Page:United States Statutes at Large Volume 100 Part 2.djvu/445

 PUBLIC LAW 99-498—OCT. 17, 1986

100 STAT. 1547

the amount expended for such purpose during the previous fiscal year; "(4) describe the plans which the applicant will carry out to assure that the applicant will continue the cooperative education program beyond the 5-year period of Federal assistance described in subsection (c)(D; "(5) provide that, in the case of an institution of higher education that provides a 2-year program which is acceptable for full credit toward a bachelor's degree, the cooperative education program will be available to students who are certificate candidates and who carry at least one-half the normal full time academic workload; "(6) provide that the applicant will— "(A) make such reports as may be essential to insure that 0* J the applicant is complying with the provisions of this section, including in the reports for the second and each Btlj succeeding fiscal 3^ear for which the applicant receives a grant data with respect to the impact of the cooperative ff? >' education program in the previous fiscal year, including— "(i) the number of students enrolled in the cooperative education program, "(ii) the number of employers involved in the program, "(iii) the income of the students enrolled, and "(iv) the increase or decrease of enrollment in the program in the second previous year compared to such previous fiscal year; and "(B) keep such records as are essential to insure that the applicant is complying with the provisions of this title; "(7) provide for such fiscal control and fund accounting procedures as may be necessary to assure proper disbursement of, and accounting for, Federal funds paid to the applicant under this title; and "(8) include such other information as is essential to carry out the provisions of this title. "(c) DURATION OF GRANTS; FEDERAL SHARE.—(1)(A) Except as provided in paragraph (3), no individual unit of an institution of higher education may receive, individually or as a participant in a combination of such institutions, grants under this section for more than 5 fiscal years. "(B) The limitation contained in subparagraph (A) shall apply to each institution of higher education or participant in a combination of such institutions whether the grant was received before or after the date of enactment of the Higher Education Amendments of 1986. "(2) The Federal share of a grant under this section may not exceed— "(A) 90 percent of the cost of carrying out the application in the first year the applicant receives a grant under this section; "(B) 80 percent of such cost in the second such year; "(C) 70 percent of such cost in the third such year; ' "(D) 60 percent of such cost in the fourth such year; and "(E) 30 percent of such cost in the fifth such year. "(3) Any institution of higher education, or participant in a combination of such institutions which— "(A) has received a grant for 5 fiscal years under this section;

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