[Code of Federal Regulations]

[Title 34, Volume 3]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 34CFR608.41]



[Page 250]

 

                           TITLE 34--EDUCATION

 

 CHAPTER VI--OFFICE OF POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION

 

PART 608_STRENGTHENING HISTORICALLY BLACK COLLEGES AND UNIVERSITIES 

PROGRAM--Table of Contents

 

             Subpart E_What Conditions Must a Grantee Meet?

 

Sec. 608.41  What are the audit and repayment requirements?



    (a) (1) A grantee shall provide for the conduct of a compliance and 

financial audit of any funds it receives under this part of a qualified, 

independent organization or person in accordance with the Standards for 

Audit of Governmental Organizations, Programs, Activities, and 

Functions, 1981 revision, established by the Comptroller General of the 

United States. This publication is available from the Superintendent of 

Documents, U.S. Government Printing Office.

    (2) The grantee shall have an audit conducted at least once every 

two years, covering the period since the previous audit, and the grantee 

shall submit the audit to the Secretary.

    (3) If a grantee is audited under Chapter 75 of Title 31 of the 

United States Code, the Secretary considers that audit to satisfy the 

requirements of paragraph (a)(1) of this section.

    (b) An institution awarded a grant under this part must submit to 

the Department of Education Inspector General three copies of the audit 

required in paragraph (a) of this section within six months after 

completion of the audit.

    (c) Any individual or firm conducting an audit described in this 

section shall give the Department of Education's Inspector General 

access to records or other documents necessary to review the results of 

the audit.

    (d) A grantee shall repay to the Treasury of the United States any 

grant funds it received that it did not expend or use to carry out the 

allowable activities included in its approved application within ten 

years following the date of the initial grant it received under this 

part.



(Authority: 20 U.S.C. 1063a and 1063c)