Code of Federal Regulations Title 24. Housing and Urban Development § 24.1000.58 Are there limitations on the investment of IHBG funds?

(1) That there are no unresolved significant and material audit findings or exceptions in the most recent annual audit completed under the Single Audit Act or in an independent financial audit prepared in accordance with generally accepted auditing principles;  and

(2) That it is a self-governance Indian tribe or that it has the administrative capacity and controls to responsibly manage the investment. For purposes of this section, a self-governance Indian tribe is an Indian tribe that participates in tribal self-governance as authorized under Public Law 93–638, as amended (25 U.S.C. 450 et seq.).

(1) Obligations of the United States;  obligations issued by Government sponsored agencies;  securities that are guaranteed or insured by the United States;  mutual (or other) funds registered with the Securities and Exchange Commission and which invest only in obligations of the United States or securities that are guaranteed or insured by the United States;  or

(2) Accounts that are insured by an agency or instrumentality of the United States or fully collateralized to ensure protection of the funds, even in the event of bank failure.