53F-6-405.5. Financial administrator duties and requirements.
(1) The financial administrator shall: operate independently in processing and distributing scholarship funds while: following program requirements the program manager establishes; implementing payment directives from the program manager regarding: scholarship student eligibility; qualifying provider status; payment timing; and other established program requirements; maintaining separate systems and controls from program administration; and providing necessary reporting while preserving operational independence; implement and maintain a payment processing system that: provides an online portal for scholarship account access; facilitates electronic payments to qualifying providers; enables pre-approval of parent reimbursements for eligible expenses; includes provider rating and review capabilities; processes payments efficiently; prevents unauthorized access; provides real-time reporting to the program manager; and maintains backup systems and disaster recovery capabilities; process payments only: to qualifying providers approved by the program manager; for scholarship expenses determined eligible by the program manager, including the reimbursement for the scholarship expense to parents; and when directed by the program manager; maintain security measures that: prevent unauthorized access to scholarship funds; comply with industry standards for data privacy; and ensure compliance with federal education privacy laws; and process scholarship payments according to the distribution schedule described in Section, including: 53F-6-411 tracking initial and second-half payments; managing early disbursement authorizations; and reconciling payment records with the Utah Fits All Scholarship Restricted Account balance.
(2) For financial accountability, the financial administrator shall: maintain detailed records of: all scholarship account transactions to the service or item level; payment processing activities; and reimbursements and refunds; provide monthly reports to the program manager including: scholarship account balances and activity; payment processing status and issues; provider payment summaries; and reimbursement tracking; and submit annual financial reports including: total scholarship funds disbursed; account reconciliation statements; and audit results and responses.
(3) The financial administrator shall: implement payment suspensions or cancellations as directed by the program manager; process reimbursements from providers as required; credit returned funds to appropriate scholarship accounts; and maintain records of all suspended or canceled payments.
(4) The financial administrator: may not: approve or deny scholarship expenses; determine provider eligibility; establish program policies; and charge processing fees to an eligible student or pass on third-party fees related to the use or management of scholarship funds; and shall: follow all program manager directives regarding fund disbursement; maintain separation between policy decisions and payment processing; and implement internal controls to prevent unauthorized payments.
(5) The financial administrator shall: cooperate with all program audits; provide requested financial records; respond to audit findings as directed; and implement corrective actions as required by the program manager.