20 U.S.C. § 1078–4 — Commingling of funds

FEDERAL · 20 U.S.C. · Chapter 28

Commingling of funds

Current through Pub. L. 119-102

Title 20 — Education·Ch. 28 — HIGHER EDUCATION RESOURCES AND STUDENT ASSISTANCE·Subch. IV·Pt. B

Notwithstanding any other provision of this part regarding permissible uses of funds from any source, funds received by a guaranty agency under any provision of this part may be commingled with funds received under any other provision of this part and may be used to carry out the purposes of such other provision, except that—

(1)the total amount expended for the purposes of such other provision shall not exceed the amount the guaranty agency would otherwise be authorized to expend; and

(2)the authority to commingle such funds shall not relieve such agency of any accounting or auditing obligations under this part.

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Notwithstanding any other provision of this part regarding permissible uses of funds from any source, funds received by a guaranty agency under any provision of this part may be commingled with funds received under any other provision of this part and may be used to carry out the purposes of such other provision, except that—
(1) the total amount expended for the purposes of such other provision shall not exceed the amount the guaranty agency would otherwise be authorized to expend; and
(2) the authority to commingle such funds shall not relieve such agency of any accounting or auditing obligations under this part.

20 U.S.C. § 1078–4 (Commingling of funds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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History

(Pub. L. 89–329, title IV, §428D, as added Pub. L. 99–498, title IV, §402(a), Oct. 17, 1986, 100 Stat. 1393.)