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.