Financial Code section 32721

The board may consider and adopt rules for the acceptance and disbursement of grants, provided, however, that the cost of administering any grant, less any payment for grant administration made to the corporation by the granting authority, shall in no case exceed 5 percent of the operating budget of the corporation in any calendar year.

Source: Section 32721, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=FIN§ionNum=32721.­ (updated Mar. 17, 2004; accessed Jun. 30, 2025).

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Verified:
Jun. 30, 2025

§ 32721's source at ca​.gov