(a) Districts maintaining programs under this chapter shall develop budgets, account records, claims for reimbursement and reports in accordance with the California School Accounting Manual.

(b) Auditable records shall be developed by the local educational agency to document compliance with federal and state regulations.

(c) Districts maintaining programs under this chapter shall maintain title to equipment purchased with funds under this chapter and shall maintain inventory records sufficient to demonstrate that such equipment is used only for the particular project approved, provided that obsolete or unneeded equipment may be disposed of in accordance with guidelines established by the Department of Education.