[Code of Federal Regulations]

[Title 34, Volume 1]

[Revised as of July 1, 2006]

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

[CITE: 34CFR74.71]



[Page 127-128]

 

                           TITLE 34--EDUCATION

 

PART 74_ADMINISTRATION OF GRANTS AND AGREEMENTS WITH INSTITUTIONS OF 

HIGHER EDUCATION, HOSPITALS, AND OTHER NON-PROFIT ORGANIZATIONS--Table 

of Contents

 

                 Subpart D_After-the-Award Requirements

 

Sec.  74.71  Closeout procedures.



    (a) Recipients shall submit, within 90 calendar days after the date 

of completion of the award, all financial, performance, and other 

reports as required by the terms and conditions of the award. The 

Secretary may approve extensions when requested by the recipient.

    (b) Unless the Secretary authorizes an extension, a recipient shall 

liquidate all obligations incurred under the award not later than 90 

calendar days after the funding period or the date of completion as 

specified in the terms and conditions of the award or in ED implementing 

instructions.

    (c) The Secretary makes prompt payments to a recipient for allowable 

reimbursable costs under the award being closed out.

    (d) The recipient shall promptly refund any balances of unobligated 

cash that the Secretary has advanced or paid and that is not authorized 

to be retained by the recipient for use in other projects. OMB Circular 

A-129 governs unreturned amounts that become delinquent debts.

    (e) When authorized by the terms and conditions of the award, the 

Secretary



[[Page 128]]



makes a settlement for any upward or downward adjustments to the Federal 

share of costs after closeout reports are received.

    (f) The recipient shall account for any real and personal property 

acquired with Federal funds or received from the Federal Government in 

accordance with Sec. Sec.  74.31 through 74.37.

    (g) In the event a final audit has not been performed prior to the 

closeout of an award, the Secretary shall retain the right to recover an 

appropriate amount after fully considering the recommendations on 

disallowed costs resulting from the final audit.



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

1880-0513)



(Authority: 20 U.S.C. 1221e-3, 3474; OMB Circular A-110)



[59 FR 34724, July 6, 1994, as amended at 60 FR 6660, Feb. 3, 1995]