Section 32721 Of Chapter 6. Miscellaneous From California Financial Code >> Division 15.5. >> Chapter 6.

. 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.