The State Treasurer is hereby designated as the custodian of the Federal funds apportioned to the Commonwealth of Pennsylvania and shall receive money paid to the State from the United States Treasury under the provisions of said act of Congress and shall pay out the same upon the warrant of the Auditor General when the same is certified by the Superintendent of Public Instruction; and further, the State Treasurer shall submit to the Superintendent of Public Instruction and to the United States Commissioner of Education on or before the first day of November of each year, for transmission to the Congress, a detailed statement of the amount so received for the preceding fiscal year and of its disbursement.
24 P.S. § 2802