20 U.S.C. § 130aa–4 — Enforcement
submitted 42 years ago by Pub. L. 98-480 to r/title-20-EDUCATION · 168 words · no verdicts yet
After notice and a hearing, the Secretary can end and reclaim a misused grant. This applies if Howard spends the corpus, spends too much income, invests badly, or fails to account. If terminated, Howard must repay the grant plus earned income, and may have to fix the violation.
After notice and an opportunity for a hearing, the Secretary* is authorized to terminate and recover any grant awarded under this subchapter if the University*—
withdraws or expends any endowment fund corpus*, or any endowment fund income* in excess of the amount authorized by section 130aa–3 of this title;
fails to invest its endowment fund* corpus or income in accordance with the investment standards set forth in section 130aa–2 of this title; or
fails to account properly to the Secretary concerning investments and expenditures of its endowment fund corpus or income.
If the Secretary terminates a grant under subsection (a), the University shall return to the Treasury of the United States an amount equal to the sum of the original grant or grants under this subchapter 1 plus any income earned thereon. The Secretary may direct the University to take such other appropriate measures to remedy any violation of this subchapter and to protect the financial interest of the United States.
Source credit: (Pub. L. 98–480, title II, § 206, Oct. 17, 1984, 98 Stat. 2247.)
- 1984Enacted · Pub. L. 98-480 · 98 Stat. 2247
A history note hasn’t been published yet. The record shows enactment by Pub. L. 98-480 on 1984-10-17.
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