CFR > Title 34 - Education > SUBTITLE B—Regulations of the Offices of the Department of Education > CHAPTER VI—OFFICE OF POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION (parts 600 to 694) > PART 628—ENDOWMENT CHALLENGE GRANT PROGRAM > SUBPART E—What Conditions Must a Grantee Meet Under the Endowment Challenge Grant Program? (§628.40 to §628.48) > 628.47—What shall a grantee record and report?

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)

Code of Federal Regulations

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

Code of Federal Regulations

[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]