(a) An institution shall follow the record retention and examination provisions in this part and in 34 CFR 668.24.

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(b) For any disputed expenditures in any award year for which the institution cannot provide records, the Secretary determines the final authorized level of expenditures.

[61 FR 60494, Nov. 27, 1996, as amended at 86 FR 59626, Oct. 28, 2021]