Describes a school's responsibilities for managing and reporting on the use of federal funds and for maintaining records.

Describes required procedures for obtaining Title IV funds from ED and FFEL lenders, keeping funds in bank accounts, paying funds to students, and returning unused funds to ED or lenders.

Enumerates records that schools must retain to document school and program eligibility, student eligibility, and administration of the Pell Grant, Campus-based Direct Loan, and FFEL programs;  outlines rules on storage format options, time periods for retaining records, and disclosing student data.

Identifies and briefly describes reports schools must complete for Pell Grants, ACG, National SMART Grant, Campus-based programs, Direct Loans, FFEL Program loans, ED's financial management system, NSLDS, and other databases.

Outlines school and employer obligations and student eligibility criteria for the Federal Work-Study (FWS) Program and the Job Location and Development (JLD) Program.