Alaska Administrative Code
Title 20 - Miscellaneous Boards and Commissions
Chapter 17 - Regulation of Postsecondary Educational Institutions
Article 2 - Authorization to Operate as a University, College, Junior College, Community College, or Career College
20 AAC 17.230 - Financial and record keeping standards

(a) An institution offering a degree program shall meet the requirements of Standard Seven - Finance in the Accreditation Handbook, of the Northwest Commission on Colleges and Universities, 2013 edition, adopted by reference, or an equivalent financial reporting system approved by the commission. An equivalent financial reporting system must include an annual audit of the school's financial records conducted by an external certified public accountant, presentation of adequacy and stability of income as measured by at least three years' history, and an accounting system that follows the generally accepted accounting principles for postsecondary institutions.

(b) An institution's plans for student scholastic and financial record retention and disposal must meet the requirements of 20 AAC 17.110, and must either meet the recommended standards of the American Association of Collegiate Registrars and Admission Officers (AACRAO) in Retention of Records: Guide for Retention and Disposal of Student Records,2010 edition, and Academic Record and Transcript Guide,2011 edition, adopted by reference, or provide for an equivalent record retention and disposal system approved by the commission. Requirements for an approved system include