not to exceed 3 percent of the sums available for allotment shall be reserved by the Secretary for distribution to States in accordance with Section 6(b)(4) of the Act. The amount of funds available for allotment to States is distributed by the beginning of the program year. There is not matching 360 requirements. Length and Time Phasing of Assistance: Length, funded annually. Financing is accomplished through Letter of Credit draw- downs needed to meet immediate cash requirements. MOST ASSISTANCE REQUIREMENTS: Reports: As provided for in regulations. Audits: Audits are conducted by the Administrator, Office of Financial and Administrative Management (Program Review and Audit), other authorized Government agencies, or independent public accountants selected by DOL. Nonprofit organizations are audited in accordance with OMB Circular No. A-133, "Audits of Institutions of Higher Education and Other Nonprofit Institutions". Records: Standard records for audits are required. FINANCIAL INFORMATION: Account Identification: 16-0179-0-1-504; 20-8042-0-7-999. Obligations: (Grants) FY 99 $761,735,000; FY 00 $761,735,000; FY 01 est $761,735,000. Range and Average of Financial Assistance: Determined by legislative formula. PROGAM ACCOMPLISHMENTS: Data unavailable. REGULATIONS, GUIDELINES, AND LITERATURE: "State and Local Area Labor Market Newsletters" are available from State
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