[Code of Federal Regulations]
[Title 34, Volume 3]
[Revised as of July 1, 2007]
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]