[Code of Federal Regulations] [Title 34, Volume 1] [Revised as of July 1, 2004] From the U.S. Government Printing Office via GPO Access [CITE: 34CFR74.50] [Page 123] TITLE 34--EDUCATION PART 74_ADMINISTRATION OF GRANTS AND AGREEMENTS WITH INSTITUTIONS OF Subpart C_Post-Award Requirements Sec. 74.50 Purpose of reports and records. Sections 74.51 through 74.53 establish the procedures for monitoring and reporting on the recipient's financial and program performance and the necessary standard reporting forms. They also establish record retention requirements. (Authority: 20 U.S.C. 1221e-3, 3474; OMB Circular A-110)