 
      CHAPTER 28--HIGHER EDUCATION RESOURCES AND STUDENT ASSISTANCE
 
                    SUBCHAPTER III--INSTITUTIONAL AID
 
   Part B--Strengthening Historically Black Colleges and Universities
 
Sec. 1063c. Reporting and audit requirements


(a) Recordkeeping

    Each recipient of a grant under this part shall keep such records as 
the Secretary shall prescribe, including records which fully disclose--
        (1) the amount and disposition by such recipient of the proceeds 
    of such assistance;
        (2) the cost of the project or undertaking in connection with 
    which such assistance is given or used;
        (3) the amount of that portion of the cost of the project or 
    undertaking supplied by other sources; and
        (4) such other records as will facilitate an effective audit.

(b) Repayment of unexpended funds

    Any funds paid to an institution and not expended or used for the 
purposes for which the funds were paid within 10 years following the 
date of the initial grant awarded to an institution under part B of this 
subchapter shall be repaid to the Treasury of the United States.

(Pub. L. 89-329, title III, Sec. 327, as added Pub. L. 99-498, title 
III, Sec. 301(a), Oct. 17, 1986, 100 Stat. 1298; amended Pub. L. 100-50, 
Sec. 2(a)(11), June 3, 1987, 101 Stat. 335.)


                               Amendments

    1987--Subsec. (a). Pub. L. 100-50 substituted ``part'' for 
``chapter'' in introductory text.


                    Effective Date of 1987 Amendment

    Amendment by Pub. L. 100-50 effective as if enacted as part of the 
Higher Education Amendments of 1986, Pub. L. 99-498, see section 27 of 
Pub. L. 100-50, set out as a note under section 1001 of this title.
