Reinstatement of Financial Report for Institutional Service Endowment Activities (PRA Information Collection)
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The U.S. Department of Education is proposing to reinstate, without any modifications, a previously approved information collection request (ICR) under the Paperwork Reduction Act (PRA) of 1995. This ICR relates to the Financial Report for Institutional Service Endowment Activities, a reporting instrument used to gather financial data from eligible institutions regarding their endowment fund management and performance. The PRA requires federal agencies to obtain approval from the Office of Management and Budget (OMB) before collecting information from the public. By reinstating this collection without change, the Department signals that the existing form and data requirements remain appropriate and sufficient for oversight purposes. Institutions participating in endowment programs — typically colleges and universities receiving federal matching funds — are required to submit periodic financial disclosures. This report tracks how endowment assets are invested, earned, and expended in compliance with federal program rules. This notice initiates a public comment period, during which stakeholders may submit feedback on the necessity, accuracy, and burden of the proposed information collection before the Department seeks final OMB clearance.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Reinstatement of a previously approved ICR with no modifications to the existing form or data requirements
- Applies under the authority of the Paperwork Reduction Act (PRA) of 1995
- Targets institutions managing endowment funds under federal programs (e.g., Title III/V matching endowment programs)
+ 3 more changes with Pro
Obligations
What this law requires
Eligible institutions receiving federal matching funds for endowment programs must submit periodic financial reports on endowment fund management and performance to the U.S. Department of Education
Institutions must disclose how endowment assets are invested in compliance with federal program rules
Institutions must disclose how endowment assets are earned and expended in compliance with federal program rules
The U.S. Department of Education must obtain approval from the Office of Management and Budget (OMB) before collecting information from institutions regarding endowment activities
Stakeholders have the right to submit feedback during the public comment period on the necessity, accuracy, and burden of the proposed information collection