45 am]
BILLING CODE 4000-01-P