20 U.S.C. § 1063c — Reporting and audit requirements
submitted 40 years ago by Pub. L. 89-329 to r/title-20-EDUCATION · 159 words · no verdicts yet
Grant recipients must keep records that show how grant money was used and that permit an effective audit. Certain unspent money may be carried into the next five-year period if it was obligated for an allowed purpose.
(a) Recordkeeping. Each grant recipient must keep the records the Secretary* requires, including records fully showing: (1) the amount and use of the assistance; (2) the project’s cost; (3) the part of that cost supplied by other sources; and (4) other information needed for an effective audit.
(b) Unspent funds. Money paid to an institution but not spent or used for its authorized purpose during the five years after the initial grant may be carried over and spent during the following five years only if it was obligated for an authorized purpose during the first five-year period.
Each recipient of a grant under this part shall keep such records as the Secretary* shall prescribe, including records which fully disclose—
the amount and disposition by such recipient of the proceeds of such assistance;
the cost of the project or undertaking in connection with which such assistance is given or used;
the amount of that portion of the cost of the project or undertaking supplied by other sources; and
such other records as will facilitate an effective audit.
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.
Source credit: (Pub. L. 89–329, title III, § 327, as added Pub. L. 99–498, title III, § 301(a), Oct. 17, 1986, 100 Stat. 1298; amended Pub. L. 100–50, § 2(a)(11), June 3, 1987, 101 Stat. 335; Pub. L. 110–315, title III, § 312, Aug. 14, 2008, 122 Stat. 3180.)
- 1986Enacted · Pub. L. 89-329 · 100 Stat. 1298
- 1987Amended · Pub. L. 100-50 · 101 Stat. 335
- 2008Amended · Pub. L. 110-315 · 122 Stat. 3180
A history note hasn’t been published yet. The record shows enactment by Pub. L. 89-329 on 1986-10-17.
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