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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
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
Retrieve Notice of Action (NOA)
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
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 institutions most recently completed fiscal year.
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
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1840-AD03
Proposed rulemaking
75 FR 42190
07/20/2010
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
5
IC Title
Form No.
Form Name
34 CFR 668.23(d) Audited Financial Statements
Burden Analysis - 1845-0038 v9 - RIN 1840-AD03 - For Profit Institutions
Burden Analysis - 1845-0038 v9 - RIN 1840-AD03 - Private Institutions
Burden Analysis - 1845-0038 v9 - RIN 1840-AD03 - Public Institutions
Current Cash Management Burden
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.
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
Agency Contact:
Beth Grebeldinger 202 708-8242
Common Form ICR:
No
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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