A participating institution shall do all of the following:
(a) For each work-study employer, negotiate an agreement which specifies the percentage share of student compensation to be paid by the employer and by the California State Work-Study Program, respectively.
(1) For work-study positions with public educational institutions or nonprofit corporations, the program shall provide no more than 70 percent of the student's compensation.
(2) For work-study positions with for-profit employers, the program shall provide no more than 50 percent of the student's compensation.
(b) For each work-study position, maintain all necessary records, including, but not limited to, need analysis documents, employer agreements, financial aid award documents, time sheets, and records of payments provided to the student.
(Added by Stats. 1986, Ch. 1196, Sec. 1.)