§ 1063c. Reporting and audit requirements

• (a) 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) Any funds paid to an institution and not expended or used for the purposes for which the funds were paid during the five-year period following the date of the initial grant award, may be carried over and expended during the succeeding five-year period, if such funds were obligated for a purpose for which the funds were paid during the five-year period following the date of the initial grant award.