§1063c — Title 20 Education | U.S. Code

Summary

Anyone who gets a grant must keep the records the Secretary requires. Those records must show how much money was received and how it was spent, the total cost of the project, how much of the cost came from other sources, and any other papers needed for an audit. If an institution does not spend grant money for its intended purpose within five years of the initial award, the money can be carried into the next five-year period and used then only if it was committed for that purpose during the first five years.

Title 20, §1063c

Education — Source: USLM XML via OLRC

(a)Each recipient of a grant under this part shall keep such records as the Secretary shall prescribe, including records which fully disclose—

(1)the amount and disposition by such recipient of the proceeds of such assistance;

(2)the cost of the project or undertaking in connection with which such assistance is given or used;

(3)the amount of that portion of the cost of the project or undertaking supplied by other sources; and

(4)such other records as will facilitate an effective audit.

(b)Any funds paid to an institution and not expended or used for the purposes for which the funds were paid during the five-year period following the date of the initial grant award, may be carried over and expended during the succeeding five-year period, if such funds were obligated for a purpose for which the funds were paid during the five-year period following the date of the initial grant award.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2008—Subsec. (b). Pub. L. 110–315 amended subsec. (b) generally. Prior to amendment, text read as follows: “Any funds paid to an institution and not expended or used for the purposes for which the funds were paid within 10 years following the date of the initial grant awarded to an institution under part B of this subchapter shall be repaid to the Treasury of the United States.” 1987—Subsec. (a). Pub. L. 100–50 substituted “part” for “chapter” in introductory text.

Statutory Notes and Related Subsidiaries

Effective Date

of 1987 AmendmentAmendment by Pub. L. 100–50 effective as if enacted as part of the Higher Education

Amendments

of 1986, Pub. L. 99–498, see section 27 of Pub. L. 100–50, set out as a note under section 1001 of this title.

§1063c Reporting and Audit Requirements

Summary

Title 20, §1063c

Notes & Related Subsidiaries

Editorial Notes

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Amendments

Citations & Metadata