20 USC 1225 – Availability of appropriations on academic or school-year basis; additional period for obligation of funds
(a) Academic or differing fiscal year
Appropriations for any fiscal year for grants, loans, contracts, or other payments under any applicable program may, in accordance with regulations of the Secretary, be made available for obligation by the recipient on the basis of an academic or school year differing from such fiscal year.
(b) Succeeding fiscal year
Terms Used In 20 USC 1225
- applicable program: means any program for which the Secretary or the Department has administrative responsibility as provided by law or by delegation of authority pursuant to law. See 20 USC 1221
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Secretary: means the Secretary of Education. See 20 USC 1221
(1) Notwithstanding any other provision of law, unless enacted in specific limitation of the provisions of this subsection, any funds from appropriations to carry out any programs to which this chapter is applicable during any fiscal year, which are not obligated and expended by educational agencies or institutions prior to the beginning of the fiscal year succeeding the fiscal year for which such funds were appropriated shall remain available for obligation and expenditure by such agencies and institutions during such succeeding fiscal year.
(2) Any funds under any applicable program which, pursuant to paragraph (1), are available for obligation and expenditure in the year succeeding the fiscal year for which they were appropriated shall be obligated and expended in accordance with—
(A) the Federal statutory and regulatory provisions relating to such program which are in effect for such succeeding fiscal year, and
(B) any program plan or application submitted by such educational agencies or institutions for such program for such succeeding fiscal year.
(c) Institution of judicial proceedings
If any funds appropriated to carry out any applicable program are not obligated pursuant to a spending plan submitted in accordance with section 1341(a) of title 31 and become available for obligation after the institution of a judicial proceeding seeking the release of such funds, then such funds shall be available for obligation and expenditure until the end of the fiscal year which begins after the termination of such judicial proceeding.