[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: 34CFR628.47]



[Page 280]

 

                           TITLE 34--EDUCATION

 

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

 

PART 628_ENDOWMENT CHALLENGE GRANT PROGRAM--Table of Contents

 

   Subpart E_What Conditions Must a Grantee Meet Under the Endowment 

                        Challenge Grant Program?

 

Sec. 628.47  What shall a grantee record and report?



    A grantee shall--

    (a) Keep records of--

    (1) The source, kind and amount of matching funds;

    (2) The type and amount of investments of the endowment fund;

    (3) The amount of endowment fund income; and

    (4) The amount and purpose of expenditures of endowment fund income;

    (b) Retain each year's records for a minimum of five years after the 

grant period ends;

    (c) Allow the Secretary access to information that the Secretary 

judges necessary to audit or examine the records required in paragraph 

(a) of this section;

    (d) Carry out the audit required in 34 CFR 74.61(h) or 80.26 and the 

appendix to 34 CFR part 80, as applicable;

    (e) Provide to the Secretary a copy of the external or internal 

audit to be performed under 34 CFR 74.61(h) or 80.26 and the appendix to 

34 CFR part 80, as applicable; and

    (f) Submit reports on a timely basis that are requested by the 

Secretary.



(Approved by the Office of Management and Budget under control number 

1840-0564)



(Authority: 20 U.S.C. 1065 and 1232f)



[49 FR 28521, July 12, 1984, as amended at 52 FR 11258, Apr. 8, 1987; 53 

FR 49146, Dec. 6, 1988; 58 FR 11164, Feb. 23, 1993]