§5607 — Title 20 Education | U.S. Code

Summary

The Foundation must pay from the Trust Fund’s interest and earnings whatever the Board says is needed to run the program, including up to $5,000 per fiscal year for receptions. GAO may audit both the Foundation and the Center under rules from the Comptroller General and may inspect books, records, reports, and other items related to the federal activities.

Title 20, §5607

Education — Source: USLM XML via OLRC

(a)The Foundation shall pay from the interest and earnings of the Trust Fund such sums as the Board determines are necessary and appropriate to enable the Foundation to carry out the provisions of this chapter, including a reasonable amount for official reception and representation expenses, as determined by the Board, not to exceed $5,000 for a fiscal year.

(b)The activities of the Foundation and the Center under this chapter may be audited by the Government Accountability Office under such rules and regulations as may be prescribed by the Comptroller General of the United States. Representatives of the Government Accountability Office shall have access to all books, accounts, records, reports filed and all other papers, things, or property belonging to or in use by the Foundation and the Center, pertaining to such federally assisted activities and necessary to facilitate the audit.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2009—Subsec. (a). Pub. L. 111–90 inserted before period at end “, including a reasonable amount for official reception and representation expenses, as determined by the Board, not to exceed $5,000 for a fiscal year”. 2004—Subsec. (b). Pub. L. 108–271 substituted “Government Accountability Office” for “General Accounting Office” in heading and in two places in text. 1998—Subsec. (a). Pub. L. 105–156 substituted “Trust Fund” for “Fund”.

§5607 Expenditures and Audit of Trust Fund

Summary

Title 20, §5607

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata