Financial Report for the Endowment Challenge Grant Program

Forms and Documents

Document Name	Status
Financial Report for the Endowment Challenge Grant Program Form	Modified
1840-0564-Note to Reviewer.doc Supplementary Document	2010-08-30
1840-0564-Supporting Statements(2010).doc Supporting Statement A	2010-08-30

IC Document Collections

IC ID	Document Title	Status
21897	Financial Report for the Endowment Challenge Grant Program Form	Modified

ICR Details

OMB Control No: 1840-0564	ICR Reference No: 201008-1840-004
Status: Historical Active	Previous ICR Reference No: 200706-1840-001
Agency/Subagency: ED/OPE	Agency Tracking No: 4345
Title: Financial Report for the Endowment Challenge Grant Program
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/29/2010
	Date Received in OIRA: 08/30/2010
Terms of Clearance: The Department will submit to the Office of Management and Budget (OMB) screenshots of the online reporting system prior to their anticipated January 2011 implementation date. The Department will monitor the online reporting system for potential burden reduction and notify OMB if there are significant changes.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2013	36 Months From Approved	10/31/2010
Responses	500	0	300
Time Burden (Hours)	1,625	0	900
Cost Burden (Dollars)	0	0	0

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Abstract: This financial reporting form will be utilized for Title III Part A, Title III Part B and Title V Program Endowment Activities and Title III Part C Endowment Challenge Grant Program. The purpose of this Annual Financial Report is to have the grantees report annually the kind of investments that have been made, the income earned and spent, and whether any part of the Endowment Fund Corpus has been spent. This information allows us to give technical assistance and determine whether the grantee has complied with the statutory and regulatory investment requirements.

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Authorizing Statute(s): PL: Pub.L. 98 - 95 331 Name of Law: Higher Education Act of 1965, as amended
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 37415	06/29/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 52934	08/30/2010
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Financial Report for the Endowment Challenge Grant Program	N/A	FINANCIAL REPORT FORM UNDER THE ENDOWMENT CHALLENGE GRANTS PROGRAM (Title III, Part C) AND ENDOWMENT ACTIVITIES UNDER THE TITLE III PARTS A & B AND TITLE V PROGRAMS

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	500	300	0	0	200	0
Annual Time Burden (Hours)	1,625	900	0	0	725	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: There are no program changes. An adjustment of 600 hours has been made due to the number of respondents that are expected to change in order to account for Title III, Part C Endowment Challenge Grant recipients and Title III and Title V grant recipients who utilize Title III funds for endowment as an activity. The numbers of Title III and Title V grantees who choose to use up to 20 percent of the federal dollars for endowment may change from year to year increasing the number of respondents for this clearance by 200. There is also an adjustment of 725 burden hours to account for any potential record-keeping burden that a grantee may incur in adhering to the grant program record-keeping requirements.

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Annual Cost to Federal Government: $31,420

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 08/30/2010

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