[Code of Federal Regulations]
[Title 34, Volume 3]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 34CFR609.42]

[Page 257]
 
                           TITLE 34--EDUCATION
 
                         DEPARTMENT OF EDUCATION
 
PART 609--STRENGTHENING HISTORICALLY BLACK GRADUATE INSTITUTIONS PROGRAM--Table of Contents
 
             Subpart E--What Conditions Must a Grantee Meet?
 
Sec. 609.42  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 by 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)