2012 US Code
Title 20 - Education
Chapter 70 - STRENGTHENING AND IMPROVEMENT OF ELEMENTARY AND SECONDARY SCHOOLS (§§ 6301 - 8962)
Subchapter V - PROMOTING INFORMED PARENTAL CHOICE AND INNOVATIVE PROGRAMS (§§ 7201 - 7283g)
Part B - Public Charter Schools (§§ 7221 - 7225g)
Subpart 2 - credit enhancement initiatives to assist charter school facility acquisition, construction, and... (§§ 7223 - 7223j)
Section 7223f - Audits and reports
| Publication Title | United States Code, 2012 Edition, Title 20 - EDUCATION |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 20 - EDUCATION CHAPTER 70 - STRENGTHENING AND IMPROVEMENT OF ELEMENTARY AND SECONDARY SCHOOLS SUBCHAPTER V - PROMOTING INFORMED PARENTAL CHOICE AND INNOVATIVE PROGRAMS Part B - Public Charter Schools subpart 2 - credit enhancement initiatives to assist charter school facility acquisition, construction, and renovation Sec. 7223f - Audits and reports |
| Contains | section 7223f |
| Date | 2012 |
| Laws in Effect as of Date | January 15, 2013 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 89-10, title V, §5227, as added Pub. L. 107-110, title V, §501, Jan. 8, 2002, 115 Stat. 1802. |
| Statutes at Large Reference | 115 Stat. 1802 |
| Public Law References | Public Law 89-10, Public Law 107-110 |
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The financial records of each eligible entity receiving a grant under this subpart shall be maintained in accordance with generally accepted accounting principles and shall be subject to an annual audit by an independent public accountant.
(b) Reports (1) Grantee annual reportsEach eligible entity receiving a grant under this subpart annually shall submit to the Secretary a report of its operations and activities under this subpart.
(2) ContentsEach annual report submitted under paragraph (1) shall include—
(A) a copy of the most recent financial statements, and any accompanying opinion on such statements, prepared by the independent public accountant reviewing the financial records of the eligible entity;
(B) a copy of any report made on an audit of the financial records of the eligible entity that was conducted under subsection (a) of this section during the reporting period;
(C) an evaluation by the eligible entity of the effectiveness of its use of the Federal funds provided under this subpart in leveraging private funds;
(D) a listing and description of the charter schools served during the reporting period;
(E) a description of the activities carried out by the eligible entity to assist charter schools in meeting the objectives set forth in section 7223c of this title; and
(F) a description of the characteristics of lenders and other financial institutions participating in the activities undertaken by the eligible entity under this subpart during the reporting period.
(3) Secretarial reportThe Secretary shall review the reports submitted under paragraph (1) and shall provide a comprehensive annual report to Congress on the activities conducted under this subpart.
(Pub. L. 89–10, title V, §5227, as added Pub. L. 107–110, title V, §501, Jan. 8, 2002, 115 Stat. 1802.)
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