Sec. 327. REPORTING AND AUDIT REQUIREMENTS
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## SEC. 327 REPORTING AND AUDIT REQUIREMENTS **[**[20 U.S.C. 1063c](/us/usc/t20/s1063c)**]** ###
(a)Recordkeeping Each recipient of a grant under this part shall keep such records as the Secretary shall prescribe, including records which fully disclose— ####
(1)the amount and disposition by such recipient of the proceeds of such assistance; ####
(2)the cost of the project or undertaking in connection with which such assistance is given or used; ####
(3)the amount of that portion of the cost of the project or undertaking supplied by other sources; and ####
(4)such other records as will facilitate an effective audit. ###
(b)Use of Unexpended Funds 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. ### Part C Endowment Challenge Grants for Institutions Eligible for Assistance Under Part A or Part B
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Sec. 327
REPORTING AND AUDIT REQUIREMENTS
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