20 U.S.C. § 1078–4 — Commingling of funds
submitted 40 years ago by Pub. L. 89-329 to r/title-20-EDUCATION · 103 words · no verdicts yet
A guaranty agency may combine funds received under different provisions of this part and use them for another provision’s purposes. It still may not overspend or avoid accounting and auditing duties.
Despite other rules, a guaranty agency may combine funds received under one provision with funds received under another and use them for the other provision. (1) Spending may not exceed the amount otherwise authorized. (2) The authority to combine funds does not remove accounting or auditing obligations.
Notwithstanding any other provision of this part regarding permissible uses of funds from any source, funds received by a guaranty agency under any provision of this part may be commingled with funds received under any other provision of this part and may be used to carry out the purposes of such other provision, except that—
the total amount expended for the purposes of such other provision shall not exceed the amount the guaranty agency would otherwise be authorized to expend; and
the authority to commingle such funds shall not relieve such agency of any accounting or auditing obligations under this part.
Source credit: (Pub. L. 89–329, title IV, § 428D, as added Pub. L. 99–498, title IV, § 402(a), Oct. 17, 1986, 100 Stat. 1393.)
- 1986Enacted · Pub. L. 89-329 · 100 Stat. 1393
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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