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20 U.S.C. § 130aa–4Enforcement

submitted 42 years ago by Pub. L. 98-480 to r/title-20-EDUCATION · 168 words · no verdicts yet

in plain englishAI-generated · not legal advice

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.

(a) After giving notice and a chance for a hearing, the Secretary can end and reclaim any grant made under this subchapter if Howard University (1) withdraws or spends any of the endowment fund corpus, or spends more endowment income than section 130aa–3 allows; (2) fails to invest the corpus or income the way section 130aa–2 requires; or (3) fails to properly account to the Secretary for how it invested or spent the corpus or income. (b) If the Secretary ends a grant this way, Howard must return to the U.S. Treasury an amount equal to the original grant or grants under this subchapter, plus any income that money earned. The Secretary can also direct Howard to take other appropriate steps to fix the violation and protect the government's financial interest.
the actual law source: uscode.house.gov ↗public domain
(a)

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

(1)

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;

(2)

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

(3)

fails to account properly to the Secretary concerning investments and expenditures of its endowment fund corpus or income.

(b)

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.)

history & why it existsrecord from the source credit
  • 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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