Memorandum of Agreement

Term	Definition
Memorandum of Agreement	Beginning in 1977 and renewed a few times since that date, the New York State agencies involved in the administration of State student financial assistance programs have endorsed a Memorandum of Agreement. The Memorandum sets forth the responsibilities of each agency with respect to financial aid oversight as well as the obligations of each agency to the other parties to the Agreement. The signatories to the Memorandum of Agreement are the State Education Department, the Higher Education Services Corporation, the Office of the State Comptroller, and the Division of the Budget. Provisions in the Memorandum form the basis for the State Comptroller’s audit of institutional adherence to law, rules and regulations. The Memorandum also provides that the State Education Department shall maintain a list of programs approved for State student aid that shall be made available to the State Comptroller and the Higher Education Services Corporation.

Term

Definition

Beginning in 1977 and renewed a few times since that date, the New York State agencies involved in the administration of State student financial assistance programs have endorsed a Memorandum of Agreement. The Memorandum sets forth the responsibilities of each agency with respect to financial aid oversight as well as the obligations of each agency to the other parties to the Agreement.

The signatories to the Memorandum of Agreement are the State Education Department, the Higher Education Services Corporation, the Office of the State Comptroller, and the Division of the Budget.

Provisions in the Memorandum form the basis for the State Comptroller’s audit of institutional adherence to law, rules and regulations. The Memorandum also provides that the State Education Department shall maintain a list of programs approved for State student aid that shall be made available to the State Comptroller and the Higher Education Services Corporation.