Page:United States Statutes at Large Volume 100 Part 2.djvu/195

 PUBLIC LAW 99-498—OCT. 17, 1986

100 STAT. 1297

any period unless that institution meets the requirements of subparagraphs (C), (D), and (E) of section 312(b)(1) and submits an application to the Secretary at such time, in such manner, and containing or accompanied by such information, as the Secretary may reasonably require. Each such application shall— "(1) provide that the payments under this Act will be used for the purposes set forth in section 322; and "(2) provide for making an annual report to the Secretary and provide for— "(A) conducting, except as provided in subparagraph (B), a financial and compliance audit of an eligible institution, with regard to any funds obtained by it under this title at least once every 2 years and covering the period since the most recent audit, conducted by a qualified, independent organization or person in accordance with standards established by the Comptroller General for the audit of governmental organizations, programs, and functions, and as prescribed in regulations of the Secretary, the results of which shall be submitted to the Secretary; or "(B) with regard to an eligible institution which is audited under chapter 75 of title 31, United States Code, 31 USC 7501. deeming such audit to satisfy the requirements of subparagraph (A) for the period covered by such audit. "(b) APPROVAL.—The Secretary shall approve any application which meets the requirements of subsection (a) and shall not disapprove any application submitted under this part, or any modification thereof, without first affording such institution reasonable notice and opportunity for a hearing. "PROFESSIONAL OR GRADUATE INSTITUTIONS

326. (a) GENERAL AUTHORIZATION.—(1) Subject to the avail- Grants, ability of funds appropriated to carry out this section, the Secretary 20 USC 1063b. shall award program grants to each of the postgraduate institutions listed in subsection (e) that is determined by the Secretary to be making a substantial contribution to the legal, medical, dental, veterinary, or other graduate education opportunities for Black Americans. "(2) No grant in excess of $500,000 may be made under this section unless the postgraduate institution provides assurances that 50 percent of the cost of the purposes for which the grant is made will be paid from non-Federal sources. "(b) DURATION.—Grants shall be made for a period not to exceed 5 years. No more than two 5-year grants (for a period of not more than 10 years) may be made to any one undergraduate or postgraduate institution. "(c) USES OF FUNDS.—A grant under this section may be used for— "(1) any of the purposes enumerated under section 323; "(2) to establish or improve a development office to strengthen and increase contributions from alumni and the private sector; and "(3) to assist in the establishment or maintenance of an institutional endowment to facilitate financial independence pursuant to section 333 of this title. "(d) APPLICATION.—Any institution eligible for a grant under this section shall submit an application which— "SEC.

�