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U.S. Department of Education: Promoting Educational Excellence for all Americans
Regulations: Part 300 / B / 300.162 / b / 2

(2) The requirement in paragraph (b)(1) of this section is satisfied by the use of a separate accounting system that includes an audit trail of the expenditure of funds paid to a State under this part. Separate bank accounts are not required. (See 34 CFR 76.702 (Fiscal control and fund accounting procedures).)